Striving to be Debt Free

Henri Hammond is working overtime to get his family out of debt and on track to a self-sufficient future

children.”

After the credit cards have been paid off, the Hammonds should continue to build up their cash reserves fund to at least $12,000, advises Creuzot. “This can be done quickly,” she says, “once they’re no longer paying off credit cards every month.”
Eventually, the Hammonds can restart their retirement plan and begin to save for their children’s education. This should wait, however, until they’ve established a solid financial foundation. First things first. Henri Hammond

HOUSEHOLD INCOME

Henri’s base salary $72,000
Anticipated overtime 24,000
Total $96,000

ASSETS

Market value of home $150,000
Investment property 14,000
401(k) 9,000
Total $173,000

LIABILITIES

Mortgage balance $116,000
Student Loans 8,100
Credit card debt 16,000
Total $140,100
Net Worth $32,900

Financial Snapshot:

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