Dina and Bill, who have two teenagers at home, Jasmine and David, have a combined annual income of $105,000. They bought their house ten years ago for $154,000, which carried an initial mortgage of $130,000. They have done some renovations...See moreDina and Bill, who have two teenagers at home, Jasmine and David, have a combined annual income of $105,000. They bought their house ten years ago for $154,000, which carried an initial mortgage of $130,000. They have done some renovations to the house, some which ended up being incomplete, such as for the kitchen, because they ran out of money. Those renovations plus some bigger ticket items, such as vehicles, they have since rolled into their mortgage. They don't like to deprive their children of anything, sending them off to expensive specialty summer camps among other things. The kids do get allowances but there are no stipulations to that money. David is considered the household banker in that everyone turns to him if they need a few dollars here or there. Whenever Dina and Bill rack up a large amount of consumer debt, they also have rolled that debt into their mortgage, believing it would cost less because of the lower interest rate than other forms of credit, not understanding that it may cost them more since it is amortized over a longer time period. Their current mortgage sits at $230,000, much of it carrying their consumer debt. In addition, Dina feels overwhelmed by her household duties, she taking care of approximately 80% of those tasks. Gail has to get them to work more as a cohesive family, which includes the kids, especially Jasmine, learning how to manage money instead of Dina just handing it over, and Bill and both kids doing their fair share of work around the house. That work also includes finishing up the kitchen renovation on a quick time-line and budget they can afford. Written by
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