Situation 69-year-old woman has debts amounting to 54% of her total assets and ends up short $1,200 every month as she services that debt.
Solution Get rid of three rental properties to help with drastic debt reduction, downsize car, work to age 75, end up with enough money to stay in her home.
At the age of 69, Julia, as we’ll call her, is mistress of her fate. An accountant who lives in the foothills of the Rockies, she does cash flow management for clients. Ironically she has not done it very well for herself. Late in her career, she is drowning in $659,000 of liabilities.
Self-employed, she has take home income of about $10,000 a month, including money from three rental properties. She pays debt service charges for her home and the rental units, a loan for a timeshare vacation deal, other loans, credit card debts and a…
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