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Started By
Message
re: Looking for Financial/Life Advice
Posted on 5/17/23 at 6:05 pm to musicman1026
Posted on 5/17/23 at 6:05 pm to musicman1026
quote:
school-age
Just some quick internet math.
50k gross is around 36k take home according to google.
3k per month. 2000 going to day care and 500 to car.
0
Posted on 5/17/23 at 6:26 pm to musicman1026
quote:
We have about 9k in credit card debt
Get rid of this quickly.
Posted on 5/17/23 at 6:54 pm to musicman1026
I’ll take a stab at it.
Both cars are too expensive. One (or preferably both) of them needs to go. She wants to stay home, then sacrifices must be made. Get two 15k vehicles and promise each other you’ll never go into debt for something with wheels again.
Y’all need to cut expenses asap. Take advantage of the double income while you have it so that you can get rid of the debt and build up savings.
She needs to work on a plan now to bring in extra money with lessons. School is about to be out. She needs flyers printed with her contact info to give out to all of the kids offering private lessons. She won’t have that kind of access to the potential market once she’s not at the school. She can be doing lessons immediately to start chipping away at the debt and adding to the savings.
Health insurance is going to suck, period. No advice there.
Bottom line, get out of debt, add to savings, and she needs a plan to generate money while staying home. Oh, and send a thank you note to Barry Obama each time you pay that $2k/m health insurance premium.
Both cars are too expensive. One (or preferably both) of them needs to go. She wants to stay home, then sacrifices must be made. Get two 15k vehicles and promise each other you’ll never go into debt for something with wheels again.
Y’all need to cut expenses asap. Take advantage of the double income while you have it so that you can get rid of the debt and build up savings.
She needs to work on a plan now to bring in extra money with lessons. School is about to be out. She needs flyers printed with her contact info to give out to all of the kids offering private lessons. She won’t have that kind of access to the potential market once she’s not at the school. She can be doing lessons immediately to start chipping away at the debt and adding to the savings.
Health insurance is going to suck, period. No advice there.
Bottom line, get out of debt, add to savings, and she needs a plan to generate money while staying home. Oh, and send a thank you note to Barry Obama each time you pay that $2k/m health insurance premium.
This post was edited on 5/17/23 at 6:57 pm
Posted on 5/17/23 at 6:55 pm to musicman1026
I would figure out a way for you to make more money. IMO you don't make enough money to float 2 cars, a mortgage, and child care on only 120k.
You need to pull in 100-120 alone and keep wife home.
You need to pull in 100-120 alone and keep wife home.
Posted on 5/17/23 at 7:27 pm to musicman1026
Any equity in you house? Possible HELOC for the CC come January.
Stop eating out. Make a meal u can to leftover to work the next day. Go minimalistic. Dig deeper into the “additional” expenses. Separate groceries and entertainment. See if there are areas to cut back on.
We went to single income when my son was born. He will start kindergarten this fall and she has a part time job lined up to match his schedule.
It has been tight. My wife is still driving a 2009 accord (paid for since 2013) I have a suv note of $387. House note is more but my take income is also a little more than your stand alone. We have foregone vacations the past 5 years other then trips to family out of town.
But there is no cost you can put on your wife raising your child vs a daycare. Ur calculation will change as well when the 2nd child gets here. Congrats by the way
Stop eating out. Make a meal u can to leftover to work the next day. Go minimalistic. Dig deeper into the “additional” expenses. Separate groceries and entertainment. See if there are areas to cut back on.
We went to single income when my son was born. He will start kindergarten this fall and she has a part time job lined up to match his schedule.
It has been tight. My wife is still driving a 2009 accord (paid for since 2013) I have a suv note of $387. House note is more but my take income is also a little more than your stand alone. We have foregone vacations the past 5 years other then trips to family out of town.
But there is no cost you can put on your wife raising your child vs a daycare. Ur calculation will change as well when the 2nd child gets here. Congrats by the way
Posted on 5/17/23 at 7:40 pm to musicman1026
Check into extended sick leave for your wife. I think she will get 66% of her paycheck during the time out with the baby.
Posted on 5/17/23 at 7:53 pm to lilyankems
Save the money to pay off the credit card but don’t actually pay it off until the free interest period is coming up.
Overall, you have cash flow issues if a single thing goes wrong.
Recommendations in this thread are fine. If your wife can chip in $15K a year then it will help tremendously.
Overall, you have cash flow issues if a single thing goes wrong.
Recommendations in this thread are fine. If your wife can chip in $15K a year then it will help tremendously.
