So questions first and then people can read my long explanation if they want to.
If all you have is passive income is there a place to invest it that is tax advantaged for retirement? How much of our income should we save per month for old age? Where should we put it? How large does our emergency fund need to be? Should we double up on any or some of the mortgages? We have between 1500-2500 a month to invest or save. Thank you in advance for any advice you may have.
We live off only passive income starting last year not by choice,my husband developed health issues and I take care of him and his parents. The issues prevent him working but do not come with large medical expenses thankfully. It feels weird sharing all this with strangers but I have no idea who else to ask. I have never been in charge of finances before but my husbands injury makes money management impossible. Honestly just paying the bills has been a new and not very pleasant experience. He had issues that we werent aware of and since he always handled the money things got a little messy before I took over. The learning curve has been intense and I remain fairly terrified that I will somehow bung it all up.
The first thing I did was pay off our credit cards,car and second mortgage by selling everything we didnt need which got us out of "bad" debt. I'm not ignorant of finances,its just that he was better at it and I was busy dealing with his parents and mine. However knowing what to do from here is what I worry about. There is so much conflicting advice online. My biggest fear is not having enough for "real" retirement and having no way to earn money at that point. Housewife ,it turns out is not a job skill that translates to a paying job well.
We are 49 and 50 married,no kids husband stopped working last year, I quit working in 2000. We make 9300 passive income through rentals per month + 2444 quarterly but we hope to be getting a further 1400 a month in the next year. We also have one work trade rental on our property. We have 330000 in stocks, dividend bearing,berkshire etc,40k in roth and we have 85000 in savings. We own outright a triplex and 4 single family and also a percentage in a family owned mixed use real estate,there is no mortgage on that one either. We have mortgages on 3 others. Our home which is 97000,another home 100000 and a quad plex 108000. Total payments are 2400,we pay over minimum. We expect to have them paid off in 15 years. We do have a lot of equity.
We have one equipment payment 650 a month interest free and no other debt except for home depot for rental repairs which when we use it we pay off before the interest period ends. 4400 a month goes to property/ tax insurance and the mortgages. We spend a further 3000 on living expenses including health insurance We dont currently travel much due to family issues,we dont have expensive hobbies,we dont eat out often,we have no vices except for large dogs and several other animals. We intend to downsize in the next 10 years and convert our home to a rental. Our home is a 40 acre farm with a 3/2 home,a 2/2 rental unit (work trade)and a 1/1 inlaw unit where my aunt lives. A studio could be added as well as a 2/1 with approximately 30000 invested if we did the work ourselves . The structures are there,wired and water they just need interior work done.
Our property adjoins my inlaws 27 acres with 3 living units(only one in use)which they bought 2 years ago so they could be close by. We care for them,although currently thats just keeping the property in shape and helping them with chores,bills,shopping,gardening,driving etc, not actual caregiving.
He will receive a small pension at 65 and s.s,I have no idea if I will get ss,its doubtful since my work history was very short.
We took some hard hits in the last year including a couple bad investments that cost us close to 100000 and damage to some rentals that cost 30000 of which insurance only covered a small portion. In addition both his parents and he and I had some medical stuff,nothing treatable for me and nothing incapacitating for his parents but he has been very much affected and so this too makes me nervous. Everything at this point does. Its like there is ominous music playing in the background on a daily basis.
My husband thinks I'm being over worried since we could move into one of the units on his parents property and rent our place for 2500 a month if we really needed to.
I feel like we should save as much as possible now so we arent caught by surprise again and so we can recoup our losses. It feels like we have been extraordinarily blessed to have come this far with what we have and at the same time I feel pretty wrung out ,its quite confusing to be honest.
If you got this far than thank you for you time and any advice you may give.
If all you have is passive income is there a place to invest it that is tax advantaged for retirement? How much of our income should we save per month for old age? Where should we put it? How large does our emergency fund need to be? Should we double up on any or some of the mortgages? We have between 1500-2500 a month to invest or save. Thank you in advance for any advice you may have.
We live off only passive income starting last year not by choice,my husband developed health issues and I take care of him and his parents. The issues prevent him working but do not come with large medical expenses thankfully. It feels weird sharing all this with strangers but I have no idea who else to ask. I have never been in charge of finances before but my husbands injury makes money management impossible. Honestly just paying the bills has been a new and not very pleasant experience. He had issues that we werent aware of and since he always handled the money things got a little messy before I took over. The learning curve has been intense and I remain fairly terrified that I will somehow bung it all up.
The first thing I did was pay off our credit cards,car and second mortgage by selling everything we didnt need which got us out of "bad" debt. I'm not ignorant of finances,its just that he was better at it and I was busy dealing with his parents and mine. However knowing what to do from here is what I worry about. There is so much conflicting advice online. My biggest fear is not having enough for "real" retirement and having no way to earn money at that point. Housewife ,it turns out is not a job skill that translates to a paying job well.
We are 49 and 50 married,no kids husband stopped working last year, I quit working in 2000. We make 9300 passive income through rentals per month + 2444 quarterly but we hope to be getting a further 1400 a month in the next year. We also have one work trade rental on our property. We have 330000 in stocks, dividend bearing,berkshire etc,40k in roth and we have 85000 in savings. We own outright a triplex and 4 single family and also a percentage in a family owned mixed use real estate,there is no mortgage on that one either. We have mortgages on 3 others. Our home which is 97000,another home 100000 and a quad plex 108000. Total payments are 2400,we pay over minimum. We expect to have them paid off in 15 years. We do have a lot of equity.
We have one equipment payment 650 a month interest free and no other debt except for home depot for rental repairs which when we use it we pay off before the interest period ends. 4400 a month goes to property/ tax insurance and the mortgages. We spend a further 3000 on living expenses including health insurance We dont currently travel much due to family issues,we dont have expensive hobbies,we dont eat out often,we have no vices except for large dogs and several other animals. We intend to downsize in the next 10 years and convert our home to a rental. Our home is a 40 acre farm with a 3/2 home,a 2/2 rental unit (work trade)and a 1/1 inlaw unit where my aunt lives. A studio could be added as well as a 2/1 with approximately 30000 invested if we did the work ourselves . The structures are there,wired and water they just need interior work done.
Our property adjoins my inlaws 27 acres with 3 living units(only one in use)which they bought 2 years ago so they could be close by. We care for them,although currently thats just keeping the property in shape and helping them with chores,bills,shopping,gardening,driving etc, not actual caregiving.
He will receive a small pension at 65 and s.s,I have no idea if I will get ss,its doubtful since my work history was very short.
We took some hard hits in the last year including a couple bad investments that cost us close to 100000 and damage to some rentals that cost 30000 of which insurance only covered a small portion. In addition both his parents and he and I had some medical stuff,nothing treatable for me and nothing incapacitating for his parents but he has been very much affected and so this too makes me nervous. Everything at this point does. Its like there is ominous music playing in the background on a daily basis.
My husband thinks I'm being over worried since we could move into one of the units on his parents property and rent our place for 2500 a month if we really needed to.
I feel like we should save as much as possible now so we arent caught by surprise again and so we can recoup our losses. It feels like we have been extraordinarily blessed to have come this far with what we have and at the same time I feel pretty wrung out ,its quite confusing to be honest.
If you got this far than thank you for you time and any advice you may give.