This week on Life or Debt: The Beeman Family

When Passion Becomes a Pitfall

Wela Financial Advisors on what we saw, what we learned, and what we should do on this week’s episode of Life or Debt on Spike.

Eric and Staci Beeman have been happily married for 15 years and have four rambunctious boys. On the face of it, life is great. They own a beautiful home and Eric is a pastor at a local church while Staci works at home raising their four boys. Their family’s foundation is sturdy and lots of love flows through the Beeman’s household. But under the surface, their financial foundation isn’t so sturdy. Turns out, it’s the house built on sand and at any point could crumble into the Pacific Ocean.

All of a sudden, out of (what felt like) nowhere, Eric loses his job as a pastor and they are forced to move. But move where? Well, it was his idea to move in with his in-laws (yes, all six of their family members) for a couple of months or so. Three months max was the plan. Well, 24 months later they still find themselves packed into the home Staci grew up in! Yes, she and Eric are in the bedroom that she inhabited as a child. So her folks have had eight people (including four boys, granted their grandchildren) living with them at a time they’re supposed to be enjoying their golden years! This undoubtedly causes strain on the family relationships.

So part of Victor’s challenge, in addition to increasing their household income, is that grandma and grandpa must kick Eric and Staci out of the house within 90 days or he’s going have them evicted! The idea of allowing them to move in was to help them get back on their feet. Eric found a job at a new church and he and Staci were supposed to be building their savings. They didn’t even have enough to cover first and last month’s rent! Well, apparently that hasn’t been happening… and they’re one bad day away from financial disaster.

Sure enough, that one bad day arrives and Eric loses this job. Pastor Troy heard from the Lord that Eric must go. There is good news, however, Staci has found a job working part-time for $20/hour. Plus, they’ve sold their house and are able to sock away part of the proceeds into savings. Bottom line, Eric must find a job stable enough to support his family of six. Maybe his calling is in the pulpit and that’s fantastic, to be passionate about what you do, but if that passion doesn’t pay the bills then something must be done to supplement income. And that can’t continue to be handouts from family.

If you related to what this family is going through, here are a few blogs you might find helpful.

Financial Mistakes To Avoid When Nearing Your Midlife Crisis

When Good Debt Goes Bad

Have Some Street Sense When Deciding Whether You Should Sell Or Rent Your House

Why Cash Flow Is Not The Same As Budgeting

How Much Money Should I Have In My Emergency Savings Account?