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EPISODE 46 - The Financial Factor (Kim and Kevin)

NAMES: Kim and Kevin
AGES: 32 and 33
ANNUAL INCOME: $80,000
DEBT ACCUMULATED: $50,118

GOAL: Financial security and a stable family life.

Kim and Kevin’s financial isolation from each other and lack of communication about their debt was driving a wedge between them. They needed to invest in their future or risk losing their home and their marriage.

Alison's Plan

Kim and Kevin were on the brink of financial and marital collapse. I gave them a drastic plan.

  • First, I told them to Cut Back $2,721 from monthly spending - everything from cash withdrawals to toys for daughter Emma.
  • Next, urged them to Cash In the value of their life insurance policies and use the funds to pay down their debt.
  • Finally, they had to Combine and Conquer their financial demons. Separate banking widened the gulf between them. They needed to merge their money and communicate to keep foreclosure and divorce at bay.

OUTCOME

Kim and Kevin are now making a team effort. They’ve cut back monthly by more than $2800 eliminating their shortfall, they’re paying down debt and, for the first time in their marriage, they’ve combined their finances to open a new chapter on a strengthened partnership and a more hopeful future.

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