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After analyzing their data, Suze wants to find out what Scott actually knows about his family's finances.

Scott says he thinks it costs around $2,500 a month to run their household and they have about $200 in savings. If he were to lose his job, Scott thinks they could pay their bills for about three months.

"Let me tell you now the truth about your situation. It doesn't cost you $2,500 a month to live. It costs you $8,000 a month," Suze says. "In fact, you are approximately $95,000 in debt—not including the house."

Suze tells Carol and Scott they aren't three months from losing their home. "You are one day away," she says. "You do not have one day of savings to live."
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FROM: Best Life Week: Your Money Plan 2009
Published on January 22, 2009
Please note: This is general information and is not intended to be legal advice. You should consult with your own financial advisor before making any major financial decisions, including investments or changes to your portfolio, and a qualified legal professional before executing any legal documents or taking any legal action. Harpo Productions, Inc., OWN: Oprah Winfrey Network, Discovery Communications LLC and their affiliated companies and entities are not responsible for any losses, damages or claims that may result from your financial or legal decisions.

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