George Cochrane
QUESTION: I am 55 years old and my only major asset is our family home, valued at $1.3 million with a $900,000 mortgage. Other debts include $60,000 on credit cards, $30,000 in personal loans and $15,000 in miscellaneous expenses. I have about $35,000 in superannuation, while my wife has some $135,000. I earn $15,500 a month and contribute an additional $700 a month into super. My wife earns about $6000 a month. My aim is to develop a 10-year plan so that at 65 I shall have a reasonable asset base and be able to support myself and my wife in retirement. Could you please give me some direction on key points to address, such as should I be prioritising debt reduction and should …
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