What's Goin' On?
Several things.
1. I keep wondering when Kevin and I will be able to make the break for Missouri. If you've read this blog all along, you know that before I got the marketing job, Kevin and I were within a year or two to chucking it all and living largely off our land. Things have changed.
I like this job, but I'm not in love with it. It's fairly lucrative, but we're still struggling because Kevin hasn't brought in what he brought in before he quit his job. At least not yet. He has been doing freelance carpentry/building and has a bundle o' pay coming this week, and has more work lined up. So we're fine, but it's tough to figure out just how much is coming in each month.
We sat down last week and discussed our next big monetary goal. The first was paying off our credit cards and getting a down payment together, which we did. Now we have credit card debt again (we remodeled the bathroom and lived off of them a bit while Kevin made the transition between dead-end-job and freelancing), and we want to pay off the $4,000 left on our land mortgage. Hopefully, we'll be able to accomplish that by this fall.
According to Suze Orman, people our age should 1. contribute the full matching amount to their 401K, if they have one. Check. 2. Pay off all credit card debt. In process. Again. 3. Save for a down payment, OR, if they have a home, contribute the maximum to a Roth IRA. Will do after we pay off the credit cards and our land. 4. She didn't really say. And that's where we're not quite sure what to do. Why hast thou forsaken us, Suze?!
Here are our options:
Option 1: Settle in here for at least 5 years. This would allow me to take advantage of the largest salary that I ever intend to have and the awesome bonus structure that allows me to double that salary--though, on average, it's usually around 60% of the salary. No complaints. With big chunks of money coming in once a year, we could accomplish a lot fast.
Settling in here has several other advantages. Though I don't relish the thought of an office job for that many years, I do love my coworkers and being close to my best friend and family. By settling in, we could feel good about spending money to enlarge our house--a necessity here soon--which would also increase the resale value. Hanging around for a few years also means that we'll get more out of our house when we sell.
Ultimately, hanging around means that we can leave the anxiety about what to do behind and just relax. BUT, Kevin doesn't have the ties here that I have, and is definitely more ready to leave. BUT, I don't have the ties in Missouri that Kevin has and, while wanting to get there someday, I worry about making it financially--even though we'll need a lot less.
Option 2: Instead of improving our current house, we use every penny after step 3 above to make improvements to our land. For instance, we can dig the well, dig the lake (and rudimentary garden watering system), hire an architect to plan the house, begin buying materials, and/or build a log workshop to live in while we construct all of this stuff little by little.
It means that we get out there sooner, allowing us to spend that many more years doing what (we think) we want to do. If we go with option 1, we'll both be in our 40s by the time we try to start over with something completely new. Option 2 means "freedom", but probably not much income, and are we ready to hang it up and be tied to the land and poverty before we've seen Europe, taken the kids on a few big vacations, . . .
It's a pickle, dear reader! And I didn't plan on writing this much about it! There were other little piddly things I was going to let you in on. Another day.
Still, after just having reread this, I think that staying for awhile would be the best option. If we're going to live in Missouri for the rest of our lives, surely a few more years here, soaking up money and putting in a few systems out there, won't hurt. Much.
1. I keep wondering when Kevin and I will be able to make the break for Missouri. If you've read this blog all along, you know that before I got the marketing job, Kevin and I were within a year or two to chucking it all and living largely off our land. Things have changed.
I like this job, but I'm not in love with it. It's fairly lucrative, but we're still struggling because Kevin hasn't brought in what he brought in before he quit his job. At least not yet. He has been doing freelance carpentry/building and has a bundle o' pay coming this week, and has more work lined up. So we're fine, but it's tough to figure out just how much is coming in each month.
We sat down last week and discussed our next big monetary goal. The first was paying off our credit cards and getting a down payment together, which we did. Now we have credit card debt again (we remodeled the bathroom and lived off of them a bit while Kevin made the transition between dead-end-job and freelancing), and we want to pay off the $4,000 left on our land mortgage. Hopefully, we'll be able to accomplish that by this fall.
According to Suze Orman, people our age should 1. contribute the full matching amount to their 401K, if they have one. Check. 2. Pay off all credit card debt. In process. Again. 3. Save for a down payment, OR, if they have a home, contribute the maximum to a Roth IRA. Will do after we pay off the credit cards and our land. 4. She didn't really say. And that's where we're not quite sure what to do. Why hast thou forsaken us, Suze?!
Here are our options:
Option 1: Settle in here for at least 5 years. This would allow me to take advantage of the largest salary that I ever intend to have and the awesome bonus structure that allows me to double that salary--though, on average, it's usually around 60% of the salary. No complaints. With big chunks of money coming in once a year, we could accomplish a lot fast.
Settling in here has several other advantages. Though I don't relish the thought of an office job for that many years, I do love my coworkers and being close to my best friend and family. By settling in, we could feel good about spending money to enlarge our house--a necessity here soon--which would also increase the resale value. Hanging around for a few years also means that we'll get more out of our house when we sell.
Ultimately, hanging around means that we can leave the anxiety about what to do behind and just relax. BUT, Kevin doesn't have the ties here that I have, and is definitely more ready to leave. BUT, I don't have the ties in Missouri that Kevin has and, while wanting to get there someday, I worry about making it financially--even though we'll need a lot less.
Option 2: Instead of improving our current house, we use every penny after step 3 above to make improvements to our land. For instance, we can dig the well, dig the lake (and rudimentary garden watering system), hire an architect to plan the house, begin buying materials, and/or build a log workshop to live in while we construct all of this stuff little by little.
It means that we get out there sooner, allowing us to spend that many more years doing what (we think) we want to do. If we go with option 1, we'll both be in our 40s by the time we try to start over with something completely new. Option 2 means "freedom", but probably not much income, and are we ready to hang it up and be tied to the land and poverty before we've seen Europe, taken the kids on a few big vacations, . . .
It's a pickle, dear reader! And I didn't plan on writing this much about it! There were other little piddly things I was going to let you in on. Another day.
Still, after just having reread this, I think that staying for awhile would be the best option. If we're going to live in Missouri for the rest of our lives, surely a few more years here, soaking up money and putting in a few systems out there, won't hurt. Much.
posted by lulu | 6:22 AM
2 Comments:
Of course, you know I vote for Option #1. And not just for purely personal reasons either.
You are gonna be in Missouri eventually, but Option 1 gives you the most flexibility to get there and with the least amount of stuggles once you are there (because you will have built the money you need while here--right?).
And, while being here longer is not "freedom" exactly, it may be easier to accept the imperfect job by keeping your eyes on the eventual prize.
Besides, I promise to keep the movies and cookouts coming--you know, to make it worth your while(even a little bit).
Lit-crit response: The Missouri Breaks vs. the Ohio Compromise is a tension-filled existential cliff-hanger. Soundtrack by the Clash: Should I stay or should I go?
Political-economic response: Basing your long-term plans on what Suze Orman sez? Okay, whatever corporate-underwritten NPR infotainment floats your boat. (This coming from one who didn't plan to fail, just failed to plan)
Be Here Now/Karmic response: There's a lot to be said for making hay while the sun shines in the textbook biz, taking some time to let your young family settle into the ranch in Knox County, and going to Missouri with a more stable, knitted-together household.
Opportunistic response: I might need to talk to Kevin about installing some windows in Om Shanty.
Post a Comment
<< Home