""I would sell that stock and I'd go take out a $5,000 loan from a credit union. I would sell that truck, or maybe a $7,000 loan from a credit union. I would take that stock, put the 11 grand towards it, get this truck sold, pay the difference, and then buy a $2,000 1988 Corolla with 400,000 miles on it that's still driving.""
""That's exactly what I would do, which would be about a $7,000 loan and a crappy car versus a nice truck that is worth $76,000 and I'm underwater.""
Colin, a 22-year-old military veteran, is in a financial crisis with a $1,200 monthly truck payment and being $16,000 underwater on a $76,000 vehicle. He has $11,000 in stocks and plans to save $500 to $800 monthly after moving. The Ramsey Team advised him to sell his truck, use his stocks and a credit union loan to cover the shortfall, and purchase a cheaper car. This strategy aims to eliminate the crippling truck payment and allow him to build savings and financial stability.
Read at 24/7 Wall St.
Unable to calculate read time
Collection
[
|
...
]