Deleted
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Post by Deleted on Nov 19, 2012 0:25:34 GMT -5
I dunno. Why did you quit? That isn't necessarily a bad thing.
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Post by Deleted on Nov 19, 2012 0:35:22 GMT -5
Selling your house seems like a good plan. It might take a bit of time to do that though. But, downsizing can be a very good thing. Homes are alot of upkeep and maintenance. Also, what do you plan to do? DO you want a different line of work? Can you pick up some part time work or something just to help bring in some money until you really analyze your situation.
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Post by Deleted on Nov 19, 2012 0:39:13 GMT -5
Well, why was your job making you ill, that is what i was asking? Like if your boss is a tyrant or there are too many deadlines, etc. But if you don't want to give particulars, i understand. What do you plan to do in the meantime? Are you planning to look for another job, work part time, or take a period of time off for a couple of months to decompress?
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Post by Deleted on Nov 19, 2012 0:40:05 GMT -5
And, if your job was making you ill, would it have been possible to take a FMLA leave of absence to think it through?
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ZaireinHD
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Post by ZaireinHD on Nov 19, 2012 4:01:28 GMT -5
Shooby good point FMLA. my GF years ago maybe should have done that as well cause her job was making her physically ill as well. Plus I see others and hear about people taking years for sick leave cause their job is too stressful for them.
but quitting your job now before getting hired at another place is risky - but your health comes first! should you be concerned suek1958 - depends on how you plan on making an income?
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constanz22
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Post by constanz22 on Nov 19, 2012 7:18:31 GMT -5
FMLA is unpaid, so not sure how that would help. It just keeps the position open to return to at a later time. There would have to be a pretty significant paper trail leading up to it, so, unless OP had either sought mental health counseling for the stress or been to the doctor numerous times, it probably wouldn't fly for her reasons. Plus, not all employers even offer it, or have to.
It sounds like you're in a good position with not having any debt, but 3k is really not that much money, and could be gone in a day if you have an emergency. I wouldn't be comfortable. I'd at least find a little part time job for now to supplement. It should be easy enough with the holidays. This is the worst time of year to try to sell a house, too, so just keep that in mind...when are property taxes due? This is a big bill, even in LCOL areas and could pretty much wipe out your savings.
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Post by Deleted on Nov 19, 2012 7:24:16 GMT -5
It would help by allowing the OP to have taken some time off to really evaluate the decision and implication of quitting one's jobs. Sorry, but i think that is pretty good advice. And, if she was having medical issues such as hypertension, anxiety related problems, etc, it isn't inconceivable that she could take some time off. Yeah, it is unpaid, so is being unemployed right now too. And, my question as to why she quit is something she should really think about. It might not be too late for her to return to her job if she apologize, see her doctor and have some type of write up regarding health issues and needing a week off. Or, she could have considered the possibility of a transfer in the same company or going to a part time position. My point is that there are various ways this could have been and still could be approached toward what the OP really wants and the outcome she is looking for in the long term.
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Post by Deleted on Nov 19, 2012 7:30:09 GMT -5
"I'm not real worried... should I be?"
I am kind of not sure how to answer that. Why are you NOT worried? I am bit concerned that you may not be looking at the whole picture. $3K in savings is barely even enough to cover most people's expenses for a month. Maybe 2 if you stretch. And, can you get unemployment when you choose to quit? I don't know? Do you have any retirement savings that you could liquidate for cash? Your house may sell quickly or it could take months. My advice is the Price is key. Price it to sell. If you over price it for the market, you lose the "hot new property" factor and that is often when you get the most foot traffic through. Now, i would concentrate on cleaning, decluttering, scrubbing the house now. Eliminate any stuff outside just hangning around like bikes , lawn chairs , odds and ends. Get a couple gallons of white paint and repaint all the trim and doors. And, buying some new mulch is a good investment as well. When i sold my last house, i totally remulched it for a couple hundred and it looked great and i sold the home for $50K more than i paid for it.
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constanz22
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Post by constanz22 on Nov 19, 2012 8:26:48 GMT -5
sue, I would also apply for unemployment anyway. You don't have to get into your reasons for quitting here, but depending on the circumstances at your previous employer, you may still qualify, and it doesn't hurt to apply. My mom recently quit a job as a manager at a small business because the out of town owner was making her do things that were unethical and/or illegal, like handing out paychecks when there was no money to cover them, making my mom hold her paychecks for weeks at a time, telling her not to pay vendors, insurance they were required to carry, etc. She also was physically and emotionally sick and finally quit. She didn't think her UI claim would be approved, but due to the reasons, it was.
