Ray’s main concerns, in his own words:
In the immediate wake of the 2008 Great Recession, we had just moved back into our house in Indy from Reno. The house never sold in the year and a half we were away. Not only that, while we were gone our home had been broken into and the copper pipe in the basement ripped out, leaving a big wet mess. Awesome! It became pretty clear that we wouldn’t be able to shoulder essentially two mortgage payments for long, and we decided to move back. By 2009, we had racked up over $50,000 in credit card debt. Our savings? Please. Drained so we could stay afloat – but like the unsustainability of carrying the two mortages, we realized we had to do something. And we did – after 4 years of knuckling down and paying cards off, we are out from under that debt. WHOOOP!! But here’s the kicker – we have two daughters, our oldest just entered 8th grade which means college is looming. What is the best plan of attack to financially prepare for college, given our current state of affairs?
Peter Dunn a.k.a. Pete the Planner® is an award-winning financial mind and a former comedian. He’s a USA TODAY columnist, author of ten books, and is the host of the popular radio show and podcast, The Pete the Planner Show. Pete is considered one of the foremost experts on financial wellness in the world, but he’s just as likely to talk your ear off about bass fishing.