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Message
Reduction in Income Question
Posted on 1/21/13 at 2:38 pm
Posted on 1/21/13 at 2:38 pm
I hate coming here with such a stupid question, but I need some "outside the box" thinking to help me out.
I am wanting to take a job making less than half what I make now. It's a dream job for me, so the WHY of it won't make sense to you.
Currently my mortgage is about 27% of my household net income. Is on 15 years and at 3.75%. We have paid on that loan for just over a year.
If I take the new job, the mortgage will be about 40% of our net, and will push us to the brink of NO discretionary income.
Selling the house is a no-go due to location.
I need some ideas. Refinancing won't lower the note enough to make it worth the extra $. I considered cashing out my 401k but I can't stand giving 40% to the government. Any other ideas?
I am wanting to take a job making less than half what I make now. It's a dream job for me, so the WHY of it won't make sense to you.
Currently my mortgage is about 27% of my household net income. Is on 15 years and at 3.75%. We have paid on that loan for just over a year.
If I take the new job, the mortgage will be about 40% of our net, and will push us to the brink of NO discretionary income.
Selling the house is a no-go due to location.
I need some ideas. Refinancing won't lower the note enough to make it worth the extra $. I considered cashing out my 401k but I can't stand giving 40% to the government. Any other ideas?
4
Posted on 1/21/13 at 2:47 pm to veerbone
What is this dream job?
Because I think that detail might help with some of the creativity, aka like getting a second job, etc.
Because I think that detail might help with some of the creativity, aka like getting a second job, etc.
Posted on 1/21/13 at 2:51 pm to veerbone
Another income stream. Cut some grasses or umpire/officiate. 40% of your net is pretty far up there.
Posted on 1/21/13 at 2:53 pm to rmc
teaching/coaching...very time consuming for 9 months a year.
Posted on 1/21/13 at 2:57 pm to veerbone
quote:
teaching/coaching...very time consuming for 9 months a year.
With all the time off, I'd imagine picking up another 5 to 10,000 wouldn't be that hard.
Posted on 1/21/13 at 2:59 pm to Teddy Ruxpin
quote:
With all the time off, I'd imagine picking up another 5 to 10,000 wouldn't be that hard.
Making extra in summer is possible, but what can I do to help month to month? Any experience on paying annual payments instead of monthly?
Posted on 1/21/13 at 3:00 pm to veerbone
quote:
teaching/coaching...very time consuming for 9 months a year.
Summer school? I do a lot of work with a local school board and their 9 month teachers make less than the 12 month teachers of course. It sounds like some umpiring/officiating little league during the summer may be up your ally.
This post was edited on 1/21/13 at 3:01 pm
Posted on 1/21/13 at 3:02 pm to veerbone
quote:
Refinancing won't lower the note enough to make it worth the extra $
I would double check this. Going from 3.75 over 15 yrs to 3.25 over 30 yrs will save you a bunch.
Posted on 1/21/13 at 3:05 pm to veerbone
If its any consolation, my mortgage (+ taxes and insurance) is about 40% of my net as well (wife works part time, doesnt make much). It's doable, just got to keep to a reasonable budget.
Posted on 1/21/13 at 3:11 pm to veerbone
quote:
If I take the new job, the mortgage will be about 40% of our net, and will push us to the brink of NO discretionary income.
quote:
It's doable, just got to keep to a reasonable budget.
I know this sounds OTish, but if my wife/SO banged me enough I would be able to pass on going out a lot.
Good chance to parlay this into a good deal with the wife. Or, to just focus on maybe doing cheap fun stuff together, watching movies, etc.
This post was edited on 1/21/13 at 3:13 pm
Posted on 1/21/13 at 4:06 pm to Teddy Ruxpin
I thought about posting this on the OT...just to see how many people asked for pics of the wife.
Posted on 1/22/13 at 2:28 am to Teddy Ruxpin
Change to 30 yr note....when u drop down in income , gotta make a sacrifice somewhere to get ur dream job dude...
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