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Post by Deleted on Nov 19, 2012 9:32:59 GMT -5
Why are you selling your house already? Even with upkeep isn't that your least expensive housing option right now? Please tell me you just forgot to mention your retirement savings.
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ZaireinHD
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Post by ZaireinHD on Nov 19, 2012 9:42:27 GMT -5
if you quit a high paying job you are going to feel the loss of income pretty quickly. I know - you said you know how to live on the cheap. your health is more important so maybe better to quit altogether instead of say seeking counseling to deal with the job and Then quit once counseling didn't work.
are you going to look for another job now?
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Post by Deleted on Nov 19, 2012 9:48:52 GMT -5
Is $3,200 all you have in savings? It is that just what you have in a savings account?
There is a huge difference between having $3,200 in savings not counting retirement, taxable accounts and such and only having $3,200 when all is accounted for.
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thyme4change
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Post by thyme4change on Nov 19, 2012 10:22:43 GMT -5
It's too late to unquit, and I'm sure there are other jobs out there - even if they are part-time Christmas jobs -that will give you a little income while you are working on selling your house. I would see if Walmart, Target or the Mall are hiring people. If nothing else, it will get you out and about for the next 6 weeks. You can make a plan in the new year. Your house will likely sell in March - June.
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Rocky Mtn Saver
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Post by Rocky Mtn Saver on Nov 19, 2012 10:43:58 GMT -5
Is $3,200 all you have in savings? It is that just what you have in a savings account? There is a huge difference between having $3,200 in savings not counting retirement, taxable accounts and such and only having $3,200 when all is accounted for. It's a tougher than normal job market for those in your age bracket, which is what would make me a bit nervous. How long would $3200 cover your monthly expenses for?
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constanz22
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Post by constanz22 on Nov 19, 2012 11:23:29 GMT -5
Have you spoken with a RE agent to do a CMA as to what you "think" your house will sell for? Or where are you coming up with that figure? They will meet with you and do a CMA for free and with no obligation to list, so, I would be doing that tomorrow. Get a more educated idea of what the selling price will be. I think you are in a very bad position and would price the house 10k under the low selling price and get out ASAP. This is a terrible time of year to sell a house, so, if you want it sold, you are going to have to price it to sell.
You made 14k a year, and have 3k in the bank to "live on", but you have only 2 months until a $900 tax bill is due. So, now we're down to $2k ish. That is nowhere near 6 months. You really need to sit down and do a bare bones budget and think this through. I'd guess it's more of 2 months living expenses, and that is if there are no emergencies or unforeseen expenses...We are going into winter, heating bills in your area are going to be high. Wow, I just don't know how you can afford to not work somewhere, even if it's McD's...
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swamp
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Post by swamp on Nov 19, 2012 11:30:44 GMT -5
If you made $14k a year, you were making about minimum wage. I don't understand why you stayed so long. there has to be less stressful jobs out there for the same wage.
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Rocky Mtn Saver
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Post by Rocky Mtn Saver on Nov 19, 2012 11:36:00 GMT -5
Keep in mind that your living expenses of roughly $1100 per month (?) will increase when you sell your paid-off house and rent an apartment instead. So you will go through what $ you get for your house faster. When will you qualify for full SS and how much will you be getting at that point?
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Rocky Mtn Saver
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Post by Rocky Mtn Saver on Nov 19, 2012 12:24:07 GMT -5
BTW, I'm curious how you have figured that $3200 would last you about 6 months without income, if you were making $1100 monthly up until now. This means that you have been living on $533 monthly total (including insurance)? Have you been saving the other $600? If so, that's super awesome on your income!!
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raeoflyte
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Post by raeoflyte on Nov 19, 2012 12:43:26 GMT -5
I don't think I'd sell the house, unless rent is dirt cheap where you live. Even then, I'd wait until I had a new job and knew how much rent I could comfortably afford.
I'd rent at least 1 but probably 2 of the bedrooms out in the mean time to bring in at least enough to cover the taxes, insurance, and maintenance.
