Hi,
I posted a couple months ago, and on the advice of many, tracked our actual spending and got our balances and interest rates. It is worse than I thought. We are selling my husband's rental. It wasn't supposed to close until next year, but the tenants' lender told them they qualify now. So, I'd like some input on where we should put the $20k in proceeds.
I will take the budget face punches too. We have a long way to go.
Not in the attached spreadsheet: we have an emergency fun of $12,000. Given we are both self employed at the moment, it should be $15k at the least. At $30k, I'd sleep better :-)
I was dead set against changing jobs, moving houses, changing my son's school. I am open to all of that now, within reason. I spoke with our realtor-- values are rising so we can sell both houses right now and probably net $55k after commissions, etc. But there is no way we can get a loan with our self employment status any time soon. Maybe April 2016 after I file my 2015 taxes and have two full years. And you can't buy anything in this area for $55k!!
If we left town, moved to a LCOL area, we could buy something rural for close to that (or super urban, lol). I have been fantasizing about Des Moines. But then where do we work?? And my son is a creepy genius, he needs a very good school, lol.
Finding a law job from a distance is really hard. My husband could relocate before us, as he can get a job teaching Special Education in a lot of areas. But what if I can't find a job? I could go back to teaching too, I am certified, but the pay cut would be significant. On the other hand, in ten years, all of our student loans would be forgiven. But really, HE wants to teach and I want to practice law. Not sure forcing myself to take a huge pay cut in exchange for student loan forgiveness is what I want.
What I want... paid for piece of land with a tiny/small house, here in the Phoenix area, within 30 mins of my job and a school for my son (we are a school choice area so he can go to ANY school, but we have to transport him). But housing here is just insane so...
OK, enough rambling, thank you in advance for the thoughts re: where to apply the $20k. And the face punches.
Robin