I just need to hear from others that this is a sane (or at least semi-sane) decision.
Dh and I own a business together. It is growing like a weed. There are things that just don't get done now because he is not good at them (accounting, inventory, correspondence). I am fairly good at those things or at least willing to learn and do them. Our profits have grown about 200% over the last year or so. We have picked up some huge retailers to carry our stuff. All that is super exciting.
BUT
I work as a paralegal. I make ok money. We just bought a house and have yet to pay off some of our debt. I have a plan where we should be able to cut out most of our debt this year and finish it off with our tax return from 2010. The only thing left will be our mortgage and maybe some student loans that could be deferred if need be.
We spend about $3400 right now on living expenses (including entertainment). We have also had some big ticket items the last several months. Things like a new washer and dryer, first year of home owners insurance, paying the appraiser, etc. These items came out of our monthly income and not our savings. They have come close to my monthly income.
Another point of consideration is that we can cut at least $500 out of our monthly spending each month. We would cut back our phone, cancel cable, Y membership, eating out, etc. I know that we can easily cut that, maybe more, depending on how good dh is about this stuff.
If dh's income keeps going up, we are going to be "kicked off" medicaid and my insurance is around $1200 per month. Add that to the child care we have to get and I would walk away with almost nothing in my pocket. And, of course, the health insurance through work would still require co-pays and a deductible, so I may not get anything at all some months. My job is so so so stressful. I cannot imagine doing it and coming out worse financially.
Give me some advise. Is this even possible? I feel like I have to make a decision, because my stress level is through the roof with our business and my horrible job.
Dh and I own a business together. It is growing like a weed. There are things that just don't get done now because he is not good at them (accounting, inventory, correspondence). I am fairly good at those things or at least willing to learn and do them. Our profits have grown about 200% over the last year or so. We have picked up some huge retailers to carry our stuff. All that is super exciting.
BUT
I work as a paralegal. I make ok money. We just bought a house and have yet to pay off some of our debt. I have a plan where we should be able to cut out most of our debt this year and finish it off with our tax return from 2010. The only thing left will be our mortgage and maybe some student loans that could be deferred if need be.
We spend about $3400 right now on living expenses (including entertainment). We have also had some big ticket items the last several months. Things like a new washer and dryer, first year of home owners insurance, paying the appraiser, etc. These items came out of our monthly income and not our savings. They have come close to my monthly income.
Another point of consideration is that we can cut at least $500 out of our monthly spending each month. We would cut back our phone, cancel cable, Y membership, eating out, etc. I know that we can easily cut that, maybe more, depending on how good dh is about this stuff.
If dh's income keeps going up, we are going to be "kicked off" medicaid and my insurance is around $1200 per month. Add that to the child care we have to get and I would walk away with almost nothing in my pocket. And, of course, the health insurance through work would still require co-pays and a deductible, so I may not get anything at all some months. My job is so so so stressful. I cannot imagine doing it and coming out worse financially.
Give me some advise. Is this even possible? I feel like I have to make a decision, because my stress level is through the roof with our business and my horrible job.
