From the course: Build Sustainable Wealth and Get Out of Debt

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Considering the use of the emotional component

Considering the use of the emotional component

From the course: Build Sustainable Wealth and Get Out of Debt

Considering the use of the emotional component

- Now that we've looked at everything logically, we're going to bring the emotional component back into the equation here. Are there any debts here on this list that you want to pay off faster? In this case, there was, and this is indeed a real-life case. There's this loan to the in-laws, even though it comes out last of all, very last, number eight, big balance, low interest rate. The clients wanted to put higher priority on this debt. I have to tell you the story behind this. The guy, we'll call him Joe, told us, he said, "I owed my father in law this money for 35 years since before I married my wife. He's in his '90s now. He told me the other day, "You know, I don't think you're ever going to pay this back, Joe. Just go ahead and take it out of your inheritance." But Joe didn't want to do that. Joe wanted to pay us father-in-law off while he was still alive to prove to him that he could do it, I can certainly see…

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