Money Guy Show 300k In Debt - What Should I Do?!
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Nov 27, 2024 A listener grapples with his fiancée's $300k med school debt as they plan for a future together. The hosts delve into the significance of open financial discussions and strategic planning for shared goals. They also tackle the challenge of balancing support for aging parents while maintaining savings. The options of renting versus selling a first home are explored to maximize financial growth. Finally, the hosts emphasize gratitude and the community impact of their content, aiming to uplift their audience along the financial journey.
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Balancing Competing Priorities
- Dev and his fiancée should discuss their financial priorities, including financial independence, wedding expenses, and homeownership.
- They must balance their $250,000 combined income with $300,000 student loan debt and other goals.
Managing Expectations
- Dev and fiancée should have open conversations about wedding costs and potential home purchase.
- Consider a starter home instead of a dream home to avoid overspending given their current debt.
Supporting Parents vs. Retirement Savings
- Understand the opportunity cost of financially supporting parents, potentially impacting retirement plans.
- Evaluate the long-term impact on financial goals by using resources like the "Know Your Number" course.