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Joining us once more is Dave -- the money management expert and of course the host of the debris in the show right here on the Fox Business -- can take some calls and some questions.
I can look just the -- -- right now we have on the phone Scott from Dallas Texas got.
All right hey Scott how are you this morning.
-- -- -- -- thanks for taking my call a quick question I'm currently a 160000.
In debt and apparently having a hard time making minimums on credit card payments.
-- I'm in school right now occurring more student loans.
My question -- should I stop school.
But then my student loans and it will start up or should -- -- -- -- -- keep the current.
But don't -- -- good student loans and finish my degree.
Had don't get many college students with a 160000 dollars in debt what are you talking about you got a mortgage.
Yeah how much.
Well that's not including -- -- it's not including the mortgage what is the 160 consist stuff.
About 80000 student loans and it's my wife.
40000 credit card debt and about 30000.
Into -- -- work outside the home.
Yes -- OK are you working full time and emotional at night or what he I.
Go to school for our area I work full time and then I go to school on -- now.
I was going full time at a traditional universities but when we had a kid you know what -- -- area of study.
Well I started I've changed my -- so many times currently are now it's been counting but before that there was -- chemistry.
Okay so you're gonna play through this time -- any choices now.
Yeah you get they accounting degree I don't -- if you like you finish this one.
You've got sick because you got a family -- -- -- you dollars of the mortgage and stuff flying around and you know you you've got to plow through the good news is and and the bad news is is that -- nursing she can pick up extra hours.
And she's going to have to do you have got to cut up these credit cards and they of car payments are part of this mix you're going to have to do some stuff with the car payments as well.
And by getting rid of some cars.
You got to got to trim your lifestyle down way down.
Try to get where you can breathe so you can get through finish up the accounting degree and get out there that your income up and -- both -- -- them.
Working in your income up you'll begin to Whittle through this mess.
But you do not have an option you have to finish this -- You can't add any more to this -- Good call it a good question thank you so yeah I -- also like joining us by phone right now I think yet Kelly from Kansas City, Missouri.
All right hi Kelly power you don't.
How can I help.
My question is my husband is active duty military.
And we have say it's 5200 dollars in a money market funds for our kids who are subject was seven years old.
But it's my understanding that the -- -- plans are state specific and we move a lot of though mark.
My question what are the best options for military elite who doesn't move frequently where can we put -- money -- to make it growth at the Petit and her children.
Well what do you -- not there are some five toward -- plans that allow you to use any state where all of course sponsored by a state.
And they range from horrible plans all the way to pretty good plans -- you can control the options in your case I wouldn't do that.
I would just do the ESA the educational savings account.
Which -- -- course completely portable and you can put up to 2000 dollars per year per child.
Into that I can help and it felt like you've got just about that if you put 2000 and -- -- more in January 1 we will bring about cleaned out your education funds.
And -- the next -- finish -- office and set it up on a monthly plan but up 2000 dollars a year and a good growth stock mutual fund.
That's had at least a five or ten -- track record.
And that's the best place because that first 2000 -- totally portable you can change funds you can make decisions to move things around.
And of course you can put it on the any kind of higher education -- the kid gets there and it grows tax free like the Roth IRA so it's nicknamed.
The education IRA.
We'll have learned something new for me to me I can't do that had to -- -- now right now I have to look in to us so -- I -- about -- you have to begin repaying my student loans and I'm wondering if I should consolidate them or should I leave them separated when he in this case.
Welcomes this is the one time that I tell people it is okay to consider consolidation.
A consolidation is not always better you may have what we call the aggregate interest rate which is the average interest rate waited prefer the amounts.
Of your whole package of loans may be lower than you can get if you put altogether.
So you need to really look and say hey -- -- gonna get a better deal interest rate wise if -- consolidate.
And the second thing is don't move from from some good fixed rate student loans to a variable rate consolidation.
And sometimes people feel like if they just have one payment that they've got that they've done something positive and if the payment it's bigger.
And more variable more risk to it it was a positive thing so it's not always good to consolidate.
But you can investigate the interest rates and see if you'll actually say.
Great points are right let's take a look at this -- we got email from hot from Indiana.
He's -- I can I convince my son to go to school locally and -- homes alike can pay for his first four years of school.
Instead he's going to Ball State and live on campus which is 181000 year for my money that would pay for four years at the local school.
Well not even get him to two year is at Ball State.
What do you recommend.
In terms that he and getting student loans from also which one of your books should I had for.
Then well you you've got a different parenting style that I do we use a word around our house that you're not using -- up the words no yeah.
Yeah I'm not gonna freaking give you any money and let you do what I say now that's sounds very controlled freaking.
But I'm older wiser and I know -- stupid looks like you're eighteen you don't if you're gonna get my money you're gonna do it that way.
And so you know that's the kind you know we talked it through with our kids -- if we can reason with them that's fine but.
You know -- seventeen year old doesn't -- -- eat what he's gonna do and I guess that's a different kind of parenting style.
Yeah I'm guessing that that that's a shocker so -- you tell which -- you can't do is on the list.
Well I don't know if it's on the go like we have to that answer the total money make over.
What do you make over a word good.
Dave you're great thank you so much as always -- such great advice and we appreciate you joining us this morning Dave.
Thanks -- -- to be with you.
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