The Jones are a typical American family living the suburbs with 2 children that they want to live the American dream. The Jones are concerned about their future..... the ability to pay for college for their children, to provide first class medical care, and to provide their kids all the good things in life. Their finances in a nutshell look like this:
Yearly Income: $124,750.00
Yearly Expenditures: $167,000.00
Total Family Debt: $821,650.00
The family debt has been accumulated through consumption, not investment or purchasing of assets like houses. What advice would you give this family? Call Dave Ramsey and go on a beans and rice diet immediately?