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Financial Fitness: Caring for 3 Generations with 1 Paycheck

Continuing this week’s Financial Fitness series, Carmen inducted a new member on Wednesday into her program. Greg is caring for three generations under one roof, with one paycheck.

Greg, his wife, their two children and his mother-in-law are all living in a home he purchased with money he was planning to spend on law school. As the only breadwinner in the house, Greg feels the pinch everyday of having to make mortgage payments, car payments, insurance, groceries and everything else it takes to care for a family of four. He feels like he makes too much money to be living paycheck-to-paycheck, but as our other inductees have learned, being financially fit has nothing to do with income.

>>Carmen breaks down Greg's Financial Fitness

Greg’s goals are to get a handle on his finances, figure out where all his money is going and cut

down on extraneous expenses. To help him do that, credit expert John Ulzheimer has been dissecting his credit and financial planner Jerry Lynch has been working with him to find ways to bring in more cash. Watch the accompanying video segment to find out how Greg plans on becoming financially fit – it’s advice that we could all use these days.