PARENTS NEED TO ASK BEFORE YOU DECIDE WHICH SUMMER CAMP TO SEND YOUR CHILD TO WELL, IF YOU
STOPPED AT THE GROCERY STORE
FILLED UP YOUR CAR THIS WEEKEND
, YOU FELT THE PINCH OF THE
RISING PRICES STARTED TO FILL UP
STOPPED BECAUSE IT WAS SO HOT.
THE HIGHER PRICES HAVE MORE OF
US LIVING PAYCHECK TO PAYCHECK.
OUR BUSINESS EDITOR ROD MELONI
IS A CERTIFIED FINANCIAL PLANNER
AND IS COMMITTED TO HELPING
FAMILIES GET AHEAD AND RODS HERE
TONIGHT WITH US LIVE WITH AN
UPDATE ON HOW SOME FAMILIES ARE
DOING ROT. YEAH WE TALKED TO
SEVERAL WDIV’S INSIDER FAMILIES
TO TRY AND GET THEM SOME HELP.
LET’S GIVE YOU A QUICK UPDATE ON
A COUPLE OF THOSE FIRST OF ALL,
TRISH IN KEITH MAKE THAT TRISH
AND JASON KEITH OF DEARBORN
HEIGHTS, THEIR BIGGEST PROBLEM
MANAGING CREDIT CARD IN COLLEGE
LOAN DEBT. THEY WERE ABLE TO GET
A CONSOLIDATION LOADED THEIR
CREDIT UNION AT INTEREST RATES
ABOUT A THIRD OF WHAT THEY WERE
PAYING. THEY ALSO DID OUR
MONITOR ALL YOUR SPENDING EACH
MONTH EXERCISE AND THEY SAY
THEY’RE ALSO NOW BUDGETING. THEY
TELL ME THEY ARE FINDING
BREATHING ROOM, SO
CONGRATULATIONS TO THEM. NEXT UP
IS LATANYA EDWARDS OF DETROIT,
HER LARGEST PROBLEMS OF MASSIVE
TRUCK PAYMENT $703 A MONTH WE
WENT TO WORK, TRYING TO GET HER
PAYMENTS REDUCED AS SHE OWED
$40,000 IN A TRUCK THAT’S WORTH
MAYBE 25 OR A LITTLE BIT MORE.
SHE STARTED WITH AN EMERGENCY
FUND AND INCREASED HOW MUCH THAT
SHE’S PUTTING INTO RETIREMENT
AND SO FAR, ONE OF THE THINGS
WE’VE LEARNED IS THAT YOU HAVE
TO KIND OF GET SERIOUS ABOUT
KNOWING WHAT YOU HAVE COMING IN
AND KNOWING WHAT YOU HAVE GOING
OUT. AND FOR A PERSON WHO WANTS
TO RETIRE LIKE, SAY, KIMBERLY,
POLAND. THIS IS A REAL PROBLEM.
IT WAS ALWAYS CHECK TO CHECK FOR
ME, THOUGH GENERATION OF LOCAL
HIGH SCHOOL THEATER STUDENTS
KNOW KIMBERLY POLAND, SHE HAD A
LONG CAREER STAGING SPRING
MUSICALS AND TEACHING ENGLISH
NOW 57 YEARS OLD COVID GAVE HER
AMPLE REASON TO RETIRE AND TAKE
HER TEACHER’S PENSION AND
RETIREMENT HEALTH CARE COVERAGE
. I WOULD LIKE TO NOT HAVE TO
STRESS ABOUT RETIREMENT. BORN
FROM A PENSION TOO SMALL TO
ACTUALLY ALLOW HER TO FULLY
RETIRED. SO NOW SHE’S A
RECEPTIONIST AT A LOCAL
CHIROPRACTIC OFFICE. MY PENSION
PAYS THE BILLS AND THEN THIS JOB
IDEALLY WAS SUPPOSED TO BE ALL
THE EXTRAS. BUT LIFE GETS IN THE
WAY WE MET HER TO DISCUSS YOUR
FINANCES AND DISCOVERED A BROKEN
WRIST AND GALLSTONES. THREW HER
INTO A REAL BUDGET CRISIS
BECAUSE SHE COULDN’T WORK FOR
SEVERAL MONTHS OF PHYSICAL
THERAPY, SO I IMMEDIATELY HIT MY
DEDUCTIBLE WHICH IS $1000. AND
THEN I HAD A COINSURANCE OF $800
WITHOUT AN EMERGENCY FUND. IT
ALL WENT ON HER CREDIT CARDS AND
THEN, AS OFTEN HAPPENS IN TOUGH
TIMES, AS SOON AS I WAS DONE
WITH THE HEALTH ISSUES, MY WATER
HEATER WENT THERE YOU GO, $1300
, AND JUST LIKE THAT HER CREDIT
CARD DEBT EXPLODED. SHE
