Comments on Boston Gal's Open Wallet: Money Makeover: Troy & Maryna Welker

With a combined income of $57,475 a house is not r...

2011-04-27T17:20:46.355-04:00

With a combined income of $57,475 a house is not reasonable

Thoughts: $8/work day on coffee?? That's $2k ...

2011-04-14T20:51:50.485-04:00

Thoughts:

$8/work day on coffee?? That's $2k per year. That could only be if he's buying 2 $4 fancy drinks. Learn to enjoy black. $1.51 for 12 oz at Starbucks. 50¢ for a refill. That's $2 for 24oz of starbucks coffee. There, I saved them $1500 a year.

Also:
- One or BOTH of them what to get a PhD.
- They want to have children fairly soon.
- They want a house.
- Passionate about $120/month music.

Pick and choose.

Their debt is almost as much as they make gross (I...

2011-04-14T08:07:00.989-04:00

Their debt is almost as much as they make gross (I am assuming) per year.... and now they want to add a HOUSE on top of that?

Their salary JUST covers what they can spend now, and if you add a house, expect expenses on that to go up to put you into the red.

I say buckle down and pay off that debt, then buckle down even more to save up for a down payment for that house.

What foolish advice.. it was just to make money for the banks.

If the roof leaks in a renter's place, it'...

2011-04-12T10:23:25.576-04:00

If the roof leaks in a renter's place, it's the landlord's problem. If it leaks in a house you own, it's your problem. I agree that for a couple living so close to the edge, this is terrible advice. Do financial advisors have to be certified or can anyone hang out their shingle?

Nancy

I have to agree with you. This doesn't make mu...

2011-04-11T12:27:49.926-04:00

I have to agree with you. This doesn't make much sense to me at all. I think the best plan is to move closer to work and start paying off that debt. Later down the road they can look into taking on the expenses of buying a house.

I read this story this morning (after attending a ...

2011-04-11T02:50:15.159-04:00

I read this story this morning (after attending a Dave Ramsey event on Saturday) and was SHOCKED at the bad advice given. I am happy to see I wasn't alone. I am sad for them, though, because it looks like they are just going to spiral down.

And did anyone else have a problem with "...his biggest indulgence is $120 per month on jazz guitar lessons, which he is passionate about and not willing to give up"? With $46K in debt and a wife who hasn't seen her family in 5 years, every expense should be on the table for negotiation.

I agree with your comments BostonGal and Petunia&#...

2011-04-11T01:48:28.399-04:00

I agree with your comments BostonGal and Petunia's "That financial planner should have his head examined." LOL

I agree with you & the other commenters. Ther...

2011-04-10T21:08:34.998-04:00

I agree with you & the other commenters. There are a few circumstances when advice like that would make sense, but the fact that the article didn't go into those contingencies makes me deeply leery. I hope that the article means that they'll get some contrary advice, just so they have a chance to go into all of this with their eyes open!

If they're looking at small houses in a place where their whole monthly bill for mortgage, taxes and HOI would be less than their current rent, AND they're committed to the area, AND they're certain they won't run afoul of the governmental program's rules, then maybe.

Additionally, EdD programs often don't have the same kind of fellowships and research funding that other PhD programs have available, so paying something isn't neccessarily unreasonable. However, his current district should contribute some of the cost at the very least, since that's a big debt burden to add to an already overloaded family.

But on balance, this was way too Pollyanna of a story, with far too little practical advice.

I'm in violent agreement with you. I'm sho...

2011-04-10T20:41:26.969-04:00

I'm in violent agreement with you. I'm shocked that a financial advisor would recommend taking on additional debt until she has found a full time job. I don't know there area well, but if they are moving to the country they are going to have a hard time paying off the old and new debt. They should move closer to work, get a cheaper apartment, sell off the almost new car for a cheaper one. Their gas expenses alone are shocking. They must drive major mile weekly.

It almost never makes sense to pay to get a PhD. Y...

2011-04-10T20:28:16.523-04:00

It almost never makes sense to pay to get a PhD. You should get paid to do one. If a university doesn't think ti is worth paying you it is a good sign that it isn't worth you getting the degree.

Wow. I think this nice young couple have received...

2011-04-10T16:34:40.956-04:00

Wow. I think this nice young couple have received some unbelievably bad advice and unfortunately intend to act upon it.

They are not ready to buy a house; they can't make ends meet now. They need to focus on a workable budget by trimming unnecessary spending (Troy's $40 per week coffee habit) and trying to find a full-time job (Maryna). Taking on the additional expenses of homeownership is only going to increase their monthly shortfall.

That financial planner should have his head examined.