Episode 188: Paying Off Debt and Relocating

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Today’s Smart Money Question:

We met with a new client recently and looked at a snapshot of their financial situation. One of the things we noticed was their outstanding debt, including credit cards and car loans. The client wanted to take about $40,000 to $50,000 out of their 401k and take a financial hit in order to pay down that debt.

Is that a good idea? We’ll share what advice we gave them and how you can handle a similar situation. Join us for an insightful conversation about relocating, extinguishing your debt, and more.

On today’s show, here’s some of what you’ll learn:

  • Should I take a hit on my 401k to pay off debt? [4:24]
  • Look for opportunities with your home equity line of credit. [7:24]
  • How to extinguish your debt. [10:57]

If you are interested in any of the topics we discussed, please reach out and we would be happy to help you navigate your financial situation.

 

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