IMMEDIATELY WENT TO HER CREDIT
UNION AND QUALIFIED FOR $25,000
CONSOLIDATION LOAN, BUT THERE
WAS NEARLY $7000 MORE LEFT ON
HER MULTIPLE CARDS. FIRST ORDER
OF BUSINESS PAY DOWN THE CREDIT
CARD DEBT WE DISCUSSED ARE
PAYING ONLY MINIMUMS ON THE
CARDS WITH THE LOWER AMOUNTS AND
THEN ATTACK AS BEST SHE CAN HER
CARD WITH THE LARGEST TOTAL
DEBT. WHEN THAT GETS 20 CUT UP
THE CARD, THEN TAKE ON THE
ACCOUNT WITH THE NEXT HIGHEST
AMOUNT, AND SO ON. HOW FAR DO
YOU THINK YOU CAN GET IN SIX
MONTHS? I THINK I CAN GET THE
BIGGEST CARD PAID OFF. NOW
KIMBERLY ACTUALLY DOES A GOOD
JOB CONSISTENTLY PAYING OFF THE
NECESSITIES, HER HEALTH RESTORED
. SHE’S NOW EVEN WILLING TO WORK
MORE PART TIME FOR MY FRIENDS
MEDICAL BILLING COMPANY. MHM
IT’S A LITTLE EXTRA MONEY. IT’S
NOT MUCH DECIDEDLY ENCOURAGING
SIGNS SHE’S COMMITTED TO GETTING
FISCALLY FIT AT THE HEART OF HER
PAYCHECK TO PAYCHECK. PROBLEM IS
THE LACK OF A BUDGET. KIMBERLY
IS A MEMBER OF A CREDIT UNION,
AND I ADVISED HER TO USE THE
FREE BUDGET PROGRAM THEY OFFER.
I ALSO SUGGEST THAT SHE TRACKED
ALL OVER SPENDING AND INCOME IN
A MONTH TO KNOW EXACTLY WHERE
THE MONEY IS COMING FROM AND
WHERE IT’S GOING TO HELP WITH
THAT PROCESS. NEXT. SHE NOW
UNDERSTANDS AN EMERGENCY FUND
CAN PROTECT AGAINST A BROKEN HOT
WATER HEATERS IMPACT. SHE’S ALSO
WORKING TO PULL TOGETHER $1000
CASH FOR THAT PURPOSE. AND
THOUGH SHE’S SINGLE AND DOESN’T
HAVE CHILDREN, SHE STILL SHOULD
HAVE A WILL IN MEDICAL ADVANCE
DIRECTIVES. THIS ALL OF COURSE,
BRINGS DISCIPLINE TO PERSONAL
FINANCE. BUT LET’S BE CLEAR. WE
WANT YOU TO FIGURE OUT HOW YOU
CAN HAVE SOME FUN TO HAVE A
LITTLE EXTRA MONEY SO THAT I
COULD I LOVE TO TRAVEL. NOW TO
SHOW YOU JUST HOW COMMITTED SHE
IS TO ALL OF THIS. KIMBERLY HAS
GONE OUT AND BECOME WHAT THEY
CALL A TRAVEL NOTARY, WHICH
DOESN’T REQUIRE A LOT OF HOURS
BUT HAS PRETTY GOOD PAY. SHE
INVESTED IN THAT SHE SPENT SOME
MONEY TO DO IT, BUT SHE THINKS
SHE CAN RECOUP THAT VERY
QUICKLY. AND RIGHT NOW, IF YOU
GO ONTO CLICKONDETROIT.COM YOU
CAN GET MY CHECKLIST THAT ANY OF
YOU CAN USE TO GET STARTED ON
THIS JOURNEY. THERE IS A BOAT
LOAD OF STUFF THERE. YOU MAY
WANT TO SPEND SOME TIME WITH IT
AND GET COMFORTABLE THAT IT’S
NOT THAT IT’S MAKING YOU EAT
YOUR VEGETABLES AND NOBODY WANTS
TO DO THAT. RIGHT BACK TO YOU.
EXCEPT WHEN IT SAVES YOU MONEY.
I NEVER GOT PAID TO EAT
VEGETABLES. BUT HEY, THERE YOU
GO. WELL, ROD, BY THE WAY YOU
MENTIONED HEALTH CARE DIRECTIVES
AND A WILL DO YOU HAVE TO GO TO
AN ATTORNEY TO GET THOSE NO, YOU
DO NOT NOW. YOU YOU OUGHT TO.
BUT YOU DO NOT HAVE TO IF YOU GO
ON TO MY WEBSITE THERE THE
CLICKONDETROIT’S DOT WEBSITE DOT
COM WEBSITE. WE HAVE A PAMPHLET
THAT YOU CAN DOWNLOAD AND PRINT
OUT AND YOU CAN FILL OUT THAT
AND A WHOLE BUNCH OF OTHER GREAT
PERSONAL STUFF. STICK THAT IN A
WAY WITH YOUR IMPORTANT PAPERS.