Author Topic: Old and broke  (Read 4085 times)

tfk9164

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Old and broke
« on: November 17, 2016, 05:14:25 PM »
OK, I'm not that damned old...

But, I'm over 50, recently moved to a state I'm not so thrilled with (moved in with SO after a LDR), and where my field is not valued, hence salaries are ridiculously low.  Why I decided to make this move...clouded by love?  Anyway, what's done is done.  I'm flat broke and not making enough to support myself, which is important to me...to be independent financially.  I have debt up the wazoo from financing my masters degrees and putting my kid through college on my own after my ex husband decided he wasn't going to help.  Again, what's done is done.  Coulda, shoulda, woulda is keeping me up at night but not getting me anywhere.

So...I'm sad and upset with myself for the position I put myself in and need suggestions on how to get out of this mess.  Sometimes I feel like I just think in circles.  I don't get anywhere, I need some fresh eyes/perspective.  Trust me, I feel upset that at my age I have no equity, no savings, $110K in debt.  On the plus side I do have $38K in a retirement account (whoopee?)

I need to leave this state, the moving in with SO is not working out, but I need to know where one can go to make money and live comfortably.  I contemplated getting an RV and living in that, I think I can only do a one bedroom apartment (I have kids, but they are adults now, but I would like to have enough space for them to sleep when they visit, so I'd need a couch!).  I know how to live frugally.  Believe it or not, the debt is all student loan, and leftover credit card debt from when my ex stopped paying child support years ago.  I had to put stuff on credit cards and it's like I've never been able to dig out of that hole.  I am practically allergic to shopping (ha ha), so I don't have spending issues.

All suggestions (short of entering a convent) are appreciated.  If it's any help, my career is teacher and I have a small craft business on the side.  I'll consider any area of the country except this living hell known as Florida.

meandmyfamily

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Re: Old and broke
« Reply #1 on: November 17, 2016, 05:20:50 PM »
If you are a teacher read this.  It is so inspiring!  You can do it:  http://www.millionaireeducator.com/our-story-ii

aGracefulStomp

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Re: Old and broke
« Reply #2 on: November 17, 2016, 05:23:28 PM »
I understand you made a promise to your child about paying for their college, but could you have a conversation with him/her and communicate that you are struggling? Perhaps they will agree to pay half of the debt or perhaps make the payments until you are a back on your feet?

tfk9164

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Re: Old and broke
« Reply #3 on: November 17, 2016, 05:34:21 PM »
My son also took out student loans for his education.  It's just that I was literally blindsided by the ex reneging on his promise to go 50-50 when the kid was packing for college and in my panic to make sure the kid (who had been a totally unmotivated high schooler, but wound up graduating Dean's List from college) went to school, I took out the max Parent Loan.

WootWoot

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Re: Old and broke
« Reply #4 on: November 17, 2016, 05:37:08 PM »
I hear you. While I have no debt, I have a low salary ($35K) and am completely at a loss right now as to where to go with my life. And I'm 52. Just wanted you to know you are not alone.

NV Teacher

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Re: Old and broke
« Reply #5 on: November 17, 2016, 05:49:02 PM »
Clark County School District (all of southern NV) is always hiring teachers.  We are a huge school district with everything from rural to neighborhood to urban schools.  There is something for everyone.  Check it out at ccsd.net. 

We have decent health benefits, a reasonable cost of living, and opportunities for salary advancement.  I love it here and have eight years until retirement. 

Cassie

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Re: Old and broke
« Reply #6 on: November 17, 2016, 05:52:58 PM »
NOrthern Nevada also needs teachers.

frugaldrummer

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Re: Old and broke
« Reply #7 on: November 18, 2016, 12:47:30 AM »
Some thoughts about housing- when you first move to your new location, I recommend looking for a roommate situation to start. Ideally one where the house or apartment is already furnished, so the most you have to come up with is a bedroom set. Either your visiting kids can sleep on the couch, or you can chip in for a motel room when they visit. You can worry about getting more space later once you're on your feet, but initially, a rented room is a better deal.

Since you have a Master's degree, I'm assuming employment in a reasonable state should pay reasonably ok. What's wrong with the state you were in before you left for Florida?

Also, are there any friends or family in desirable areas that could take you in? A few rent-free or low rent months could help you out when you move.

You do have a lot of debt, but if you can find a really inexpensive living situation and maximize your income and benefits you should be ok. If you worked for a school district before, would it benefit you to go back to the same district that you already have some pension credits with?

Conversely, if you have significant years of social security employment, and you're planning on teaching in a school district, you may want to find one that pays into social security. You can't collect both social security and PERS, so you want to maximize the one you have the most credits with already.

