Help, We’re Trapped!

Hi Barefoot,

My wife and I are 39 and have three kids. I am the sole breadwinner, earning $80k plus super, and we live rent-free as part of my job. We own a rental property with a $298,000 mortgage, with tenants paying $380 per week, which covers the mortgage. We have $8k in credit card debt. Put it all together and we feel trapped! Each week we just seem to cover our expenses. I would love to get my Mojo account up and follow your share investment tips, but we never seem to have the money. We would love a holiday!

Gary

Hi Gary,

I may look like a fairy, but I have no magic wand to wave at you. By my calculations you’re pulling in close to $6,000 a month in the hand (when you factor in the Centrelink family benefits that I assume you’re getting), and you’re not even paying for a roof over your head? And you have credit card debt? C’mon, cobber! A wonderful holiday for you would be to drive an Uber taxi around your city, five nights a week, until you’ve paid off your credit card.

Scott