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Rocky Mtn Saver
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Post by Rocky Mtn Saver on Nov 19, 2012 12:53:06 GMT -5
Also, how old is your car? What kind of shape is it in? Have you factored in any maintenance and repair costs for it?
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Post by Deleted on Nov 19, 2012 13:04:32 GMT -5
I think you are making a lot of assumptions about how easy it is to sell things. Have you sold a lot of things in the past? I really don't find selling very easy at all. And, i have tried Ebay, local sites, newspapers and so forth. It is very hit and miss. Lots of things that you may think are valuable to you really may have very little value on the market. Not to discourage you, but i had my mom's antiques auctioned off and we got very little considering the investment she put in. The younger generation doesn't place the same value of some of those kinds of items. As for stress, I am not sure how quitting decreases one's stress. Yes, you no longer have that job stress. But, without income, you are going to have the stress of that and the unknown. And, EVERYBODY has stress in their job. We all have to deal with a lot of obnoxious stuff. Yeah, some more so than others. And, if you hated the job, did you try to find another job when you started really feeling so much stress? I think you need to ask yourself these questions, look at what you need to do to deal with and manage stress and find what works best for you.
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thyme4change
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Post by thyme4change on Nov 19, 2012 14:10:58 GMT -5
Wow - given your recent budget, you will be able to live quite a while on the proceeds from the sale of your house. I would still suggest you look around for a job you might like that may be part time.
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Rocky Mtn Saver
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Post by Rocky Mtn Saver on Nov 19, 2012 14:52:03 GMT -5
Even without my rent factored in, there's no way I could live on $430 monthly. It wouldn't even cover utilities and groceries, I don't think. So that's way impressive!
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Waffle
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Post by Waffle on Nov 19, 2012 14:52:53 GMT -5
I don't understand why you want to sell the house. Moving is expensive and could you possibly move anywhere that's cheaper?
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Rocky Mtn Saver
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Post by Rocky Mtn Saver on Nov 19, 2012 14:54:48 GMT -5
How much are apartments of the size you will need in your area?
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Rocky Mtn Saver
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Post by Rocky Mtn Saver on Nov 19, 2012 15:12:34 GMT -5
I understand the physical need to downsize. But you will have some of those costs (like utilities) no matter where you live. Plus you will have rises in rent as well. How much are the apartments you are looking at?
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Waffle
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Post by Waffle on Nov 19, 2012 15:37:47 GMT -5
Good luck. I actually envy you the freedom.
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Rocky Mtn Saver
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Post by Rocky Mtn Saver on Nov 19, 2012 15:39:24 GMT -5
I fully understand your desire to downsize for health reasons. I've been working with my mom on that for several years. She's renting a house and finally coming around to the appeal of not having a yard to take care of. I just wanted to make sure you are keeping in mind that while some costs might go away (like property insurance), other things will come up with renting (rate hikes, rent itself). Be sure to know what the cost of living is in any area you are considering moving to, because it really sounds to me like the area you are currently living in will be about the cheapest area you'd find! So, with $430 current living expenses + $450 rent, you are looking at around $900 monthly living expenses or about $10,500 annually. If you can net $100k for your house, that is only a bit less than 10 years' living expenses. That would put you at 63-64 when that runs out, worst case scenario. When do you plan to take SS and how much will you be getting? ETA: lower-income apartments tend to have waiting lists, too, I think. You should make sure that you don't need to be on a waiting list if those are what you're planning on.
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Rocky Mtn Saver
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Post by Rocky Mtn Saver on Nov 19, 2012 15:41:09 GMT -5
Also, what kind of health insurance do you have? As we get older, those cost increase quite a bit.
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Rocky Mtn Saver
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Post by Rocky Mtn Saver on Nov 19, 2012 18:58:39 GMT -5
If I take SS at 62, it would be ~ $600/mo. At age 67, it would be ~ $850, at age 70, it would be ~ $1090. This is what I was concerned with if you sell your home and use the proceeds to live on at 54. If you sell your house and net ~100k, you could probably live on the proceeds for about 10 years, taking you to about age 64. At that point, if you were to take SS early, you wouldn't have enough to meet your monthly expenses with rent and you have no backup plan. Even if you wait until 67, you wouldn't be in the black, and that's not counting in inflation.
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