$1,000,000 In Debt At 29 Years Old

Together we have probably just under a million dollars in debt and we wanna know how to get debt free without filing bankruptcy. Okay, how much of that is a mortgage? Uh the mortgage about 210. So you have $600,000 and what? 335 is about in student loans. We both have advanced degrees and then a lot the rest is really credit cards and personal loans. So you have $300,000 of credit cards and personal loans? We have about so 335,000 student loans and about 136,000 in credit cards, 44,000 personal loans and 35,000 car loans. Okay, um how old are you? I'm 29. Okay, so what in the world? So yeah, I mean are you both on this or is this just one of you that's completely lost your mind? Well, I have the majority of the student loans and he has the majority of the credit cards. My credit card debt is about it's not great, it's about a lot of that. So why does he, why is he a 29 years old run up 100 grand in credit card debt? Well, he's he's 32 but um I think it's one of those things where just making really poor financial decisions thinking be able to pay it down as you go and then it doesn't happen. Okay, so you both have advanced degrees. What are your degrees in? We do. So I have a degree both of our advanced degrees, no he has an MBA and I have an advanced degree in policy. I work in the government and we actually both do now at this point actually. Okay, so your household income is what? Our household income is about 230. Okay. All right, um is there recognition on both of your parts how absurd the situation is? Uh yes. Okay. Yes, there is. So I think we're both a bit scared and wanna do anything we can to avoid. Okay, great. Then I'm then I'm on your team. I can skip that step. Okay, good. Okay, well you're you're scared and you should be. Um you're disgusted and you should be. Um you're early in the early stages of being sick and tired and being sick and tired and you should be. So here's the thing, you you guys have been living at um across the board from your education choices to your car purchases to your whatever, you've been living at about 10x where you're going to get to live for the next three years. Okay, yep, that's true. So I'm getting ready to destroy your life as you know it because your life your lifestyle is considerably above your extremely good income and has been for a period of time. And so you've gotten used to spending like you're in Congress. Right. This is going to be very emotional for y'all and you're going to have to look at it through that lens and through a spiritual lens or you're not going to make it. You're going to have to not care what anyone thinks including each other because you're not going to spend any money on anything ever for the next three years. Like you've been spent let's pretend you're making 210 and I know you just got married but let's pretend you'd been doing this as a couple as you went along. You've been making 210 spending 310. I'm getting ready to put you on 30. Okay. You're not going to see the inside of a restaurant unless it's your extra job or you're waiting on some of the people you work with during the day. Okay. This is how humbling this is going to be. Quite. It's going to crush a lot of crap in your soul that caused you to do this. So the bad news is it's going to be really rough. The good news is it's going to be great for you guys relationally, spiritually and financially. But you're not going to make the financial unless you make the relational and the spiritual move because I know that I know you guys because I was you guys. This is exactly what I did. It's exactly what I did in my 20s. I bought and purchased a lifestyle that was 5 to 10x what I had. Yeah. And it was all because of crap inside of me that caused me to do that. Right. And all of that has to be destroyed to fix it.