Turning grief into financial opportunity.
Eleanor inherited a $1.8 million Traditional IRA and $450,000 in taxable accounts. She also inherited several debts, including a $12,000 personal loan at 18% interest, a $15,000 home improvement loan at 9% interest, and $10,000 in credit card debt at 22% interest. Her immediate concern is how to prioritize these debts while establishing a reliable income stream from her assets, ensuring long-term financial stability and estate planning.
Using Golden Door Asset's Debt Avalanche Calculator, we helped Eleanor prioritize paying off her highest-interest debt first. By strategically allocating funds from her taxable accounts to tackle the credit card and personal loan debt initially, Eleanor will save significantly on interest payments. This approach, combined with a comprehensive withdrawal strategy from her IRA using the PITI Calculator to inform housing cost impacts, allows her to reduce debt burden and maximize income potential.
The Debt Avalanche Calculator was integrated with the PITI Calculator to model the impact of housing costs on Eleanor's overall cash flow and debt repayment strategy. Data was imported directly from her financial statements for accurate calculation.
$8,750 in projected interest savings over the debt repayment period by prioritizing high-interest debt, freeing up capital for income generation and estate planning.
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