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Started By
Message
re: *Updated* Life changing income about to happen and I need advice
Posted on 5/15/20 at 8:53 am to Mariner
Posted on 5/15/20 at 8:53 am to Mariner
quote:Drop kids at school, hit the golf course, pick kids up. What am I missing?
I do not want to be a house husband for the rest of my life
quote:Teaches him to work/marry smart, not hard. Again, what am I missing?
I think it will be a bad rile model for my son
0
Posted on 5/15/20 at 8:55 am to hungryone
quote:
But not for a daughter? What a crock.
Would be terribly ironic if they have a daughter with mom making all the money
Posted on 5/15/20 at 8:56 am to Mariner
quote:
not a corporate responsibility day to day grind. Like invest and manage rental properties, stocks, BS ideas like an ice machine on the street corner or atm machines.
You are the envy of us all my friend, congrats
Posted on 5/15/20 at 9:16 am to Mariner
This exact thing happened to a friend of mine. His wife really took off as a fitness blogger. Cute family small kids. They went from modest to 7 figure income very quickly. Upped house size, expensive cars, vacations he quit his job to daddy day care and help manage her affairs. Divorced in less than 2 years. We’ve never really talked about it but I guess he just became expendable.
Posted on 5/15/20 at 9:19 am to RedStickBR
quote:
This was going to be my advice. I don't know about the OP, but I'd lose all sense of fulfillment if I didn't have something to develop of my own (be that a traditional career or a business).
everyone is different...i would gladly drop all business responsibilities and be an international man of leisure
Posted on 5/15/20 at 9:30 am to Mariner
quote:
I want to start investing her money into more income but fun things for me to do that is not a corporate responsibility day to day grind.
quote:
her money
quote:
fun things for me to do
quote:
fun things
quote:
me
quote:
her money
Woof
This post was edited on 5/15/20 at 9:32 am
Posted on 5/15/20 at 9:30 am to HangingWithMrCooper
My ideas were a crapshoot while typing....I am not dreaming to get into the ice machine business ??.
Her business is legal, moral, and ethical.
I grew up cleaning and repairing my Dad's apartments. I hated the work but loved the stability behind it. I would do a little myself but most of it I would establish relationships with small time up and coming contractors to do repairs/etc.
I grew up doing a lot af hard labor crappy stuff for the family, as a lesson to stay in school/study/etc. I have a graduate degree so going back to school is not appealing.
I have been the breadwinner ever since I met her. She worked a job for about 5 years which paid nothing and made her a nervous wreck, so she was a homemaker for the past 5 years. I had a rough career but it paid off 6 years ago and it has been good since.
I love doing hospitality services for people and think this could be something for me in this world of families always being balls to the wall I also like anything to do with a car. Not going to explain details but the options to me are something fun to do...but it does not make money. I want to at least have something that helps with income and is liquid like a rental.
Part of the success is COVID related, but that deals more with the growth since everyone was locked down. Now that she is established and growing the actual services will still have a need. However, we are waiting until the end of the year to evaluate the outcome and future.
If I get out then, I will be busy with all sorts of stuff in buying or building a new house, perhaps turning my present house into a rental. Making large purchases for the business and address items for the family. Address a health issue..etc. This is like a year or two of work. After that I will likely be bored, so I am thinking now of my desires and options which fulfill my interests. I just don't want to put money into a losing proposition.
Her business is legal, moral, and ethical.
I grew up cleaning and repairing my Dad's apartments. I hated the work but loved the stability behind it. I would do a little myself but most of it I would establish relationships with small time up and coming contractors to do repairs/etc.
I grew up doing a lot af hard labor crappy stuff for the family, as a lesson to stay in school/study/etc. I have a graduate degree so going back to school is not appealing.
I have been the breadwinner ever since I met her. She worked a job for about 5 years which paid nothing and made her a nervous wreck, so she was a homemaker for the past 5 years. I had a rough career but it paid off 6 years ago and it has been good since.
I love doing hospitality services for people and think this could be something for me in this world of families always being balls to the wall I also like anything to do with a car. Not going to explain details but the options to me are something fun to do...but it does not make money. I want to at least have something that helps with income and is liquid like a rental.
Part of the success is COVID related, but that deals more with the growth since everyone was locked down. Now that she is established and growing the actual services will still have a need. However, we are waiting until the end of the year to evaluate the outcome and future.
If I get out then, I will be busy with all sorts of stuff in buying or building a new house, perhaps turning my present house into a rental. Making large purchases for the business and address items for the family. Address a health issue..etc. This is like a year or two of work. After that I will likely be bored, so I am thinking now of my desires and options which fulfill my interests. I just don't want to put money into a losing proposition.
