Mouldy, Desperate Parents

Hi Scott,

We’ve spent the last seven years stuck in a financial and emotional loop, paralysed by fear of making the wrong decision for our family. Here’s our situation: we have five young kids, two of whom have special needs. The only school that caters to their needs is a two-hour drive in the morning and up to four hours in the afternoon – every single day. We’re barely managing with jobs, kids and constant driving. Meanwhile, our house is nearly paid off, but it has mould, making it a health hazard. It’s also worth only a third of homes near the school. 

We’ve inherited $900,000, but it’s tied up in property – meaning we can’t use it to ease day-to-day stress or invest elsewhere. If we sell and buy closer to the school, we risk losing all our financial security. If we stay, we continue to struggle. If we rent, we burn cash but get closer. If we knock down our house and rebuild, we risk sinking into debt. Every option feels like a mistake, so we’ve done nothing for seven years. Meanwhile, property prices keep rising. Scott, how can we break free from this paralysis and make the right move for our family’s future? We’re desperate!

Linda

Hey there Linda,

Ever heard of the boiling frog analogy?

Well, you and your husband have been simmering away in that pot for seven years! You’ve got five kids (two with special needs), a six-hour daily commute, and you’re returning to a mouldy home?

You must be ready to croak!

Here’s my take:

You’ve already set yourself up well: your house is nearly paid off, and you’ve got $900,000 to work with. So, why are you still stuck in this pot?

It’s time to jump.

Here’s what I’d do:

First, sell the house.

Second, rent near the school for now – even if it’s for the next 12 months. Think of it this way: you’re buying back 1,200 hours of your time each year. Six hours a day, all for your family and your mental health. That’s the most important investment you can make.

Should you buy in the new area? 

Maybe. But don’t stress about it right now. Renting buys you time to decide. You can always make the long-term decision when the time’s right.

Don’t get stuck obsessing over the price of rentals. Think of it this way: the price of your rent is worth every hour you’re getting back with your family. And that is the smartest investment you can make right now.

Finally, I want to tell you this: I have a huge amount of respect for you both. You’re holding it all together for your kids, and that’s no small feat. You’re tough. But remember, kids grow up fast, and the time to invest in them is right now. Don’t waste another minute.

Eat the frog!

Scott