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Seeking Financial Mentor
Old 08-08-2011, 06:16 PM   #1
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Seeking Financial Mentor

Seeking Financial Mentor


I am 56 yrs old, single, no family or children.

15 years with the same company, $33,000 gross. I am a bartender, so realistically I may have another 3 years with this company (their choice not mine). I would continue in the hospitality industry the remaining 6 years until retirement at 65.

$1000 in a savings bond is my savings.

$1200 a month for living expenses. Includes rent ($995), electric, gas, H2O, & trash.

$1800 per month for all other expenses. Credit card bills, food, health, gas, truck maintenance, cell phone, internet, personal & household items. Everything.

My credit score is 760. I have $8,000 in credit card debt &$3000 in tax debt (which will be paid in full next April due to adjustments in our pay checks this year).

My classic 1969 Chevy truck is paid for.

Excellent health. Currently, no health insurance. Minimum coverage starting in January 2012 at $90 per month.

I have been renting a house for the past 6 years in South Scottsdale & prior to that another house in California for 15 ˝ years. I have excellent references from both landlords.

I am here to stay in Arizona and would love to make this my last move. (while I am waiting for the winning lottery ticket)

I am considering purchasing a mobile / manufactured home. The average lot fees are $500 which includes annual property tax. I am not overly impressed with them or the parks in my area. I would be a first time home buyer.

My preference is to let a landlord deal with the major repairs, city hall & all that goes with that responsibility. My energies are best spent generating income. I am not looking for an investment just the best way to survive the next 30 years.

Should I continue to rent? Would an investor be interested in a long term, professional tenant for less than market value rent? They buy it & I pay for it?

I am looking for someone to act as a financial mentor, for help with this decision as well as future ones.

With great appreciation

PJC
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Old 08-08-2011, 09:15 PM   #2
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Unless you are going to get a pension I wouldn't advise trying to retire at 65. You are spending 36K of your 33K income that has to change. You can earn more or spend less or both.

Having a net worth of less than zero from my calculations and not improving that at all isn't going to leave you money to save for retirement.

You need to do something drastic to fund retirement or learn to live on a very low income. Consider drasticly reducing your cost of living, spending 1,200 on housing is well over 1/3 of your income. Get 2 roommates and you can reduce that to 400 giving you 800 to pay down debt and start saving to retire.

Living without health insurance means you might not be able to afford to take care of yourself if you have non emergency health care needs like a kidney stone. You are of an age where some men have heart problems and that would leave you with out a place to live even if you got taken care of in the emergency room if you can't work.
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Old 08-09-2011, 07:30 AM   #3
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Hi PatC and welcome to the forum.

Looks like you are in a tough bind. Your day to day expenses are high, and after adding in your credit card and tax debts they are more than you make. With only $1000 in savings, it isn’t clear how you will be able to retire.

Buying a mobile home would load you with debt which you already have too much of. You are not likely to find someone else to buy it and rent it to you at a preferential rate.

You really need to start saving some money. Otherwise, you won’t be able to pay for emergency expenses like a car repair or doctor’s visit. You should try to set aside at least $100 per month. If you find that hard, think about having a roommate or another part time job. By sharing expenses or having a bit more income you could pay down your credit card and tax debts. Then you could save the money you were using for those monthly payments.

Maybe other forum members have some advice. Good luck!
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Old 08-09-2011, 08:26 AM   #4
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Quote:
Originally Posted by PatC View Post
Seeking Financial Mentor



I am 56 yrs old, single, no family or children.

15 years with the same company, $33,000 gross. I am a bartender, so realistically I may have another 3 years with this company (their choice not mine). I would continue in the hospitality industry the remaining 6 years until retirement at 65.

$1000 in a savings bond is my savings.

$1200 a month for living expenses. Includes rent ($995), electric, gas, H2O, & trash.

$1800 per month for all other expenses. Credit card bills, food, health, gas, truck maintenance, cell phone, internet, personal & household items. Everything.

My credit score is 760. I have $8,000 in credit card debt &$3000 in tax debt (which will be paid in full next April due to adjustments in our pay checks this year).

My classic 1969 Chevy truck is paid for.

Excellent health. Currently, no health insurance. Minimum coverage starting in January 2012 at $90 per month.

I have been renting a house for the past 6 years in South Scottsdale & prior to that another house in California for 15 ˝ years. I have excellent references from both landlords.

I am here to stay in Arizona and would love to make this my last move. (while I am waiting for the winning lottery ticket)

I am considering purchasing a mobile / manufactured home. The average lot fees are $500 which includes annual property tax. I am not overly impressed with them or the parks in my area. I would be a first time home buyer.

My preference is to let a landlord deal with the major repairs, city hall & all that goes with that responsibility. My energies are best spent generating income. I am not looking for an investment just the best way to survive the next 30 years.

Should I continue to rent? Would an investor be interested in a long term, professional tenant for less than market value rent? They buy it & I pay for it?

I am looking for someone to act as a financial mentor, for help with this decision as well as future ones.

With great appreciation

PJC
$33,000 gross means after tax, your take-home is less than what you are spending. I am assuming that the $33,000 does NOT include tips
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Old 08-09-2011, 10:48 PM   #5
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Besides looking to cut expenses or share rent, I suggest you investigate whether or not you are eligible for food stamps or other programs. I've helped a relative manage her out-of-control expenses, and helping her apply for food stamps made a big difference. They come in once a month, and if you make that your major shopping trip and buy staples, then it cuts down on trips to the store. Fewer trips to the store = fewer impulse buys. Get serious about saving now while you still have a reliable income. Cook a big pot of soup and eat that several times a week. Make it a game, how deliciously can you cook simple foods. Pay $100 into your savings out of each paycheck BEFORE you pay anything else (except pay off that credit card debt first).
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Old 08-09-2011, 11:35 PM   #6
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In many communities you would likely qualify for income tested senior housing. Likely your income is low enough, but the age limits may of may not include you in. Some of these places are very nice, and the people being older do not usually present the typical problems found in low income housing.

Or, find a well to do lonesome woman.

Ha
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Old 08-10-2011, 04:49 AM   #7
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Welcome, PatC. Before making any move I would pay off my credit card debt first.
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