This post was edited on 5/15/20 at 9:33 am
Posted on 5/15/20 at 9:33 am to Mariner
So what is the business
Posted on 5/15/20 at 9:37 am to Mariner
quote:
Part of the success is COVID related,
So facemasks or homemade soaps or something along those lines. It's definitely on Etsy.
Posted on 5/15/20 at 9:39 am to DeboseKnows
This post was edited on 5/15/20 at 9:41 am
Posted on 5/15/20 at 9:42 am to Mariner
I know this is tangential, but do not forget about your looming tax bill at the end of the year. If she is not in a typical employment structure AND she made significantly more money this year, you are going to be in a high tax bracket And you probably haven’t withheld any taxes.
Posted on 5/15/20 at 9:45 am to jimbeam
quote:
Just follow your wife’s footsteps and make your own OnlyFans account
What kind of money we talking about here?
Posted on 5/15/20 at 9:47 am to AndyJ
quote:
you are going to be in a high tax bracket
we have no clue how much she makes. the tax brackets are nothing like before thanks to TRUMP. even is she is not paying quarterly as a SP and pays and files on time she will only be hit with an underpayment penalty. not late filing or paying amount owed. just not paying it quarterly.
Posted on 5/15/20 at 9:50 am to AndyJ
Yes I know and am scared about that. We are saving 50% for state and fed tax to be safe.
Posted on 5/15/20 at 9:52 am to Fat Bastard
I meant to say “higher” tax bracket, but considering the op said it is more money than they could have ever “dreamed,” I think they need to be aware that 20-37% of that money could be for the government... so don’t spend It all in advance.
Posted on 5/15/20 at 9:54 am to Mariner
You’re a smart man to be saving.
Posted on 5/15/20 at 9:59 am to Mariner
quote:
We are saving 50% for state and fed tax to be safe.
look at the fed and state brackets and estimate. self employment tax is a killer IF she is a SP or single member LLC added on top of state and fed income tax if she does not have a LLC or corporation taxed as a sub chapter S. So glad i switched back to my corporation. It is a tax life saver.
Will you have any ABOVE THE LINE deductions if she is taxed as a SP? that is the only way to lower self employment tax owed (not 15.3% rate, which cannot be lowered) if taxed as a SP.
with no deductions even at a 4% state rate, 22% fed rate with the SE tax that is 41% total. You need to get a business entity if this is taking off.
Posted on 5/15/20 at 10:01 am to Mariner
quote:
Mariner
Get on a fire department, work 10 days a month, good insurance, and good retirement. Assuming you are young
Posted on 5/15/20 at 10:09 am to AndyJ
quote:
I meant to say “higher” tax bracket, but considering the op said it is more money than they could have ever “dreamed,” I think they need to be aware that 20-37% of that money could be for the government... so don’t spend It all in advance.
right. hell it may be 41% total if she is a SP! maybe even higher. he knows how much so maybe he is making right choice withholding 50%. the fed level might be much higher than my example. if they combined are making this: $321,451 – $408,200 that puts them into the 32% fed bracket(still not bad for that amount) plus state 6% and plus SE (15.3%). 51%.
sure hope he has some above and below the line deductions!
Posted on 5/15/20 at 10:13 am to windshieldman
First off, you need to be saving a shite ton of money since this is a business blowing up. I'm talking like 50% of your take home income considering what you are discussing.
You have a graduate degree, what about teaching?
Let's say you guys were making $150,000 and now she is making 7 figures potentially. Those jobs you are talking about like ice machine and rental properties would be dumb for you to do. If you want to simply work on buying rental properties great, but no reason to manage them.
You need to work on supporting your wife and her business if its truly life changing money. That's the best investment your family can do right now. Potentially work for her in some aspect that works for your marriage, such as scheduling for her like travel.
But you need to consider that there's a point where both spouses working doesn't make much sense time wise for the family. You only do it if you need fulfillment. Having a spouse at home taking care of the home and family is a solid investment. I wouldn't be ashamed of it. You can prove your manhood in other ways.
You have a graduate degree, what about teaching?
Let's say you guys were making $150,000 and now she is making 7 figures potentially. Those jobs you are talking about like ice machine and rental properties would be dumb for you to do. If you want to simply work on buying rental properties great, but no reason to manage them.
You need to work on supporting your wife and her business if its truly life changing money. That's the best investment your family can do right now. Potentially work for her in some aspect that works for your marriage, such as scheduling for her like travel.
But you need to consider that there's a point where both spouses working doesn't make much sense time wise for the family. You only do it if you need fulfillment. Having a spouse at home taking care of the home and family is a solid investment. I wouldn't be ashamed of it. You can prove your manhood in other ways.
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