debt snowball

Follow them in order and all your questions should be answered. He keeps it pretty simple.

1. $1000 baby emergency fund (have that yet?)
2. Debt snowball until all you have left is the mortgage (if you minus out the car payments, are you to this point yet?)
3. Save 3-6 months worth of expenses for a fully funded emergency fund (s/b easy to do once the debt is paid off, including the cars)
4. Save 15% of your income for retirement.
5. Save for kids’ college.
6. Pay off the home mortgage.
7. Build wealth like crazy.

Including the cars in the debt snowball is a huge key to your success. He’s worked these steps with thousands of families and it works! You need to get your husband to a Live Event or let him read the Total Money Makeover. It’ll help inspire him to get rid of the car notes.

Good luck!

In a community property state the debt would be his

Whichever one they can collect from they will go for. Obviously, his ex-wife doesn’t intend to pay. Many soon-to-be-exes have ruined a man by charging up huge credit card and installment payment debts, then leaving them to him. One of my best friends (used to be) did that to her husband. She moved out away from him, and he didn’t cancel the credit cards because she gave them back to him.
But, she had the numbers, and ordered dups and charged somewhere around 175,000, then went and refurnished her new apartment, which she got while away from him, to the max. Don’t remember how much, but more thousands.
They had just bought a car, and he was required to carry the payments but give her use of it because she had their 6 yo son and she didn’t have a job.
He ended up with nothing, as he had to work 2 jobs and sell anything he could to keep up the payments. After a few years, when he had paid almost nothing except interest, and the divorce became final and he had to give her additional money, plus child support, he quit his job and went to another state and became a homeless, shiftless person. It was so sad.