Author Topic: Case study help me out! Want to slowdown and enjoy life and family!  (Read 1422 times)

Shuman4413

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Situation: I posted on here awhile ago about needing some advice I have got rid of all debt and 4 runner. So please don't say that I posted something different earlier blah blah blah etc.

Married 2 kidsv ages 3/1 AGE 28 state of residence PA
Medically retired from military
Pension 2200 a month tax free for life. (ALSO HEALTHCARE FOR ME AND FAMILY)
1 Paid off car Nissan Altima (1 car family) 100k miles good shape

Income
2200 TAX FREE MILITARY LIFE TIME PENSION
JOB 2300 bi weekly after taxes
Roughly $7100 per month combined

Debt=None

Mortgage=None we rent (lease is up end of march)

Savings around 5k

No other assets of considerable value.

So my question is how to scale it back or should I? I served in the military for a few years (6+? lol) and no have a job that I work alot of hours at. So my main question is how or can I scale back my work or find a different job with less hours.) I have missed so much time with family over the last decade. I really want to scale back and slow down and live a simple life with my kiddos and wife. How do I do this? Is it possible? I'm so confused on how to start this transformation. I work to many hours and honestly I hate working in general. GIVE ME SOME ADVICE! 

Hirondelle

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Re: Case study help me out! Want to slowdown and enjoy life and family!
« Reply #1 on: January 17, 2019, 09:20:53 AM »
Seems like you've made some good progress already compared to your previous posts! Congrats on those steps! How is your spending atm compared to your income? We'll need that information to see how and to what extend you can scale back and/or find a job with less hours but better pay per hour (so similar $$ in less time).

Shuman4413

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Re: Case study help me out! Want to slowdown and enjoy life and family!
« Reply #2 on: January 17, 2019, 09:46:36 AM »
our budget is about 3800 a month.

Reason we have very little savings is that we paid down the 4 runner a lot before we sold it. We got stung on it. So I would need to find a job that brings in 1600+ a month any suggestions on jobs/time hours per week?

ysette9

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Re: Case study help me out! Want to slowdown and enjoy life and family!
« Reply #3 on: January 17, 2019, 09:56:09 AM »
I think it would be helpful if you followed the case study format and provided all of the gory details. You are asking such broad questions with almost no context for us to help you.

reeshau

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Re: Case study help me out! Want to slowdown and enjoy life and family!
« Reply #4 on: January 18, 2019, 02:46:45 AM »
our budget is about 3800 a month.

Reason we have very little savings is that we paid down the 4 runner a lot before we sold it. We got stung on it. So I would need to find a job that brings in 1600+ a month any suggestions on jobs/time hours per week?

I don't think you would be scaling back to simply cover your expenses, unless you were doing this for a short period; say, until your kids start school.  While your pension and health coverage is a great asset, you have a number of life goals to potentially save for: emergency fund, house?, kids' education (beyond GI Bill benefits), retirement for the gap between your spending and pension, etc.  It is understandable that you have a short-term, urgent need staring you in the face, but you also have to get on with settling on all of this.  Once you have some idea of your long-term destination, you can see what direction to go.

Freedomin5

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Re: Case study help me out! Want to slowdown and enjoy life and family!
« Reply #5 on: January 18, 2019, 07:44:38 AM »
+1 on the comment that you should post a full case study following the case study format.

The reason is because there are several ways to cut back on work. By posting a full case study, we can help you:

1. Find ways to cut expenses to less than $3800 per month.
2. Optimize the way you are investing additional funds each month to maximize investments

In order to cut back, you could reduce your expenses so you are living within your $2200/month pension. You could also work long/hard hours for a short period to save up a stash that generates $1600/month income (or less if you also reduce expenses). Or you could find a job that gives more flexibility and pay $1600/month. Or you could do some combination of the above.

DoNorth

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Re: Case study help me out! Want to slowdown and enjoy life and family!
« Reply #6 on: January 19, 2019, 04:20:06 PM »
I was medically retired from the military as well.  First job post military was at a higher level with the federal service.  Wanting some of the same things as you mentioned, I left federal service pretty quickly, moved and found part time work as an executive director of a non-profit working about 20 hours a week.  It was a much smaller salary, but afforded us a very comfortable standard of living when combined with the pension.  With your pension, tricare select and your other retiree privelages, you could focus on a part time job that is only offering salary, but no benefits.  It won't be as desirable to normal job seekers so it could be an option.  Have you used up your post 9/11 gi bill yet?  If not, consider enrolling in university or trade school and also look at Voc. Rehab via the VA.