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EPISODE 49 - Financial Sustainability (Ron and Jennifer)

NAMES: Ron and Jennifer
AGES: 43 and 41
ANNUAL INCOME: $52,000
DEBT ACCUMULATED: $112,611

GOAL: To avoid foreclosure and insolvency

Ron and Jennifer’s estimated debt, which included a second mortgage, and single income had them on the brink of foreclosure. Ron’s high priced self-employment ideas were only making a bad financial situation much worse.

Alison's Plan

A plan to keep the bank at bay.

  • Start Cutting I wanted them to slash $2,011 from their monthly spending. And I told them to get all hands on deck financially. Their ship was sinking and they needed the whole family’s help in order to save it.
  • Can the cards Reduce the all too tempting plastic from six cards to one
  • Make a choice settle down to a steady income or sell the house and settle up their debt.

OUTCOME

Now Ron and Jennifer are facing the music. They’ve canned their credit cards, and with the help of the whole family they’ve cut monthly expenses by $2000. They have decided to sell the house and settle up their unmanageable debt and Ron now accepts that certain life choices carry a price tag you just can’t afford.

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