Greetings! All input is appreciated.
We are a middle-aged couple who filed bankruptcy during the recession and have started over by renting from former customers.
Premise of my question: For the past three years, we have simply held the ends together, and I would like to do more to get off the ground.
Not included in the income/expense list are our rents which include $1000 home plus $300 utility, another $1000 paid in trade for farm labor; and $1690 for the warehouse where we manage our shop. These two rent figures come "off the top" of our shop income. Anything left over is our pay, which has averaged $800 per month for the past three years. This summer, we weren't able to pay ourselves for two months. (You may note, we live in Hawaii, one of the most expensive places on the planet...)
Income: Co-managers of a consignment shop $800/month take home
Current expenses: Saturday coffee for two $20/week
Sunday breakfast out $20/week
Savings $40/week
Petrol $90/week
Consumables (bathroom tissue, soaps, beer) = whatever is left in the month, up to $800/mo.
Groceries are presently covered by food stamps, for the past two years, and I would LOVE to release these with our appreciation and be able to buy our own food. In our State, this qualifies us for medical coverage, which I would also like to figure out how to provide for ourselves.
Assets:
a: we have two vehicles which should have died a couple of years ago but refuse to give up the ghost. Both need repairs in excess of their $ value, but are priceless to us in getting around. Because of reliability/safety concerns, we're borrowing a vehicle from my brother which he wants to sell, and will give us whatever we get over his asking price. At present, and with his agreement, I've marked it at a high price in order to have a steady to/from work car.
b: my beloved scrounges for "fixer upper" motorcycles and turns them from trash to treasure. This is a potential future income source and vein of interest.
c: a whole lotta love and resilience.
d: personal assets probably would earn us $500 if we consigned them in our shop. Most the stuff we have already done so.
e: creativity.
Liabilities: two dogs, some health issues
no debts, no credit either...
Specific Question(s):
1. best/safest way to rebuild credit
2. I'm currently tucking away $40 a week and am building an account with TD Ameritrade, reading all I can on investing
3. we need more income, but the only avenue I can see is by marketing our shop better... I have done zero marketing as I am unclear about how to do this in a changed economy AND I'm ambivalent about consumerism. Being a consignment shop eases my angst, but I hate to push sales on anyone. Should I just hang it up and join a monastery?
4. by most people's view, we are old. I don't think so, however, and wonder is there still a "retirement age" ahead for us? Any hope?
5. how do I encourage my beloved to "keep the faith"? when we can't pay ourselves and it doesn't look like it's going to get better, including no job prospects offering more than we can make in the shop other than medical benefits?
Again, your thoughts and ideas are greatly appreciated!