Sell The House To Pay Off Debt?

[Music] brought to you by the every dooll app start budgeting for free today my wife and I we've been kind of going back and forth on selling our home to pay off uh some debt I've been kind of an idiot the last few years and uh we can all say that at some point in our Liv thank you for having the self- awareness yes P money out when you know to build a pool and do things we probably didn't need to do uh and and you know we I guess the the issue we pay our bills we eat we we live you know pretty pretty normal lives but it's gotten Tighter and Tighter and it feels like we're not not really moving at all kind of just spinning our wheels and so what's your household income that I could uh about 170 and what how much Consumer Debt do you have everything but the mortgage uh about 182 okay yeah you're feeling it what kind of so you tell us can you break down that 182 and by the way does that include the mortgage yes no it doesn't okay can you break it down for us so we did a a HELOC for 60 um and built a pool and actually paid off paid off some debt with that which we then kind of racked up again uh another uh personal loan for about 57 I've got a car loan that's got 17 on it what was the personal loan for what did you spend the 50 is it 57,000 or 5700 57,000 okay what was that for really stupid uh I I I I outsmart myself from time to time and I thought okay I'm going to do this personal loan and we're going to pay off Deb like we paid off both of our cars and uh and and used it what I thought was kind of the right way but then have sense just kind of racked up money in other areas okay so you took on debt to pay off other debt while changing zero habits and you were right back to where you were that's a cautionary tale for anybody listening we talk about that all the time so you're teaching a lot of people thank you Todd for being transparent what else do you have so the 57,000 personal loan what's next uh I've got the now I have another car loan now for 17 uh about 20 grand in credit card debt and then 28 in and like I did a debt consolidation kind of thing to get rid of uh it's kind of same same thing get rid of credit cards okay transferred to zero you know 0% like are we done playing the game you think like are you you're like all right I'm not going to move debt around to other debt I want a way out so what are you thinking about doing know well so it was debating selling in the like my wife is not not on board uh you wanted to sell the house possibly sell in our house to pay off pay off debt but it wouldn't it wouldn't pay off everything but do you want to know why I don't like that for you do you want to know why I don't like that for you because it's the same thing you've been doing it's another one of Todd schemes Todd shortcuts and I think and don't get me wrong um when people get a great opportunity maybe they get a large sum of money they get an inheritance they get large bonus or they were going to move anyway and it ends up clearing their debt I'm happy for them but you have laid out a very long pattern of the same behavior and I'm not getting on to you for it I'm just telling you what I see based on what you said and I'm worried because the worst thing ever Todd would be that you sell your house even when your wife didn't want to and you wind up in debt again so for you yeah yeah walking through the because I always tell people when you walk through your baby steps right George that is the opportunity for you to change your habits because it's built in you can't get out of the baby steps without changing your habits it's automatic almost yeah and so I as as painful and as tough as it can be I would prescribe if I were the person writing the prescription that you walk through the baby steps and you do this the oldfashioned way okay and we've done that before I mean we we have we have been relatively debt like I say minus a car payment or something you know sure we've paid off credit cards before we've paid you know but you've never been completely debt free while you've been married no no I mean when we first bought our house the only thing we had was the house and a car loan is your wife on is she on board to do the baby steps because I think what you're GNA have to go back to her and say is all right fine we won't sell the house but we're gonna have to sacrifice like crazy no she she's much uh she's much more responsible than I am okay I was going to ask who's the spender like it's it's me and she doesn't insist on anything like she doesn't ask for you know to do any of the things that I I come up with it's mostly like so she's been a passive passenger for all of your schemes yeah she never she never tells me now not even a disdainful look I don't I don't think my wife would allow me to do all this and not like have a blow up argument yelling at me how has she been totally cool with all of this just we I mean we we pay but like you wouldn't you know looking in we pay our bills we we the payment on anything in you know 20 years it's so everything is comfortable but it's less comforable and that's what I want to warn you about Todd going into this um it's George and I see both sides of this all the time when people call in and their income is low and they've got to go out and hustle and grind to get the money it's almost easier for them to do what we teach than a person like you who has a great income and you're going to have to downsize and kind of what you just said before like the debt didn't really show show we were able to cover it up and make the payments on time da d d d when you get out of debt I'm just letting you know right now it shows and it's going to show and that that same part of you that kind of liked being able to show off with the money and the pool and doing all those things I'm I'm talking to you because I recognize myself in what you're saying um that same part of you that liked showing that that's going to be the part that hurts the most when you show the opposite which is we're downsizing our cars and we're downsizing and we're selling things and we don't go out as much and I don't buy the things that I used to buy your family's going to see it your friends are going to see it you're going to feel it and that's just part of the process don't let that deter you that's how you know it's working that's how you know the medicine's getting in that's right so let's get to work I mean 60k a year thrown at this debt 3 years it's all gone making 170 how do we find that margin we need to make more we need to spend less let's get to it create your free every doll budget today the simplest way to budget for your life