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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?
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 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.
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