M$D: December 4, 2059
Alan’s main concerns, in his own words:
Hi, I am a fairly new but avid listener of the podcast. I am divorced, but truth is I am right in the middle of it. So as you can imagine I have a running bill for my attorney that continues to grow it is currently approximately $5,000. I have four beautiful children that I currently have full custody of, and that will likely not change. I believe the alimony when all said and done will be around $25,000.00 paid out over two and a half years. I have school loans totaling $25,000. I have credit card debt totaling approximately $5,700 over three cards. I have a 401K at $21.286.16 I am only vested for $14,860.37. My previously mentioned credit card debt should be paid off by some of the 401K in the divorce. I have multiple bank accounts to include an emergency fund, a life happens fund and savings totaling $3883.94. I have two vehicles owe approx. $16,000. I own a home and owe $59,000. My Salary $36,775. HELP!
What we cover in this episode:
- We determine how long this divorce will impact Alan’s financial life
- Budgeting for new expenses, like alimony
- Finding motivation when you are in a very bad financial situation
Want to be a guest on The Million Dollar Plan podcast? Apply Here.