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re: Looking for Financial/Life Advice
Posted on 5/17/23 at 4:33 pm to meansonny
Posted on 5/17/23 at 4:33 pm to meansonny
quote:
Congrats on the 2nd child.
Thanks! We are certainly excited. My wife is a music teacher so private lessons are certainly a possibility. Haven't thought about online music lessons. I'm sure there is an opportunity there.
2
Posted on 5/17/23 at 4:35 pm to musicman1026
What are your working hours?
Posted on 5/17/23 at 4:37 pm to musicman1026
we started offering insurance with 3. I dont see how you can keep good people without offering insurance.
Posted on 5/17/23 at 4:37 pm to Double Oh
quote:
Do you have savings? Retirement?
Emergency fund savings of 2k. The wife is paying into state retirement and I have about $25,000 in my simple IRA.
Posted on 5/17/23 at 4:37 pm to meansonny
quote:
What are your working hours?
Standard 8-5
Posted on 5/17/23 at 4:38 pm to musicman1026
quote:
Emergency fund savings of 2k. The wife is paying into state retirement and I have about $25,000 in my simple IRA.
If no one else will tell you and maybe you already know, you are dangling off a financial cliff. One big emergency and you are fricked.
Posted on 5/17/23 at 4:40 pm to musicman1026
quote:
Half of it is medical bills from the pregnancy from last year. The other half is crap I shouldn't have bought but at least it's 0% interest til next year.
I just saw where the credit card 0% until next year. OP, you need to figure out how to pay all $9k back before January. Otherwise you'll be hit with interest for the entire original amount of debt which won't be pretty. You have from June - December, so you need to pay about $1300/month until then. The problem is your wife won't have an income for half of that time. You may need to look really hard at selling both vehicles and either getting 1 if you can swing it for the time being or getting 2 less valuable ones.
You'll need to see if there are some costs you can cut as well because I assume there will be another $4,500 to have the new baby like you had with the previous one last year. You have to account for that as well.
Posted on 5/17/23 at 4:42 pm to Dawgfanman
quote:
What are the monthly bills? That seems like a lot. You should sell both cars and use the “equity” to pay down debt and buy cheaper cars (each under 20k).
I know the car market has changed, but in 2017 I had to buy two cars back to back. Got two 2014s. The note (I know
) on them combined was almost the same as one of OP's cars. I'm not cash strapped by any imagination. The cars are safe, not rust buckets, and no one gives a shite how nice they are, especially my two kids under 4 who drop food everywhere in the back seat. It helps that the few times I've bought a car I get physically nauseous. It keeps my eyes from getting too big.
This post was edited on 5/17/23 at 4:44 pm
Posted on 5/17/23 at 4:57 pm to Witty_Username
quote:
I just saw where the credit card 0% until next year. OP, you need to figure out how to pay all $9k back before January
End of next year. Not this coming Jan. It will be due December 24'
Posted on 5/17/23 at 4:59 pm to musicman1026
quote:
Take home is about 75 - 80k after taxes.
IF that's the direction you want to go in life.
It's doable. A lot of people do it... way more than you think.
Posted on 5/17/23 at 5:02 pm to musicman1026
quote:
My wife is a music teacher so private lessons are certainly a possibility. Haven't thought about online music lessons. I'm sure there is an opportunity there.
Absolutely!
Not sure her instrument, but people pay a lot for private lessons.
And here's a cool thing to consider. Go to dance studios. Ask if they would be willing to let her use a room and they take 10%. It gives her access to a lot of students. It would be in the afternoon.
Posted on 5/17/23 at 5:03 pm to musicman1026
quote:
Emergency fund savings of 2k. The wife is paying into state retirement and I have about $25,000 in my simple IRA.
Well how much you have left over each month after bills are paid?
Posted on 5/17/23 at 5:16 pm to musicman1026
Does your wife work for a public school system with a pension or retirement plan? If so come 50ish it is nice to retire early with a steady income. Wish I worked for the gov. when I was younger.
Posted on 5/17/23 at 5:21 pm to leeman101
What line of business are you in? Maybe I missed that
Posted on 5/17/23 at 5:40 pm to Teddy Ruxpin
Last october, my 16 year old daughter bought a 2015 Nissan altima for $8k out the door (79,000 miles) with lifeguarding/Crumbl money.
She's hoping to get another 200k miles on it.
She shopped for about 4 months before she found the vehicle to grab. She found it the day it hit a used lot and grabbed it.
She's hoping to get another 200k miles on it.
She shopped for about 4 months before she found the vehicle to grab. She found it the day it hit a used lot and grabbed it.
Posted on 5/17/23 at 5:48 pm to musicman1026
quote:
quote:
What are your working hours?
Standard 8-5
My son is making about $25/hr waiting tables at an Outback Steakhouse (full time student).
The great thing about restaurants is the per hour pay and take home cash (you don't even have to wait for payday).
The downside/practicality is the limited number of hours. Limited hours isn't an issue for you as you already have a full time.
I was commission based out of college and used restaurants to supplement my pay until the commissions doubled my wait pay.
My wife waited tables 2 nights a week when our oldest was old enough for school.
It might not be your thing. But it is an option that fits the 9-5 scheduling.
Hell... waffle house is hiring in our area at $20/hr if the variability of tips isn't your thing.
Posted on 5/17/23 at 5:54 pm to musicman1026
You need Dave Ramsey bad.
1. Your wife needs stay home and you need to get rid of her car.
2. You need to sell more or get a second income.
3. Your wife can do after hours lessons or weekend lessons.
1. Your wife needs stay home and you need to get rid of her car.
2. You need to sell more or get a second income.
3. Your wife can do after hours lessons or weekend lessons.
Posted on 5/17/23 at 6:00 pm to leeman101
quote:
public school system
She does. Certainly looking forward to that when she puts in her 20 years.
Posted on 5/17/23 at 6:01 pm to MrSpock
quote:
Your wife needs stay home
Until she can return to work? or until the kids are school-age?
Posted on 5/17/23 at 6:02 pm to Im4datigers
quote:
What line of business are you in?
I'm in business-to-business sales.
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