Don't know where to post this question, move if needed.

[Troy Peters]

Im not an investor.  I have aspirations of being one, and need some serious advice.

I just listened to the podcast with Scott Trench, which has made me feel like what I am proposing makes more sense.  Here is my story.

Im 36, live in NW Houston (Cypress, TX).  I have 3 kids, 1.5, 9, and 13.  I am a contractor who installs window film for commercial and residential applications, with an emphasis on commercial.  I made $126K gross in 2016.  My wife is a realtor, but rather wet behind the ears, and brought in around $20-$25K in 2016. This year to date, my gross is $53k, and we are projecting over $160k gross (my income). 

We have been incredibly negligent with where money has been spent in the past 3 years.  In fact, we were damn near debt free in 2013, but thought it was a good idea to buy 2 new vehicles.  I owe $110k on my home, and the appraisal is $143k, market value of $157k, and we have seen our exact home selling for $150k-$165k.  We believe ours would sell on the higher end.

We have about $32k on CC debt, and about $60k on auto debt.  As a contractor, I dont usually get paid on my work for 30-90 days, which has made budgeting a nightmare.  Regardless, I realize the errors of our ways.

I could go into far more detail, but my question is, should I sell my house, and take the equity after closing to pay off my CC debt, and rent for a couple years (or more) and start over?

[Rochelle Ray]

Can you find unique ways to make some extra money to put towards debt such as renting out a part of your house or room for extra income to be used to pay down debt?  Don't sell your house so fast just to make the debt go away until you deal with HOW you got into debt, which is a lack of living on a budget.  If you sell now to pay off some of your debt now and then go back into debt, you now have no more assets to sell.  Deal with your human weakness (we all have an area) and grow from it first.  Learn to live below your means and create a budget and look to add some extra income.  It will be worth it in the end!  (sorry for not sugar coating my opinion.  I used to be a budget counselor!)  Oh, and btw, get your wife and family on board and make goals so your all trying to move in the same direction or frustration will ensue!  You'll so be glad to get your life in order by doing this and your wife will think your quite the man! (not to imply that you aren't already, lol!)