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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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.