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re: Tired Of Pinching Pennies!!
Posted on 8/30/23 at 3:25 pm to ItzMe1972
Posted on 8/30/23 at 3:25 pm to ItzMe1972
quote:
And rental rates are at a premium too.
True. OP just wants out of the "rat race", whatever that means. He really does not want any other advice.
If he wants out, he needs to quit his job and make his own way. That takes capital.
Posted on 8/30/23 at 3:27 pm to LSURussian
quote:
Not a single one of them said to me just before they lost consciousness, "I wish I had done a better job of sticking with my retirement plan."
They might have had those thoughts the week before they died though. I do imagine you don't think about retirement plans with your last thought because it doesn't matter at all right then, but it sure does matter before that.
Posted on 8/30/23 at 3:32 pm to BayouBengal23
Bayou Bengal:
I like many have been in your shoes. You are choosing the tough road currently for future long-term success (Good Luck !). If you were going into debt (auto or cc) to maintain your new home and rental then you truly would need to sale the rental and recoup some of your cash and less stress. Considering you only have 1 baby with future kids on the way I would not stress too much on missed vacations currently. The only thing that might be concerning is how much of an Emergency fund (not counting the rental acct) do you have currently ? If not at least 2-3 months then consider getting there first. My last thought is to make sure you are ok in the short-term (less than 1 year) on stress for you to provide for your family ? If this becomes too much then maybe it is time to get rid of the rental ? I was in your shoes maybe 10 years ago and it is truly better now. I grinded it out with very boring vacations and old cars and now feel very happy the road i choose.
I like many have been in your shoes. You are choosing the tough road currently for future long-term success (Good Luck !). If you were going into debt (auto or cc) to maintain your new home and rental then you truly would need to sale the rental and recoup some of your cash and less stress. Considering you only have 1 baby with future kids on the way I would not stress too much on missed vacations currently. The only thing that might be concerning is how much of an Emergency fund (not counting the rental acct) do you have currently ? If not at least 2-3 months then consider getting there first. My last thought is to make sure you are ok in the short-term (less than 1 year) on stress for you to provide for your family ? If this becomes too much then maybe it is time to get rid of the rental ? I was in your shoes maybe 10 years ago and it is truly better now. I grinded it out with very boring vacations and old cars and now feel very happy the road i choose.
Posted on 8/30/23 at 3:50 pm to BayouBengal23
quote:
I consider myself pretty knowledgable when it comes to financial literacy it just seems like life and the economy are making things tight.
I don’t disagree with this. Middle class is all out of wack. You are still making questionable fiscal decisions.
Posted on 8/30/23 at 3:50 pm to BayouBengal23
quote:
May think about exchanging some of the 10% for my talents though.
This is what I was worried about. IT's perfectly fine to dial this back some and nobody will judge you for it, especially if you cant put gas in your cars until the next paycheck hits.
If you're throwing $600 a month or something the church's way there's nothing wrong with dialing that back a couple hundred bucks because you're still doing way more than most others and if you truly feel guilty like others said volunteer for a bit at the church or something once a week or a few times a month. It's understandable you dont want to take that to $0 but gotta prioritize things here if you cant fulfill the basics for your family at least dial things back where you can and re-adjust the budget some for the needs.
Also agree with some others you either need to tap into the rental profit some to give yourself a little margin month to month (not saying use all the $700/mo, but it doesnt hurt to have some of that each month for yourself) or just sell the property, pay off the car and now you have yourself a lot of margin month to month with the proceeds from the sale with no debt outside the current house. It is VERY difficult for people living above their means or paycheck to paycheck to keep up with rental properties, in your case you arent using any of the profit you're getting and frankly you have to live the life you need to live. So if you're against doing that it's best to just get rid of the rental and not have to worry about it, ESPECIALLY when a big expense occurs and that $700/mo you've been saving up gets drained out real quick.
I dont think you're doing things especially wrong anywhere, might just need to re-prioritize some things and make some bigger moves if you dont want to tap into the rental income some because living paycheck to paycheck is no way to live life. The people giving you grief for 30% of net income to new house are nuts, thats totally fine and not especially high at all. It isnt 100% ideal but its not out of line by any means. It's not what's holding you back.
This post was edited on 8/30/23 at 3:55 pm
Posted on 8/30/23 at 3:56 pm to thunderbird1100
quote:
The people giving you grief for 30% of net income to new house are nuts, thats totally fine and not especially high at all.
It's high dude. He makes $100K/year so his note is $3000/mo. That's likely a $400-$500K house depending on when he bought it. It's killing him.
ETA Also, looking at OP's post history from 3 days ago, he has actually two rental properties with nearly $100K in equity in them. If he wants out of the rat race, get a heloc on the rental properties and start his own business.
