Speaker 2
And I think you had great advice there, Rachel. If you're looking at rates and you're seeing them go down, I wouldn't like jump to refinance instantly. I'd like let it happen, let them roll back because they're probably not going to jump right back up, right? We have finally gotten to the point where it's like, okay, inflation is at this point, unemployment's at this point. It has to happen. So I'm with you. I'd probably wait until after the election, let the chips fall where they do, and then you can make the
Speaker 1
wisest decision. For sure. All right, up next we got Mike in Dayton, Ohio. Hi, Mike. Welcome to the show. Hello,
Speaker 1
We're doing great. How can we help?
Speaker 4
Okay, I'm 42 years old and I made some bad financial decisions in my life regarding 401k and stuff like that. Got divorced, XY took half the 401k and I've captured it a few times. in my 401k now and I'm only putting in like 6% because we're on baby step number two and I was going to see is it too late?
Speaker 2
not at all. Not at all. Not by a long shot.
Speaker 1
No, and if anything this will probably scare you more Mike. I would advise you to even pause that 6% while you're getting out of debt because here's the deal. When you free up so much of your payments, you're able to throw then 15% of your income at retirement and be able to catch up. So how much debt do you guys have?
Speaker 4
The house, we got like 83,000 on and the truck we're trying to get paid off. We should have paid off by the end of this year. How much
Speaker 4
I got like 10, almost 11,000 left. Okay.
Speaker 4
we're, we're saying we, who's we, I know
Speaker 1
you were, I thought you were, okay. So you got divorced, you remarried. Yeah.
Speaker 4
My ex wife took out the 401k. I got remarried. Okay.
Speaker 1
Perfect. Perfect. So 11,000 on the truck.
Speaker 4
A lot better. Yeah
Speaker 1
that's great. Okay so 11,000 on the truck what else do you guys have?
Speaker 9
Just the mortgage.
Speaker 1
Okay so the 11,000 okay. Yeah so the mortgage goes obviously in baby step six so we're not worried about that right now. So yeah I would get this 11,000. How much do you guys make combined income?
Speaker 4
I make 37, 84 an hour and she makes about 30.
Speaker 2
What's that amount to every month? Do