Author Topic: How did you get started?  (Read 2553 times)

Mommyof2

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How did you get started?
« on: January 01, 2015, 06:26:41 PM »
We have a high income but have debt and nickeled and dined too much of it away.  We are getting on a tighter budget and I have been begging to move to a lower COL area.   Our combined incomes are around 300k...  180- 200k of that is from my job.  I have a fairly high stress sales job that I'm really good at but know I will eventually burn out.  We are in our late 30's with 2 kids.  Have about 300k in retirement accounts, 350k in equity in our home (and a 400k mortgage remaining).  I also have restricted stock in my company (valued around 250k) but I can't sell it for 2 more years. 

Our kids are in private schools (live in a big city with terrible schools and both kids have IEPs).  I was a SAHM and did some of work.  Went back to work ft 2.5 years ago.  My job is fine with me living anywhere, dh's is not so he would need to find a new job if we moved.   We have one car (owe 30k at 0% interest that we will pay off by year end) and approx 35k with one student loan and 2 credit cards.  I hate living this way.  H and I fight, it always feel tight.  I want out of the hamster wheel.   I want to keep working but eventually for myself on hours I want with more time with my kids and family.

Any advice?

mozar

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Re: How did you get started?
« Reply #1 on: January 01, 2015, 06:50:53 PM »
Once you pay off all your loans and you get access to your stock you are set. The rest depends on how low you can get your expenses. You can do a case study here if you want. But it sounds like the real issue is with your husband. Consider reading the 7 principles of marriage by john gottman.

Calvawt

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Re: How did you get started?
« Reply #2 on: January 01, 2015, 07:02:51 PM »
Start by analyzing your spending and looking for any items that can be reduced or eliminated.  Usually its groceries, dining out, shopping, cell phones, vacations, etc that are the easiest to reduce quickly.  With your high income, you should be able to reduce debt and free up cash flow very quickly.  Be sure to only use your commission/bonus checks for debt and savings from now on.

Good luck!

MDM

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Re: How did you get started?
« Reply #3 on: January 01, 2015, 08:32:28 PM »
[Cash Flow]
We are getting on a tighter budget and I have been begging to move to a lower COL area.   
Our combined incomes are around 300k...  180- 200k of that is from my job. 
Have about 300k in retirement accounts, 350k in equity in our home (and a 400k mortgage remaining).  I also have restricted stock in my company (valued around 250k) but I can't sell it for 2 more years. 
We have one car (owe 30k at 0% interest that we will pay off by year end) and approx 35k with one student loan and 2 credit cards. 

[Family Situation]
My job is fine with me living anywhere, dh's is not so he would need to find a new job if we moved.
We are in our late 30's with 2 kids. 
I hate living this way.  H and I fight, it always feel tight. 

[Personal Wants]
I want out of the hamster wheel.   
I want to keep working but eventually for myself on hours I want with more time with my kids and family.
Mommyof2, welcome to the forums.

Not sure what advice you seek, but here's some money-back-guaranteed thoughts on some items.

Cash flow
Good call on the "are getting on a tighter budget."  Having unpaid credit card debt with $300K/yr income indicates there is much room for improvement.  The good news is that, given your income, you could accumulate significant savings in a short amount of time if you choose to do so.
See the sticky "How To Write a Case Study" in this category if you want to share more details and receive more detailed suggestions in return.

Family Situation
Just a thought - would H consider being a SAHD?
If it's not too personal, what do you fight about?  E.g., do you have similar goals but disagree on how to achieve them, or is the disagreement on the goals themselves?

Personal Wants
I lean toward the optimistic, so do believe that if you work on items above you could indeed achieve your wants in these items as well.

Good luck!