Hi All,
I have been a lurker in this forum for a couple years now, just recently joined and have made a couple posts now.. Im at a bit of a crossroads in life and would like some guidance- a what would YOU do type of thing ..
Heres a quick rundown of my situation...
I used to work a job I absolutely loathed in the auto industry. Im 30 YO now and worked their for 9 years. Ive recently made a change to a 100% commission based career, and while my happiness is up significantly, my earnings are down substantially. Compounding the issue is the fact that my wife is currently off on parental leave which makes the lower income an even tighter squeeze. We own a large home with all the bells and whistles, purchased while I still made the big money .. Its becoming clear to me now we just cant afford it anymore. I have no problem downsizing and the wife seems to be on board too.
We have about $100k in savings between the two of us, all in equities at the moment ( wife is 26) . With the potential sale of this home, after all expenses are paid out, we would walk with about an additional 100k.
Im wondering at this stage in our lives where to go from here.. Im excited about the prospect of lowering our costs and getting back to saving alot.. just not sure if we buy a smaller home, or even rent.. But the thing about the 'R' word is that I feel I would be judged by my family, and get all kinds of sympathy for selling our near 500k home and suddenly renting.. I know i know I shouldnt care what others think but the optics of it do kind of embarrass me. But ive been so stressed lately I am starting to feel the walls close in..
So sorry for the ranting but my question is.. if you were in this situation, what would YOU do??
Any responses would be greatly appreciated! !
Cheers