I'm 54 With No Retirement And Only Make $16 An Hour

0:00Zander shops all the top term insurance companies to save you money get started at zander dot com 54 years old. I've been a widow twice and I have no retirement saved. And my income does not it doesn't cover my expenses. I had credit card debt and I got I ended up having to call national debt recovery to turn those over to them and it wasn't even a lot of debt. It was just $10,000 that me and my past husband had incurred paying his medical bills. So after he died it left me with that debt and I had one income instead of two. So I went ahead and turned those over and I just recently paid one of the smaller credit cards that I just refused to turn over I paid it off. I don't have a lot of debt but it doesn't I'm just not able to pay my bills and I've sold everything that I could sell that I can live without.

1:10My downsize I got rid of the truck and downsize to an economical little Mazda 3 that I drive to work. I work 45 minutes away. Okay. What do you make? I make $16 an hour so I ended up going home depending on the week. It's anywhere from 1500 to 1000. Okay. Every two weeks and the little Mazda 3 is that paid for? It is actually not paid for yet. I still owe like 2500 on it and I only bought it for 4,000. Okay. It's got 200,000 miles on it but it's a decent good card. What do you do for a living? I am a front desk. I take copays collect I work for doctors office. Okay. Can you walk us through your debt? The remaining debt you have go smallest to largest. Smallest to largest. Smallest would be it can I just go down the list the way I had wrote that. Sure. Sure.

2:10Yeah. Yeah. Go ahead. I'm sorry. The house is 800 a month and I still owe 124,000 on it. Okay. I don't think I could rent cheaper the payments are $800. No. No. No. I don't even think I could rent cheaper than that. You're doing good there. The health insurance I don't have to go through the market and it's for me and my child. It's $50 a month. Well, I don't need your monthly bills. I just want to know your debts. Oh, my debt. I'm sorry. Okay. That's all. That's all fine. What I have left in debt is the car which is about it 2500. Okay. And I already got rid of the credit card, the other credit card. But then I have that 10,000 that I've turned over to the national debt recovery. Okay. That's actively being, they're actively covering that. Yeah, they take 100. They just started after Thanksgiving last year. They start, they take 150 out of every paycheck for 29 months. Oh, boy. Can you, can you get out of that? There are basics every family needs food, shelter, transportation and term life insurance.

3:11Term life is simple. If you pass away, it pays money to your family so they can keep paying the bills. Protecting the people you love is part of winning with money. And when you're ready to do that, go with who I trust. Zander insurance. Zander shops top companies to find the right coverage at the best price. And they've earned my recommendation for nearly 30 years. Go to zander.com today. Can you, can you get out of that? What's the penalty for counseling? I'm not sure. I want you to check into that. Okay. You might be on the hook for some fees. But all they're going to do is stack those $150 payments off to the side. And they're going to let this default and then they're going to try to make a deal. That's what they're going to do. And that's honestly something that you could do yourself if you chose to do. But I don't know that you need to do that just yet. That's going to tank your credit. It's going to. Yeah. It's not good. And like I said, they're usually a good amount of fees attached to that.

4:11So I would, if you can get out of that and it's reasonable, I don't know how much you've already paid in. But I would get out of that pretty much immediately. So after the car, the 2500 and after this 10,000, is there anything left? Is there any other debt? No. No student loans, no nothing like that. Okay. So the good news is, the good news is your mortgage is awesome. The $800 a month, you're right. You can't rent cheaper than that. And the good news is you've got $12,500 of debt, which under the circumstances, I don't know why I was expecting, but I thought it was going to be a lot more. Now, the problem is, if you have a month-to-month income issue, and there's no margin, that $12,500 of debt feels like a mountain just because you're struggling to eat, right? Yeah. I want you to. So let's dive in with Jay. Jay's the budget queen. What do you think you're spending too much money? That's just it. I don't know. I've went through. Let's look at it. You make $3,000 a month, give or take, right?

5:13Yes. Right and less than that, actually. It's more like, and I've worked two jobs. So it's more like, I mean, this is a second job. It's about $2,500 a month. Then it's an income crisis is what you have. Because no matter what you do, that $2,500 is not going to feel like enough. It's very hard to live on that. You're working two jobs. I only heard the one job that's $16 an hour. I do the $16 an hour. And then the same company that you asked me if I would clean your office for $120 every Friday. Okay, so that's that's after hours. That's the second job. Yes. But none of them are 40 hours a week. The $16 an hour job is 40 hours a week and they let me work over all the time to try to help me. Well, that's good news. I mean, I feel like all I do is work. I go in at eight and I don't get home too soon. I know, but I think we need to get you a higher hourly. That's the problem. I do. I think that's the transition. But I also, I believe if you'll let Jade walk you through this here for a couple of minutes.

6:14A lot of detail. I got to believe there's some budgeting issues going on. Yeah, let's try to find it. So after, let's say you were making $2,500 after the $800 that leaves you with $1,700. Then you said for each you and your, your daughter, did you say it's $50 a month for health insurance? Yep. So $100 total? Yeah. $50 a month. Okay. It's both of us. Both of us are in there for 50 to 25 a person. Oh, okay. So that takes us down to 1,600 or 1,650. What next? What else? Water is 35. What else? It's 1,80. Okay. Progressive car insurance is 100. Okay. I have a woman Gerber. Life insurance is that my mother got on me that if I pass away, it gives my child $10,000 to me. It's $7 a month. Okay. We're going to cancel that immediately. But it's $7. Okay. What else? And then, of course, now I have the new national debt relief of $100,000. One thing I have every time.

7:14Okay. Fine. What else? Cell phones are 90. Okay. Do you do like a consumer cellular or who are you with? We're with cricket. Okay. Good. Next. That's just for two phones. That's 90. And then I have a life insurance that since both husbands passed away and left me with nothing, I couldn't even hardly bury them. I didn't want to leave my child like that. So I took out a life insurance plan of $250,000. And I paid $6 for me. Is it term life? Did you do it through Zander? Yeah. I did it through shield. Okay. I want you to call up Zander and check it through with them and make sure it's the best possible option. You might be able to pay a little less because you said you're paying $2.48 a month or a quarter. I pay $69 every three months. Okay. Okay. So $250,000 for a year. Okay. We got about 40 seconds. Right now I'm seeing you with $900 extra dollars. So what are you spending on food? We don't. I'm honest.

8:14We spend something. We spend something. If I have a little bit left over, we spend about $100 in ten if we have anything left over. Okay. That leaves me on my checklist here. That means you got $830 some dollars to spare. We're going to give you every dollar and you're going to plug this in and you're going to do just what I walked through with you every single item. That money is draining somewhere and you don't have the margin for any drains right now. And I believe that you do need to find something that's going to pay you on a higher hourly rate than $16 an hour. That is where your primary struggle is. You're not going to be able to side hustle your way out of that low core income. Zander is the best place to find term life insurance to protect your family. Visit zander.com for quotes today.