[Music] brought to you by the every dollar app start budgeting for free today I'm in $650,000 in debt and that includes mortgage personal loans auto loans can you break that down for us real quick what's how much is the mortgage yeah debt uh the mortgage I owe about 477,000 okay and now break down the rest of the debt for us uh cars is about 62,000 for two cars for two cars okay keep going um credit credit cards uh just me I haven't done uh my wife hasn't taken hers or broke hers down yet but my
cards are about oh jeez um I would say 25 ,000 okay personal loans personal loans uh small business I would say uh 25,000 okay and then the rest in small loans like a firm and stuff like that yeah which would which would equal what um I haven't broken that down yet but it's pretty much the rest of my my debt and so and so how much debt so so that makes up the whole 655 if I'm doing quick math am I right I yeah I guess how much does your I'm sorry I'm trying to move
us along Kevin how much debt does your wife have I'm guessing about 25,000 somewh and the way you're talking about credit cards uh credit cards and personal okay and you guys have separate finances it sounds like uh we don't we actually make uh these decisions together which is okay you threw me off when you said her debt so well yeah yeah yeah yeah but you guys have like yeah different either way so we got 655 plus her 25 I'm trying to give Rachel the full pict how much do you guys make a year Kevin we
make 130 Kevin what the crap have y'all been doing I know oh man I'm sick of it just living just living wow yeah you know and normal and let me say that Kevin I mean this this literally is America like this is normal you're racking up you know credit card debts two brand new cars I mean this is this is uh this is it okay so what's gotten you to the point you said I'm sick of it what has what's kind of what's kind of brought what's brought it to a head that even caused you
to call today uh we had a little girl seven months ago oh wow that'll do it that'll do it and how is is your wife feeling right now uh she's stressed to the Moon in back yep yep where are you at where are you at uh I have a hard time connecting emotions to it and that's probably why I'm in this mess okay so what's the what what what's the real need we we know what the problem is what what can we help you with today well I've me and my wife worked for my family
business and we work 40 hours a week well I do uh she stays at home with my little girl most of the time but I want to work more but I feel like I'm a little selfish for wanting to work a lot more than 40 hours Okay Kevin and not being home all right I'm jumping in because we got about two minutes with you or less you're not being selfish in fact I would say you're being selfish if you're not working 80 hours a week and is your wife collecting a salary you said we both
work for the family business is she getting paid to be at home we we collect salaries she works from home on her computer so great so you need to be working like crazy how much how much how much is your mortgage payment a month 3,700 okay is it that's I mean that's getting up to what 40% of your take-home pay yeah yeah okay so here's what I do Kevin so this is going to be real quick this is going to be very painful to implement it's much easier for me to sell you all this I
would I would put the house in the market I would sell it this is way way out of bounds um you have too much house it's taking 40% and then think about all these other payments you guys are barely able to eat I'm like this is T this is taking up so much so if I were you guys I I would sell the house I would sell the cars I would be working 80 hours a week and I would clean this up that's what I would do I mean I I would would you get any
Equity from the home if you guys sold uh there's about 30,000 in the house which I feel like is all fees for uh putting it on the market anyways well but again if you can get out even if it's a break even she's right you saved yourself $3,700 a month which you need because your income the ratio of what you guys need to pay for rent and mortgage needs to be about half of where you're at because your house poor I'm like you guys you know so I I would cut up the credit cards tonight
you have to have keep this feeling of I'm done I'm done I'm done I'm done and you you you have to get dead out of your life you have to stop and I would be selling everything in sight including those cars and get your head above water you guys have you know 3 to four year Journey here but you you can do this uh hold on the line Taylor's going to pick up and we're going to give you guys Financial Peace University which is our nine lesson course um and and you guys watch this together
and just Implement these steps it's going to be hard but worth it create your free every dooll budget today the simplest way to budget for your life