Bob is a friend of yours and he has tried to fallow your financial guidelines. He has made a emergency fund with One thousand dollars and three to six months of expenses. He also has started a college fund and a retirement fund. Then suddenly he is deeply in debt. How would you get him out of this debt and what did he do wrong?
Bob went wrong when he skipped Baby Step number 2 - pay off all your debt except for your home.
To get out of debt, Bob should keep on working and keep on paying his payments. This is to be his top priority. He should NOT take money out of his investments or emergency fund for this.
1) He skipped baby step #2 2) to get out of debt he should keep working to help pay off his debt and sell things if at all possible. However, he should NOT pull money from his investments or his emergency fund.
Bob forgot about Baby Step #2. As his emergency fund and 3-6 months of expenses are in place, he needs to stop adding anything to his retirement and college funds and spend that money on his debt snowball to get out of debt.
First he forgot baby step number 2… and to fix this he probably need to stop putting most of his income into the retirement and collage funds and use some of that to get out of debt first...
bob skipped baby step two, he should have paid of all his debt first. to get out of debt he needs to keep making payments and not borrow from his retirement plan or emergency fund.
Bob is a friend of yours and he has tried to fallow your financial guidelines. He has made a emergency fund with One thousand dollars and three to six months of expenses. He also has started a college fund and a retirement fund. Then suddenly he is deeply in debt. How would you get him out of this debt and what did he do wrong?
ReplyDeleteBob went wrong when he skipped Baby Step number 2 - pay off all your debt except for your home.
ReplyDeleteTo get out of debt, Bob should keep on working and keep on paying his payments. This is to be his top priority. He should NOT take money out of his investments or emergency fund for this.
bob skipped baby step #2
ReplyDeletemake MASSIVE payments, sell everything possible to add to payments, do NOT however pull money from your investments or emergency fund
travis
1) He skipped baby step #2
ReplyDelete2) to get out of debt he should keep working to help pay off his debt and sell things if at all possible. However, he should NOT pull money from his investments or his emergency fund.
1) Bob skipped baby step 2
ReplyDelete2) In order to get out of debt he needs to keep on working full time, and even sell items if necessary.
Bob forgot about Baby Step #2. As his emergency fund and 3-6 months of expenses are in place, he needs to stop adding anything to his retirement and college funds and spend that money on his debt snowball to get out of debt.
ReplyDeleteFirst he forgot baby step number 2… and to fix this he probably need to stop putting most of his income into the retirement and collage funds and use some of that to get out of debt first...
ReplyDeleteHe skipped Baby Step #2. He needs to stop or put a little bit of money into his college and retirement funds, so he can get out of debt.
ReplyDelete1) Bob skipped baby step 2
ReplyDelete2) In order to get out of debt he needs to keep on working full time, and possible sell some items
He skipped Baby Step 2. He needs to keep paying off the debt and then focus on the retirement and college.
ReplyDeleteAutumn
Bob skipped baby step #2. He needs to pay of his debts but DO NOT let him take money out of his investments or emergency fund.
ReplyDeleteeyezik
He skipped baby step #2, he should pay off his debt and then start putting money into college and retirement.
ReplyDeletebob skipped baby step two, he should have paid of all his debt first. to get out of debt he needs to keep making payments and not borrow from his retirement plan or emergency fund.
ReplyDelete