Do they really say you can’t go back? My husband and I have considered moving closer to both his and my family for about three years. We’ve actually relocated during that time, but not back home! Both of us travel for work, and honestly, I’m getting so burnt out. We both want children and a family support network - and we just don’t have that here. Although it is a great area, with lots of work opportunities for me and lots of outdoor activities for us. It’s too bad our families aren’t here… but alas...
The root of our problem: We’re both pilots. Or, we used to be. And I still want to be?
We couldn’t figure out how to both be pilots and have children, and the husband didn’t want a nanny. (I guess I didn’t either!) But I loved the career. But how do you have both when you’re both gone all the time, and don’t live near family?
So we decided to make a change. I was given the opportunity to break into a slightly different industry as a project manager. Great opportunity, right? Compared to my old job, flying, deploying, teaching flight students... this is so, SO boring... I should be grateful! (That’s what I’m telling myself.) And it pays well! We thought moving here would allow me to travel less, be closer to family (we’re about a 6 hour drive), and have children soon. Instead, I’m traveling 60 – 70% of the time, the hubby, who as an airline pilot is supposed to be gone more, is traveling about 50% of the time. I’m burnt out, I’m homesick (for my house and also my hometown, and I just want to spend time with my aging grandparents while I still can. Oh, and have kids. And a career – which aren’t too plentiful in this field where we grew up! So, the options are 1.) Stay in current location and stick it out. Travel. Try to enjoy life more, have more fun. 2.) Stay in current location and search for a new job. 3. Move closer to hometown and spend time with aging grandparents, live on husbands pay, and wing it. Honestly, this is sounding really, really good. Are we crazy though? Quite possibly. Ha!
Thanks for reading. Really looking forward to the advice…and bring on the punches!
Life Situation: Married, no dependents, we currently live in Alabama, would like to move to Kentucky or Indiana. He’s 30, I’m 29. We purchased our home in January of this year.
Gross Salary/Wages:
His yearly income: $57,100
My yearly income: $76,500
Total income: 133,600
Monthly income: 11,100
Pre-tax deductions:
Medical, Dental, Vision: $260
401k: $1350
HSA: $50
Taxes: $2,145
NET Pay: $7295
Current expenses:
Mortgage: $641
Property Tax & Insurance: $100
Electric, Water, Trash: $150
Propane: $80
AT&T Internet: $59
Satellite: $35
Verizon: $145 (We can only get Verizon coverage in this rural area.)
Car Insurance: $115
Gas: $150 - $400 (Depends on whether we drive 6 hours home or not. Otherwise, 50 mile round trip commute to work.)
Groceries/Household: $500
Restaurants: $300
His Spending: $150 (This includes restaurant food while traveling. It’s a HUGE struggle for him to keep it this low.)
My Spending: $150 (Restaurant food while traveling.)
Clothing: $200
Gifts: $150 (Includes weddings, hotels for weddings, Christmas, birthdays, etc.)
Work Expenses: $200 (Aircraft rental for 1 hour currency flight)
Airport Parking: $40
Medical: $900 (This is killing us. Husband has finally found a doctor he likes, with a medical condition that was 'supposed' to last 5 months. Well, 5 months have passed, and the condition still exists. This doctor is not covered with our insurance.)
Mower: $105
Land Payment: $300 (Great investment opportunity. We could consider building a home there *if* we moved to Indiana. If not, we could sell it for 3x what we paid for it).
Total Expenses: $4720
Assets:
Savings: $12,500
Vanguard Taxable: $31,000
401k: $115,000
Roth IRAs: $33,950
Total Assets: $192,450
Real Estate:
Primary Residence: $175,000
Land Investment: $152,000
Total Real Estate Assets: $327,000
2006 Acura: $10,000
2005 Tacoma: $14,000
Classic Car: $25,000
Total Vehicle Assets: $49,000
Liabilities: [/b]
Primary Mortgage: $136,900, 3.75% for 30 years, almost 1 year in
Land Mortgage: $48,400, 4.00% for 3 years, and then variable for the remaining 17. Plan is to have this paid off before 3 years. Purchased 1 year ago.
Mower: $4,300, 0% for 5 years. Couldn’t pass up the 0% loan. 6 months into loan.
Total Net Worth: $378, 850.
Overall, I think we’re doing quite well, but I know we have several areas we can cut. Our quandary is whether or not to move home, and how I could possibly quit my job to have children. I’m very concerned about the possibility of quitting my position, needing the income in a few years, and then not being able to find a new position. That fear could very well be unfound.
Specific Question(s):
1.) After reading our case study, do you think we could live on the lesser of the two incomes? I realize we would likely need to pay off the land mortgage. Also, the husband is slated to get a 30% pay raise later this year. Cross your fingers! Also, would it be financially possible to move home?
2.) Most of our taxable is sitting in a money market account. What else should we do with this? Right now, we’re hoarding cash for paying off the land and/or moving.
3.) Any other glaring issues you can find?
Thank you so much for reading! Really appreciate any and all help y’all can give.