Giuliana and Peter look like a normal baby boomer couple. They’re trying to save money for their children’s college education and for their own retirements, but it hasn’t been easy. They still owe $160,000 on their one-bedroom co-op that was appraised at $320,000, and they’re $40,000 in the hole on their credit cards.

With only $3,000 in savings, Giuliana and Peter have started a college and retirement savings account, but it sits there empty. Should they sell the house to raise some much-needed cash or take out loans to pay off their debt? Or is there an easier way to get back in the black? The Millionaire Inside Money Mentors weigh in.

   Pay down that maxed out credit card to increase your credit score.
   Get wills.
   Get life insurance.
   Start a retirement plan through your business.

Peter and Giuliana’s credit scores are pretty good but they have to figure out a way to cut their spending. They also have to increase their life insurance to one million dollars each. Right now they have to forget about saving for college for their two kids and focus on a retirement plan as our Money Mentors told them, you can borrow for college, you can't borrow for retirement. Peter and Giuliana asked if they should sell their home to help pay off their debts but our Money Mentors say "sit tight" work on paying off your debt. Peter is self-employed so our Money Mentors have told him to set up a retirement plan through his own business.