Ryan’s main concerns, in his own words:
My father in law offered myself and my wife (his step daughter) help getting into a home. His offer was that he would buy the home, then rent it to us for 5 years, started Sept 2015, then we could come back at the end of the 5 years and buy it from him at the fixed rate of what he bought it for so we wouldn’t have to worry about inflation. Neither my wife or I have super high paying jobs. This tax year we made a little over 50k together. The home is 250k and within the 5 years I am worried about getting our debt of about 35k paid off, getting our credit on track, and have enough saved to use as a down payment to buy this home from him. The debt consists of about 20k in combined student loans between my wife and I (15k is mine, 5k is hers) and a car note with about 3 and a half years left on it at about 15k. We basically live paycheck to paycheck with little to no money in savings. I have a 401k with about 9000k in it. To top it all off we recently found out that my wife is pregnant.
What we cover in this episode:
- What to do when your income isn’t enough for your lifestyle
- Climbing out of a debt hole
Subscribe on iTunes | Subscribe on Stitcher
Want to be a guest on The Million Dollar Plan podcast? Apply Here.
Podcast: Play in new window | Download | Embed
Subscribe: Apple Podcasts | Stitcher | RSS
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.
One thought on “Ep. 59: Ryan was talked into a house he can’t afford and his wife is pregnant”
Loved the post. Young professionals and recent graduates can learn a ton from listening to this.