"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."
"Continuing to make $1,200 monthly payments on a truck he cannot afford while relocating to a new state with no stable housing is not a viable path."
"Can you metabolize a $40,000 stupid tax? Would we draw that up again? No. Would we run it back different?"
Colin, facing financial difficulties after mismanaging a $40,000 lump sum, is upside down on a truck and unable to afford payments. He is being evicted and relocating. Financial advice includes selling stocks and the truck, taking a small loan, and purchasing a cheap car. Monthly payments on the truck consume a significant portion of his income, leaving little for essentials. The proposed plan aims to eliminate debt and provide a more manageable financial situation.
Read at 24/7 Wall St.
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