Posted on 5/17/23 at 7:55 pm to musicman1026
quote:This pretty much tips the balance far in favor of her continuing to work. There isn’t much to debate. Suck it up, buttercup.
losing her benefits like health care. We have a nice policy through the state that
Anyone that says differently doesn’t pay for a good family insurance plan 100% out of pocket. Do not give that up.
This post was edited on 5/18/23 at 12:59 am
Posted on 5/17/23 at 7:59 pm to tigeraddict
quote:
But there is no cost you can put on your wife raising your child vs a daycare.
Preach. My wife has been home for 10 months now. We’re on a budget but it’s very rewarding knowing that baby has her biggest advocate watching her all day and night.
Posted on 5/17/23 at 8:01 pm to thegreatboudini
Our kid is in daycare and I think it’s good that he gets exposed to more children and other figures than just us. He’s sick way more often but I can go either way on the benefits / drawbacks to daycare.
Posted on 5/17/23 at 8:03 pm to musicman1026
You’ve gotten pretty good advise so far so I’ve got nothing to add on what to do with your current state. That being said you work in sales, maybe it’s time to start knocking on doors, cold calling, figure out additional streams of revenue, and ask the boss if he has any leads. You said you sell B2B but do you mind if I ask what you sell?
Posted on 5/17/23 at 8:38 pm to musicman1026
Maybe look into health insurance on the marketplace?
Also, I think there are a lot of benefits of having a stay at home mom, that maybe worth it to lose her income.
I think y’all could do it but would have to make some cuts/changes.
Also, I think there are a lot of benefits of having a stay at home mom, that maybe worth it to lose her income.
I think y’all could do it but would have to make some cuts/changes.
Posted on 5/17/23 at 8:43 pm to musicman1026
Sell the cars and buy cheap used ones
Posted on 5/17/23 at 10:08 pm to GEAUXT
quote:
Sell the cars and buy cheap used ones
+1
I make more than OP and my newest car is 12 years old.
I try to find well kept, vehicles that are 10+ years old and have less than 120k miles, usually between $10-15k. An added benefit is that tags and insurance are cheaper.
Posted on 5/17/23 at 11:09 pm to musicman1026
quote:
I’m about 70k
quote:
I’m in Sales
What kind of sales?
quote:
Married with a 1-year-old and 2nd child due in August.
Congrats!
quote:
We have about 9k in credit card debt and another 20k in student loans.
What is the rate on each? How much liquid money do you have?
quote:
I drive a truck that is $500 a month (worth 32k, owe 26k)
She drives a car that is $550 a month (worth 30k, owe 23k)
Cash.flow.killers.
quote:
We will lose her income during that time. Which we will certainly be upside down without her income. What advice can anyone provide?
Cut spending now. Y'all know it's coming. Prepare now. Reduce eating out.
quote:
Monthly bills range from $1800 – 2300/m
Impressive you're at this. Review spending and confirm these totals.
quote:
The second issue is it really pains me to enroll both of my children in childcare for almost $2000 a month, but I feel like there isn’t another option. My wife talks about being a stay home mom, but I can’t fathom living on my income alone and losing her benefits like health care. We have a nice policy through the state that would be impossible to buy through the marketplace.
It would be a childcare savings, no doubt. The health insurance would be a massive loss. She needs to understand this. We're in a good position but going through the very same thing. Our insurance will triple in July.
quote:
The mortgage is $1400/m
Fantastic. Dirt cheap.
Posted on 5/17/23 at 11:09 pm to GEAUXT
quote:
Sell the cars and buy cheap used ones
This.
Posted on 5/17/23 at 11:32 pm to WDE24
quote:Was coming to the end of the thread to say the same.
This pretty much tips the balance far in favor of her continuing to work. There isn’t much to debate. Suck it up, buttercup. Anyone that says differently doesn’t pay for a good family insurance lane 100% out of pocket. Do not give that up.
He doesn’t have insurance so they are going to be paying >$1000 per month for a family plan. So you are talking about almost 70k when you include all her benefits. I know people survive on that amount of money but personally I’d have my wife continue working (maybe taking a one year sabbatical year is an option).
Posted on 5/18/23 at 7:18 am to saderade
I agree. Plus when they reach kindergarten/school age it’s the perfect jobs because her schedule will match theirs for the most part….which no other job does.
Posted on 5/18/23 at 7:25 am to musicman1026
My wife was off for an extended time unpaid for a few months after our second child.
I just let it eat a little bit of my savings until she went back to work. It’ll all catch back up
I just let it eat a little bit of my savings until she went back to work. It’ll all catch back up
Posted on 5/18/23 at 7:42 am to musicman1026
As many others have noted the biggest thing that jumps out is the cars. Sell them and get much cheaper ones.
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