Author Topic: Should I stay or should I go?  (Read 4811 times)

Dawn

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Should I stay or should I go?
« on: October 27, 2014, 04:54:55 AM »
I REALLY want to go....I obsess over leaving....I look at the numbers daily to see if they magically change!! Our situation: My husband left his job a year ago to manage our properties. We own 15 units and gross $80K and net $65K. Our total expenses are @ $30K/year. There are a few costs we can lower and will. We ha  ve 4 months emergency fund in cash and $60K in 403B, Roth. We have about $130K in mortgage/equity line for rentals - mortgage pmt is included in expenses of $30K/year.
We are getting ready to cut wood again on our property. My husband did this earlier this year and netted about $4K in a week - we'd go slower this time - but could probably pull in about $30K over the next year.
I make @$45K/year.
Why I want to leave? My girls are growing up faster than I can imagine. My oldest is in middle school. I don't want to continue missing out on their lives. We want to build an off the grid home. I want to grow and HARVEST our garden. I want to homestead.
Need more info? I would truly appreciate some input. BTW, I work at hospice so I am constantly reading stories of...."I always wanted to......" "If only...." "Someday....." and I have to say it eats at me constantly. I am 45 and my husband is 44.
Thanks in advance!

Neustache

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Re: Should I stay or should I go?
« Reply #1 on: October 27, 2014, 06:27:27 AM »
If I'm reading this right....

Your expenses are 30K and your rental income is 65K? 

You have a decent emergency fund...what's your occupancy rate levels like? 

At the very least I'd try to go part-time at your current job (does your 30K in expenses include what your portion of health insurance will be if you pull the plug?)

Dawn

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Re: Should I stay or should I go?
« Reply #2 on: October 27, 2014, 07:04:18 AM »
Correct. WE Maintain A High Occupancy. No Problems There. I TriedT Go  Pt ButCompanyWon'tLetMe. Not Sure Why My Phone Is Using Caps!  Yes....It Includes Health Insurance.


Neustache

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Re: Should I stay or should I go?
« Reply #3 on: October 27, 2014, 07:17:23 AM »
I'd do it.   QUIT!!!

But I'm also impulsive about stuff like that, and more willing to risk it than others.  My husband is more risk averse than I am.  What does your husband think? 

Do you have any interests that would be a low/no investment that could turn into a side gig.  The wood cutting is impressive, but is that something you can do year after year (i.e. how much land do you have - how renewable is this year after year - trees are a great renewable resource, they just grow so slowly!)

And how far away is your land from a city?  If I had land, I'd plant Christmas trees on it and do a Christmas farm.  Halloween/pumpkin patch during Halloween.  I love those places! 

Neustache

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Re: Should I stay or should I go?
« Reply #4 on: October 27, 2014, 07:23:25 AM »
One more question:

Is the 30K expenses in theory, or have you lived this way for the past year or so?  If it's in theory, then give yourself 6 months to really make sure it's doable.  If you've already lived it, I think you are good to go. 

You'll still have over a 50% savings rate, right?  Just with the rental income versus your expenses.  That's fantastic.

tracylayton

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Re: Should I stay or should I go?
« Reply #5 on: October 27, 2014, 07:34:37 AM »
Leave...like yesterday! You'll be fine. My youngest is in 8th grade, and I retired in December. It is so nice to make it to his football games and swim team practices. You won't regret it!

Future Lazy

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Re: Should I stay or should I go?
« Reply #6 on: October 27, 2014, 07:35:21 AM »
Do you have a detailed budget you can show, so we can really assess what you've got vs. what you need if/when you quit, and how that effects your goals?

Dawn

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Re: Should I stay or should I go?
« Reply #7 on: October 27, 2014, 05:40:43 PM »
Leave...like yesterday! You'll be fine. My youngest is in 8th grade, and I retired in December. It is so nice to make it to his football games and swim team practices. You won't regret it!
That is SO what I want to do! Were you scared when you did it? I don't know where my apprehension is coming from!

And how far away is your land from a city?  If I had land, I'd plant Christmas trees on it and do a Christmas farm.  Halloween/pumpkin patch during Halloween.  I love those places! 
Me, too! We have thought about doing the hayride thing at Halloween. We aren't high enough for Christmas trees.

It's just a job - right!? Not the end of the world. I think sometimes we have to be pushed out of the nest to do what we are meant to be doing!

Dawn

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Re: Should I stay or should I go?
« Reply #8 on: October 29, 2014, 04:42:20 AM »
One more question:

Is the 30K expenses in theory, or have you lived this way for the past year or so?  If it's in theory, then give yourself 6 months to really make sure it's doable.  If you've already lived it, I think you are good to go. 
 
Neustache - I have just started using PC and following our expenses more closely but yes, I believe I am about 95% correct on our expenses. Good idea, though.

Do you have a detailed budget you can show, so we can really assess what you've got vs. what you need if/when you quit, and how that effects your goals?
Good question KayleEM - I keep forgetting to respond to this...monthly expenses:

House ins   42
Propane   20
Electric   137
Gas   100
Food   250
Loan   900
Cell phones   75
Land line   45
internet   60
taxes   150
tithe   470
School lunch   80
clothes   25
Car insurance   100
equity line   280
private insurance   330

Thanks for your input!

Neustache

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Re: Should I stay or should I go?
« Reply #9 on: October 29, 2014, 06:08:59 AM »
Goodness woman, QUIT!  LOL.  But again, what does your husband think of this?  He needs to be on board, too.  There's nothing really to critique in your budget except maybe make the kiddos pack their lunches and get rid of the land line unless you need it due to cell reception at your house. 

Dawn

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Re: Should I stay or should I go?
« Reply #10 on: October 29, 2014, 07:36:10 PM »
Ha! Neustache! That is EXACTLY what my husband says!! Thanks for the laugh! And input! Yes, he is on board.
We live in the boonies so the land line is kind of important.
Thanks!!!

horsepoor

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Re: Should I stay or should I go?
« Reply #11 on: October 29, 2014, 08:36:26 PM »
I'd say go for it, but if you can't quite pull the plug... just because your current employer won't let you go part time, doesn't mean you can't pick up a part time gig somewhere else.  That might ease the transition for you, if you can work say 2-3 days a week and pull in 15-20K a year for  a bit and see how it goes.  Sounds like you've got a great set up waiting for you to RE into!

Neustache

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Re: Should I stay or should I go?
« Reply #12 on: October 30, 2014, 06:15:57 AM »
QUIT!!!!!!!  So happy for ya!  Hope you do it!

You all sound industrious.  I have a feeling you'll find ways to replace your income, and do it in less time.