Don't Quit Cold Turkey

Jessica is a new mom and back at work part-time. She and her husband have $140,000 in student loans. She wants to be home with the baby but is considering going back to work full-time to pay off the debt.

QUESTION: Jessica in Buffalo is a new mom and went back to work part-time. She and her husband have $140,000 in student loans. She wants to be home with the baby but is considering going back to work full-time to pay off the debt. They’ve also considered starting their own business. What would Dave do?

ANSWER: You can’t both walk away from your incomes and start a small business cold. You’d starve to death. You could start up something at home and once you got it up and going to a certain level, then he could chip in and quit and come to join you.

The problem is that both of you chose to take these huge student loans out and then your goal changed. That’s the problem with these stupid student loans. I think you have to go back to work for a year while you and your husband start the speech therapy business on the side. Or you must start it by yourself from your home.

He’s got to stay at work until you get the business up and running and get it making some serious money. That’s really your only option.