Past Due: Radio 173 – Our Daughter Needs A Car, We Can’t Get A Loan
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Robert and his wife Patricia are reaping a harvest of, admittedly, poorly sown financial decisions. They have a college-age daughter who is splitting the family vehicle with Patricia to get to and from classes, then to and from her part-time job. The family needs a car in the worst way, but no one is qualifying for a car loan.
In his submission, Robert acknowledged that they’ve been late on mortgage payments in the past, and are trying to clean up their finances, but now they feel limited with this incredibly inconvenient transportation situation.
Today we discussed:
1) How the pressure of inconvenience often drives us to rushed, unwise financial decisions. We must assess the true cost of paying interest on a used car (and likely subprime interest at that) in the context of the hassle-factor of sharing a vehicle.
2) The importance of Robert and Patricia openly confronting their financial situation for their children to see. It’s time for them to lead their kids – two generations of healthy money managers hang in the balance.
3) How sometimes the best course of action isn’t the most obvious. Robert’s daughter has already saved $3,000 toward the purchase of a vehicle and has the potential to save more than her parents.
This show exposed a lot of the systemic financial issues we’re seeing in American households with regularity: paycheck-to-paycheck living, financially unprepared children, the perpetuation of the “Sandwich Generation”, and knee-jerk decision-making in financial discomfort.
If you have a specific question, I’d be happy to answer it and further cultivate the wisdom of the Past Due Radio masses. The experiences of our listener base provide plenty of insight we all can learn from; don’t hesitate to ask – I’m happy to help!