Ep. 38: Gene goes from ballin’ to borrowing from his mom’s life insurance policy

Meet Gene

Age: 27

Salary: $50,000

Employment: Web Development

Gene’s main concerns, in their own words:

Hey guys! I’m currently closing in on being debt free and need to know what to do when I’m onto greener pastures than paying down debt and stocking up an emergency fund.

I got into debt by racking up credit card debt and not paying taxes while switching careers. I moved from the Midwest to Texas to get into startups and web development and didn’t plan it out at all. I had to have a bailout from my moms life insurance plan where she lent me $10k. I’ve been diligent about paying down the debt (send a $1k check each month) and I have $2k to go. After I get out of debt I know I need to build up my emergency fund (currently at $1k) but after that I’m nervous about what to do next.

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