Meet DJ
Age: 33
Salary: $2060/net monthly
Employment: N/A
Savings and Investments:
- Checking – $20
- Savings – $1175
- HSA – $500
- 401k – $903. 30
Debt:
- Student Loans: $58,049
- Credit Card: $533
- Bankruptcy was discharged in 2012
- Home Foreclosure was included in Bankruptcy
- Fiancee has $200,000 in student loans
DJ’s main concerns, in his own words:
I just proposed to my fiancé a few days ago (she said yes). We would like to plan a wedding and also put a down payment on a house. I have two children from a previous marriage and also there is a bankruptcy on my record. I would like to get some advice on whether we should buy the house in her name or should we pull our money together and purchase one after the wedding? My credit score is 682. Her score is higher than mine.
Also to add another layer so I am a vet, and I can use a VA loan. I just don’t have that much to put down for a down payment.
Special Note*** Here’s the link to the Public Service Student Loan Forgiveness Program we discussed on the podcast
Podcast: Play in new window | Download | Embed
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.