❗Sell the truck to eliminate debt and boost savings.
💰Consider selling the motorcycle if it isn't essential.
💳Focus on paying off the credit card debt.
👶Save as much as possible for the baby's arrival.
🚗Keep the cash car for transportation.
❗Sell the truck to eliminate debt and boost savings.
💰Consider selling the motorcycle if it isn't essential.
💳Focus on paying off the credit card debt.
👶Save as much as possible for the baby's arrival.
🚗Keep the cash car for transportation.
Should Chris sell the motorcycle?
—It depends on how essential the motorcycle is. If Chris can do without it, selling it can help eliminate debt and boost savings.
What should Chris prioritize, debt or savings?
—Chris should prioritize eliminating debt, especially high-interest debt like credit cards, while contributing to savings for emergencies and the baby's arrival.
Is it necessary to sell the truck?
—Selling the truck can help eliminate debt and contribute to savings. Consider whether a cheaper cash car is sufficient for your transportation needs.
How much should Chris save for the baby's arrival?
—Save as much as possible to cover medical expenses, baby supplies, and potential income loss during parental leave. Aim for at least 3-6 months of living expenses.
Should Chris and his wife consider downsizing their lifestyle?
—Downsizing can help reduce expenses and increase cash flow to pay off debt and save for the baby. Evaluate your current expenses and identify areas where you can cut back.
10:21Chris and his wife are expecting their first baby and want to prioritize debt payments and savings.
11:13Chris has a motorcycle worth $177,000 with $31,000 owed and a truck worth $30,000 with $30,000 owed. They also have $4,300 in credit card debt and $10,000 in savings.
12:03The recommended plan is to sell the truck to eliminate debt and contribute to savings. Consider selling the motorcycle if it isn't essential. Focus on paying off the credit card debt and save as much as possible for the baby's arrival.
