Break the Cycle of Financial Self-Sabotage
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What financial challenges did Brian face after his divorce?
Um, so my soon to be ex-wife and I bought a house, um, a year ago, last February. And then this last October, she decided that she wanted a divorce. Um, she already moved out and I decided to try and keep the house by myself. Um, after we purchased the house, she racked up like $10,000 in credit card debt. And I've been working really hard to get this down, but it seems like after all the bills, that i pay every month i have like maybe an extra hundred dollars i can throw at it and it just seems like at this rate it's going to take forever to pay these credit cards off and i don't know if it's smart to keep or sell the house at this point were the credit cards in your name that she racked up after the divorce they were yes they were and was this after the divorce no it was there it was we were still still legally married okay at that point yeah can you afford to keep this place
So I make like $4,400 a month, and the house payment is $2,360. Yeah, dude. You can't breathe, bro.
What do you do for a living, Brian?
I'm an electrician apprentice, and hopefully next month I'll be able to take my journeyman's exam, so I would get a significant pay bump.
Yeah, what would that look like? In an ideal world, how much would you be making?
Probably around $3,840.
an hour okay but per month if you're at 4,400 right now what would you expect it to climb to like 6,000 yeah that's that's the hope okay and what's the reality of that actually happening uh i'd say there's probably i don't know 60 chance that i'd be able to make that happen and that's going to happen in the next month or two is that what you're saying yeah okay i would wait then because in that case i mean if you're making yeah i mean if you're making six grand a month then that's about a quarter of your take-home pay i mean that's basically that that is the parameters uh but you you got to get it yeah i mean that that has to be the case brian and i think you have to emotionally be able to detach yourself that if it doesn't happen the way you think it's going to happen that you that you can't afford it you can't afford this house on 4400 a month yeah and i mean brother it's pretty tight on six
Yeah, it is. I mean, it's tight right now.
So why do you want to keep this house?
Let's pretend you weren't married, making what you make now, and even what you might potentially make. Would you walk in and buy this house?
No, but the main thing for keeping it at the moment is that there's not any equity in it, and so we'll probably end up having to pay to even sell the house.
Yeah, but even if you have to pay 3% or whatever, I just see most couples that go through divorce, one person wants the divorce just to happen and then the rest of their life just keep going on as it was. And it feels like you're bleeding money everywhere. You got this debt here. You got lawyer fees over there. You're going to get court docket fee. You're going to get feed to death. And it's like playing whack-a-mole with all these different bills. The only folks I see be successful in this transition, dude, are folks who understand everything about my life that was is now over. Right. And really like metaphorically taking your arm and just swiping it across the table and saying, okay, would I buy this house right now? No. Okay.
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Chapters
6 chapters
1
What financial challenges did Brian face after his divorce?
1:05–4:42
2
What options does Elizabeth have while staying at home with her son?
4:42–8:16
3
Is it a good idea to buy a house with a boyfriend?
8:16–15:08
4
How did Tommy and Rebecca pay off their $644,000 mortgage?
15:08
5
What advice does Ramsey Solutions offer on handling life insurance?
9:33–19:28
6
How can therapy be beneficial according to BetterHelp?
19:28–1:24:11
Speakers
16 identified
Dr. John Deloney 28 min
Rachel Cruze 26 min
Narrator 4 min
Rebecca from California 3 min
Susie from Phoenix, Arizona 3 min
Madison 3 min
Emily 3 min
Bill 3 min
Beth 2 min
Courtney from Raleigh, North Carolina 2 min
Jade Warshaw 1 min
Tommy from California 1 min
George Kamel 1 min
Debt-Free Scream
Dave Ramsey
James