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Rossa and family are -SHIFTING GEARS!
Old 10-03-2012, 01:21 PM   #1
Confused about dryer sheets
Join Date: Oct 2012
Location: MO
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Rossa and family are -SHIFTING GEARS!

Hi, Im Rossa, and new to Early retirement.

Literally, I lost my job in December of last year, and couldnt replace it in the current economic climate, so I retired from working away from home, and instead opened a business here. No, Im not one of those folks who works in thier jammies, I do have to get up get dressed and go outside every morning to go to work, but I like it. I own an onsite greenhouse, we grow earth grown vegetables for consumption and sale, no hydroponics here.
Anyhow, today at noon my husband called and said "well, I did it" I said "did what?" I expected him to say he'd bought the new truck he was looking at, instead he answered " I gave the boss notice, Im retiring, effective Dec. 15th"
I was floored to say the least he'd been talking about it but.... We have been lucky somewhat this year to recieve quite a bit of inheritence from some relatives, but its not nearly gonna be enough I dont think. While we both will still work at our own businesses, we will be summarily "retired" from public sector employment.
So there goes any prepaid retirement funds, and insurance. Plus we have a 16year old who will be kiting off to college in a couple of years

Now, Im shifting gears or trying to with no information about what is best to do when you retire, and still have many years ahead that you will be capable of making an income. We would like to step back from the rat race some, and do a little of that retirement enjoying(while our child is still at home) but I need help staying on a level finanacial playing field.
We should be able to pay our home off by the end of the year, and then all we will have left is my car (220 a month) other than that ,not much outlay.
We raise most of our veggies and meat, so limited grocery bills. limited outlay on energy costs(wood heat) etc.
So, HELP I am so lost right now

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Old 10-03-2012, 01:37 PM   #2
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Welcome Rossa. It can be overwhelming, but people here are happy to help. You will get the best advice if you break your questions down into bite size pieces and post them in separate threads. Otherwise some questions get overlooked and others get jumbled together.

Be sure to use the search tool here, too, for specific topics.

Yes, I have achieved work / life balance.
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Old 10-03-2012, 01:49 PM   #3
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I'd start with a specific budget, what you actually spend each month, and be sure you are going to be able to cover that.
Then look ahead to next year, and the next 3-5 years, and forecast what spending will change/stay the same, especially important would be sharing the expectations of what you plan to spend on the 16 year old's college and what he/she will have to come up with on her/his own.
Good luck and welcome!
“One day your life will flash before your eyes. Make sure it's worth watching.”
Gerard Arthur Way

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Old 10-03-2012, 01:58 PM   #4
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Welcome, Rossa. I look forward to seeing more posts from you.

Folks on this forum are very knowledgeable and helpful. As travelover said, post bite-sized questions and you'll get some great responses.

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Old 10-03-2012, 05:47 PM   #5
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Welcome to the forum, Rossa.
Very conservative with investments. Not ER'd yet, 48 years old. Please do not take anything I write or imply as legal, financial or medical advice directed to you. Contact your own financial advisor, healthcare provider, or attorney for financial, medical and legal advice.
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Old 10-03-2012, 05:55 PM   #6
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Welcome. I was smiling following your post until I got to the college bound 16 year old. However, if you can keep your income low you may qualify for a lot of financial aid for DS. It might be worth checking out.

I seem to remember an approach where you incorporate the businesses and then the businesses pay you a salary (which you keep low) to qualify for more financial aid that you would get if the businesses were unincorporated. Something like that anyway.
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Old 10-04-2012, 02:14 AM   #7
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I am not so much into pre-defined budgets, but I can recommend to keep detailed track of expenses.
Only if you know where your money goes to you can start corrections.
We also set up our balance sheet on a monthly basis to know exactly where we stand.
Other than that: enjoy!

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