So, I will try to keep a long story short here.
I ran a freelance business for 22 years...it did well but I really have nothing to show for it because I was a money doofus until only recently. Then, a couple of years ago I finally started taking it seriously. Hired an employee, structured as an S Corp, got a business bank account and liability insurance, and the rest. Started using the Profit First method to build buffers in different accounts: taxes, payroll, owners comp, operating expenses, profit, etc.
Now, a pain issue I've had for years started getting much worse, exacerbated by stress and constant sitting...so I decided to finally shut the business down.
To build up the bank account buffers, I was paying myself about $3k/month (after taxes). I now have $50k sitting in the business accounts once I pay taxes and pay a generous severance for my employee. (We had no debt and all expenses were cancelled.)
I can take the $50k as a distribution...but what do I do with it? I'd love it if we could live on just DH's income (about $65k after taxes) and I can use the extra time I now have to not only recuperate, but also to take steps to save money.
But just in case we can't swing t, I'd like the option to pay myself a bit each month, meaning I can't stash the $50k anywhere I can't get at it.
To complicate things, we have the worst health insurance in the world. DH works at a small company that doesn't offer health insurance, so for years we've been paying $450/month for a family of 3 with a $20k/person ($40k/family) deductible. We have come out ahead in the long run, but last year our son's medical expenses were over $25k out of pocket (misdiagnosed dance injury, eventual surgery). The deductible is so high that we aren't even eligible for an HSA.
I'm not sure if my new no income/low income status plays into that at all, but wanted to throw it out there in case t changes how/where I would keep the $50k.
Any thoughts/ideas? Face punches are also welcome and expected, because after running a thriving business for 24 years it's kinda sad that I don't have much to show for it. (Though I DID pay off $25k in debt in 6 months a few years ago, and now have no debt except mortgage and a a 0% payment plan for $11k for the surgery!)
THANKS!