Also- if your kids are grown and you won't have SO to deal with, consider taking a second job. I know, it's tough to work the extra hours, but not impossible. (My sister, 53, currently works full time as a school secretary and also about 20 hours a week at Sees Candies, trying to pay down some debts before her older husband retires.). Even if the extra work is just some tutoring on the side, or babysitting some child whose mom works night shift (nurses?) a few hundred extra per month towards your debt can make a difference.

What do you anticipate for your salary, and what do you make now? What form are your current retirement savings in?  Do you have any hobbies you could turn into a side hustle?

Also, since you probably won't be in a position to buy a home anytime soon, consider a state with minimal income taxes. (Usually a trade off between property taxes and income taxes.)

Cranky

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Re: Old and broke
« Reply #8 on: November 18, 2016, 06:33:26 AM »
Florida is a pretty low tax state.

I dunno - anyplace you go, teacher salaries start fairly low but go up with seniority.

Can you pick up extra money by taking supplementals? Tutoring? Summer school?

Giro

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Re: Old and broke
« Reply #9 on: November 18, 2016, 07:45:02 AM »
Some thoughts about housing- when you first move to your new location, I recommend looking for a roommate situation to start. Ideally one where the house or apartment is already furnished, so the most you have to come up with is a bedroom set. Either your visiting kids can sleep on the couch, or you can chip in for a motel room when they visit. You can worry about getting more space later once you're on your feet, but initially, a rented room is a better deal.

Since you have a Master's degree, I'm assuming employment in a reasonable state should pay reasonably ok. What's wrong with the state you were in before you left for Florida?

Also, are there any friends or family in desirable areas that could take you in? A few rent-free or low rent months could help you out when you move.

You do have a lot of debt, but if you can find a really inexpensive living situation and maximize your income and benefits you should be ok. If you worked for a school district before, would it benefit you to go back to the same district that you already have some pension credits with?

Conversely, if you have significant years of social security employment, and you're planning on teaching in a school district, you may want to find one that pays into social security. You can't collect both social security and PERS, so you want to maximize the one you have the most credits with already.

Also- if your kids are grown and you won't have SO to deal with, consider taking a second job. I know, it's tough to work the extra hours, but not impossible. (My sister, 53, currently works full time as a school secretary and also about 20 hours a week at Sees Candies, trying to pay down some debts before her older husband retires.). Even if the extra work is just some tutoring on the side, or babysitting some child whose mom works night shift (nurses?) a few hundred extra per month towards your debt can make a difference.

What do you anticipate for your salary, and what do you make now? What form are your current retirement savings in?  Do you have any hobbies you could turn into a side hustle?

Also, since you probably won't be in a position to buy a home anytime soon, consider a state with minimal income taxes. (Usually a trade off between property taxes and income taxes.)

+1

What is your pension or social security status?  Since you have no real preference on location, may as well make the smartest move from a financial perspective.

I would look for a roommate situation as well.  That would be the smartest move until you get a little stability. 


lthenderson

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Re: Old and broke
« Reply #10 on: November 18, 2016, 08:15:49 AM »
I need to know where one can go to make money and live comfortably.

If it's any help, my career is teacher and I have a small craft business on the side.

I know many teachers that live comfortably. I think you need to focus on making better decisions to help pull you out of the hole you've dug for yourself, not just moving to try and escape them.

Cassie

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Re: Old and broke
« Reply #11 on: November 18, 2016, 01:20:05 PM »
NV does not pay into SS. So if you already have a lot of years in SS you do not want to move there because they will penalize you for retiring from a state that does not pay in and keep up to 2/3 of your SS at retirement depending on how many years of substantial pay you had.  SS has a chart on their website on what is considered substantial pay for each year and you can look up your own earnings to see what you made each year and compare. If you already have pension years from another state what about returning to that state and  trying to get rehired?

Lanthiriel

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Re: Old and broke
« Reply #12 on: November 18, 2016, 03:15:26 PM »
Alaska is always looking for teachers, especially if you have a special education endorsement. Starting salary is $52k, I think, and that's with no experience. It's crazy expensive to live up here, but that's offset by no state or income tax. Benefits through Anchorage school district are amazing.

Lunasol

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Re: Old and broke
« Reply #13 on: November 18, 2016, 03:36:58 PM »
I agree with the teaching idea!! You can sub too, if you choose a good county, your rent won't be too expensive. Good luck!

Linea_Norway

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Re: Old and broke
« Reply #14 on: November 21, 2016, 12:02:23 AM »
About buying a room with sleeping place for your children. My brother in law found out that people in his street have AirBnB. Therefore he reckoned that he didn't need to have space for visitors in his own house. Visitors could cheaply rent a room in the same street when staying over. Just a consideration for you.