Deep Dive
Why did the couple accumulate such a large amount of debt?
The couple accumulated debt due to lifestyle changes after a high-paying job loss, financing everyday purchases, and not prioritizing savings or emergency funds.
What was the total household income for Jenna and Mark?
The total household income was approximately $13,113 per month, which translates to around $157,000 annually.
How did the couple's financial situation change after Mark lost his high-paying job?
After Mark lost his job, the couple had to adjust their lifestyle and were unable to sustain their previous spending habits, leading to increased debt and financial stress.
What was the couple's total debt amount?
The couple had a total debt of approximately $610,000, including car loans, credit card debt, and other financed purchases.
Why did the couple not prioritize setting up a college fund for their child?
The couple focused more on investments in property and the house, and their child's college fund was very small, with only a couple of grand saved.
What was the couple's financial score according to Caleb?
Caleb gave the couple a financial score of 2 out of 10, primarily due to their high debt, lack of savings, and minimal retirement contributions.
How did the couple manage their finances before the audit?
The couple had a fragmented approach to managing finances, with multiple bank accounts and a lack of communication about spending, leading to overspending and debt accumulation.
What was the interest rate on the couple's mortgage?
The interest rate on the couple's mortgage was 2.5%, which was considered a great rate.
What was the primary reason for the couple's high car payments?
The couple had high car payments due to purchasing expensive vehicles, including a Ford Bronco, which was financed with a $66,295.28 loan.
How did the couple plan to address their debt moving forward?
The couple planned to prioritize paying off deferred interest debts first, followed by snowballing the smallest balances, and potentially refinancing their car loans to reduce the overall debt load.
- Jenna and Mark, a couple from San Antonio, reveal that they have a significant amount of debt.
- Their monthly income is approximately $11,900, while their expenses are $16,848.
- They have approximately $610,000 of debt, which includes promotional purchases and medical expenses.
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