This post was edited on 8/30/23 at 4:04 pm
Posted on 8/30/23 at 4:00 pm to BayouBengal23
quote:
Buying a larger home was pretty necessary for the point we were at in our lives. We were outgrowing our 1,000sqft home and wanting to add more children to the family. Keeping it as a rental was a long term play for us because of the $700/mo cash flow. Knowing we dont have the funds in our personal savings, Im choosing not to touch that profit just in case SHTF.
I consider myself pretty knowledgable when it comes to financial literacy it just seems like life and the economy are making things tight.
For everyone saying tithing to the church should not be happening, that is something I will have to chew on. That is a foundational principle I have held my entire life even when things were tight and I have always been blessed in life. May think about exchanging some of the 10% for my talents though.
No disrespect intended, I truly wish the best for you, as I do everyone, but if you have a reason or justification for each financial decision you made to the point they are worth defending, then what exactly is the problem here?
You are correct, life and the economy are making things tight right now and sacrifices are necessary in times like these. It is what it is if you stick to your plan and take challenges as they come.
Edited down because you just venting.
This post was edited on 8/30/23 at 4:17 pm
Posted on 8/30/23 at 4:09 pm to ItzMe1972
quote:
Plenty of retirees are now wishing they had planned better.
Paying for a housekeeper and lawn maintenance costs prevent several people from retiring the way they wanted to.
Had they cleaned their house and cut their own grass think about how much money per month they could have put towards retirement all of these years.
Posted on 8/30/23 at 4:10 pm to Motorboat
quote:
Motorboat
quote:
It's high dude. He makes $100K/year so his note is $3000/mo
Your math is a little off.
Thats 2500/month if his mortgage is 30% of $100k.
100,000(.30)=30,000/12=$2500
Posted on 8/30/23 at 4:17 pm to BayouBengal23
(no message)
This post was edited on 1/1/24 at 7:12 pm
Posted on 8/30/23 at 4:22 pm to ThatsAFactJack
quote:
Your math is a little off.
Thats 2500/month if his mortgage is 30% of $100k.
100,000(.30)=30,000/12=$2500
I stand corrected. Still a $350-$450K house
Posted on 8/30/23 at 5:24 pm to BayouBengal23
quote:While I can’t speak for anyone else here, as for me & my house-
Just had to get this off mt chest to some intelligent people.
Posted on 8/30/23 at 5:47 pm to thunderbird1100
quote:
The people giving you grief for 30% of net income to new house are nuts, thats totally fine and not especially high at all. It isnt 100% ideal but its not out of line by any means. It's not what's holding you back.
It’s only affordable if you’re not tithing 10% and unable to fill up your truck.
He had a house. He chose to upgrade with cash flow problems.
Ultimately he’s not pinching pennies as much as he’s giving dollars to other priorities (church and the rental). Not drawing from the rental is the same as investing in it, for the sake of this conversation.
This post was edited on 8/30/23 at 7:12 pm
Posted on 8/30/23 at 5:58 pm to ShootingsBricks4Life
quote:
I might be reading the whole post incorrectly
quote:no might to it. your reading skills are ridiculous.
but you are worried about putting gas in your car yet buying up golf carts, boats, and dirt bikes?
Posted on 8/30/23 at 6:08 pm to TrueTiger07
quote:the op wasn't looking to you for advice.
God won’t get upset if you stop giving to the church to live a little easier.
Posted on 8/30/23 at 6:26 pm to BayouBengal23
quote:
Education so not really without giving up a ton of time coaching or something.
Do you love education, or do you love coaching? You can do coaching as a volunteer
Posted on 8/30/23 at 6:30 pm to BayouBengal23
I mean no disrespect, but I don’t really view anyone being in the “rat race” if they “love” what they do. To me, “rat race” is hating your job and still scraping by.
I admire your commitment to your church. I’d sell the rent house before cutting back on your giving, if it’s that important to you, as unpopular as that will be here.
Parting words: don’t get pregnant!
I admire your commitment to your church. I’d sell the rent house before cutting back on your giving, if it’s that important to you, as unpopular as that will be here.
Parting words: don’t get pregnant!
Posted on 8/30/23 at 9:04 pm to Motorboat
quote:
If he wants out of the rat race, get a heloc on the rental properties and start his own business.
I'll never understand the "start your own business" advice.
Like how?
Some people have it. Most don't.
Posted on 8/30/23 at 9:08 pm to BayouBengal23
quote:When I first read this I thought you were near retirement talking about roughly 150k.
I am about to get a lump some from a retirement account from the public schools, so I will be able to get some cushion there. Still doesnt make the thought of being in the rat race any easier.
Then I saw that you're talking about 13k...
So you're quitting your job as a public school teacher after just four years? What are you 27?
People in their 20s pinch pennies. Shocking concept...
Posted on 8/31/23 at 6:11 am to bayoubengals88
All of the answers are in front of him.
He’s just refusing to make the necessary changes.
When your truck is dead on the side of the road and out of gas, see if the pastor can give you a lift.
He’s just refusing to make the necessary changes.
When your truck is dead on the side of the road and out of gas, see if the pastor can give you a lift.
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