Hello Fellow Mustachians,
We need advice on how to proceed in the next 5-10 years or so. Here are some facts to help repliers:
Couple over 50 with teen daughter in H.S., originally from NYC, who didn't meet and marry til after age 30 (we squandered our youth)
We are both old enough to have minor issues that keep us from doing our own sweat equity work (Mrs. used to build houses with Habitat, but alas, significant spine problems have made such activities a thing of the past)
Live in Exurbs west of DC (Northern VA), in a small town with good services, safe, walkability/bikability BUT it is very much a True Southern Town. No real public transportation.
Just re-fi'd our Townhouse, which is VERY underwater. WE bought at peak and have lost >50% of value, but at least now our monthly is lower, but at 30 years, we'll be dead before paying it back most likely. Low property taxes ($4k/yr). 1150sf. Have NOT ruled out a walk away option.
Total Savings (liquid assets) <$80k
IRA/401k's total about $50k
We own a Rental Property - single family home, in MD, in sprawly suburban area. Good renters. Lost value there too (~15%), rent is about $300 over mortgage monthly payment. Have made zero profit due to high maintenance costs. This is owned thru our LLC.
Mr.'s Occupation: Salesman for high-end security software for government agencies - 10 years experience - salary + commissions 50 hrs/wk
Mrs.' Occupation": Speech Therapist working in healthcare (nursing homes) - 15 years experience - high salary, 30 hrs/week
*In the past we have been entrepreneurial and each had our own businesses. Ended up filing for Bankruptcy in 2001 (paid off in 2005)
*We still have "side businesses" on the books to help us keep income taxes down
Used car loan on Mr's fancy car to drive clients around in: $6k - 21mpg. Works from home frequently but has to travel a lot.
Mrs' car is paid for (Go Outback!!) - 27mpg. Commute to work is 50 miles roundtrip, 1/2 hour each way, low to no traffic on a country road. Yes, there are places within walking distance Mrs. could work, however they're not hiring.
Savings for daughter's college: $0. Sorry, baby, mom and dad can't help unless we move in with you ;)
$$$ help from family members over the years: $0 (everyone was always under-employed)
Places we have lived and moved away from: New York City, Suffolk Co. LI/NY, Pinellas Co., FL
We consider our selves deep blue liberal progressive creative socialist agnostics. We are not liking living in the South at all. We have friends/business associates in Charlotte, Greensboro and Asheville NC, New Orleans, Birmingham AL, and Nashville, TN, but having visited we can say none of those places appeal (still the south). Can't afford to return to NYC. Ever.
Mrs. has decided that after 50+ years she'd love to not ever have to shovel snow again. But she also doesn't care for high desert or for endless cloudy days. She would prefer to be within an hour of an ocean and requires sun to keep autoimmune diseases at bay.
Mr. loves the cold and snow and the desert, and water, but not heat and humidity. Has minor chronic health issues that require monitoring, so need decent medical care not too far away.
We purchase most foods at Farmers' Markets, followed by mom-and-pop healthfood stores, followed by Whole Foods and local supermarket.
We don't want to live on an island.
Daughter plans to attend college in VA (yay-low in-state rates!) and settle here.
Side careers: Mr. - pro-level musician and composer; Mrs. - pro-level actress
Hobbies: Tennis, Travel (we splurge but incur no debts to travel), bike, dance.
Once Daughter moves on to college, we'd like to move.
Places where Mr. would find adequate work or be able to start own biz: Silicon Valley, San Diego, Austin, TX.
Places Mrs. can find work: anywhere in US except: Boulder Colorado, San Fran proper, Santa Cruz, Seattle, Portland (Needs elderly population to work with)
Mrs. prefers San Diego (didn't we read somewhere that MMM has a soft spot for the place too?)
Mr. prefers Austin TX or Boulder CO but is OK with San D or Tucson
Both would love San Fran area, but clearly we can afford that no more than we could a return to NYC. We both despise Phoenix.
Thinking San Diego is the best option, but Mr. is concerned about housing and living costs.
Any thoughts/advice appreciated.
Gracias Mustachios!