Ep. 81: Alan is rebuilding after a divorce

M$D: December 4, 2059

Meet Alan

Age: 33

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

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