
My Wife Makes All Our Money, but She's An Alcoholic
Audio Summary
AI Summary
Gary is seeking advice on a 24-month plan to move his family closer to relatives and purchase a house twice as expensive as their current one. The issue is he believes they won't be able to afford it in two to three years due to his wife's declining health. Doctors have indicated she may only have three years to live, and she is the sole income earner. His wife is an alcoholic, and this addiction has led to severe health problems, including recent cancer treatment, which was caused by her drinking. Despite treatment, she has relapsed into hiding alcohol.
Gary wants to move closer to family because they currently live 1500 miles away from any relatives. He needs a support system for his three-year-old son and himself, often needing to get his son away from his wife. He is a stay-at-home father and has not worked in five years, having previously held a management position at a nonprofit, earning around $50,000 annually. His wife works from home and makes between $250,000-$300,000 a year.
The hosts advise against making a large financial commitment like buying a home given the instability. They suggest renting for a year or two in the new area to assess the situation with his wife's health, his job prospects, and their family needs. Gary's parents are willing to contribute $100,000-$150,000 towards a down payment, but the hosts suggest asking them to cover rent instead. This would provide flexibility and allow Gary to gain work experience before he potentially becomes the sole provider. Gary's parents live an hour away from the desired metropolitan area, which is better than 22 hours, but still not immediate support. The hosts emphasize that his wife's addiction makes her lose a "vote" in financial decisions, and Gary needs to set boundaries by insisting on renting. They stress the risk of a $600,000 mortgage with uncertain income, which could lead to foreclosure.