New to the board and financial planning!

[sheehs1]

Quote:

Originally Posted by fousib9 @Meadbh... no unfortunately not possible. (they're too far and I'm committed to the school district I'm in for another 3 years) .

Can you clarify this? If you don't have a job why are you committed to a school district? Is it your son?

[fousib9]

Yes. He's on the autism spectrum and I know if I change school districts the disruption for him will be such that he won't graduate. Also, it's not like I've had any job offers from anywhere outside (and it's not for lack of trying, I actually think I'm in the wrong place pro speaking) so for now I'm searching from here... from eveything I'm reading everywhere this job market is better (Ha!) than most in the country so it's not like I'm looking from a desert... and I should clarify also that IF I did get an offer from somewhere else of course I would go, and try to find a solution for my son but I'm not sure what the chance of that happening is...

[Meadbh]

Autism is very expensive to manage properly and if you have found a good program for your son it makes sense to do everything you can to follow through with it. I admire and respect that commitment. A couple of questions:

Is your son's father contributing financially? If not, why not?

Given that your problem is lack of cash flow due to high fixed expenses and no income, the obvious way to improve your economic situation is to find a steady paying job. Early retirement should be the last thing on your mind. How do you think we can help you on this forum?

[Calgary_Girl]

Quote:

Originally Posted by fousib9 "something liquid and that is easily accessible" ...like what? if you really want the money "invested"... if I don't I'm going to blow it (that's easy), so I wanted to get some revenue from it (another idea was to buy a cheap condo close and rent it).

Sorry to hear about your son's medical issues.

In terms of investing so that it's liquid and accessible there are quite a few choices but you need to determine what your priorities are with the money. For example, there are high-interest savings accounts, stocks, bonds, mutual funds, etc. I'm just saying that there are other options out there besides investing all of your money into a new house, which will tie your money up. If it were me, I would continue renting and keep the money liquid.

[fousib9]

@Meadbh son's father has bailed from day 226. Never saw him after that.

I was bouncing off you the idea of buying a condo, renting it in order to get the revenue from it until I get a job. Sorry if I'm in the wrong forum. I think calgary girl hit it on the head though... I just like the idea of real estate because I don't trust Wall Street really but that's my own preference. Plus I figure I have the time to take care of a condo rental right now... I think i just gave up on the whole job thing... that may be the root of my problem!

Thanks to all!

[Meadbh]

Quote:

Originally Posted by fousib9 I was bouncing off you the idea of buying a condo, renting it in order to get the revenue from it until I get a job.

You may or may not be interested in my opinion, depending on whether you agree or disagree with it. I offer it as someone who owns several rental condos. I think in your situation it is a really bad idea. I believe you should park the proceeds of your house sale (which appear to be your only financial assets) in safe, liquid investments, reduce expenses to the minimum, and find a job as soon as possible. I am sorry if the truth is unpalatable. I wish you the best of luck.

[ShortInSeattle]

Quote:

Originally Posted by Meadbh You may or may not be interested in my opinion, depending on whether you agree or disagree with it. I offer it as someone who owns several rental condos. I think in your situation it is a really bad idea. I believe you should park the proceeds of your house sale (which appear to be your only financial assets) in safe, liquid investments, reduce expenses to the minimum, and find a job as soon as possible. I am sorry if the truth is unpalatable. I wish you the best of luck.

This is very good advice in my opinion. You are in a kind of financial emergency. No job. Relying on family for help. It's time to circle the wagons and make yourself as safe as you can be. Live as cheaply as you can so the money holds out, investigate social services, and keep job hunting.

I don't see how buying real estate is a solution to your challenges.

SIS

[sheehs1]

Agree Meadbh and SIS but am not sure the OP is here anymore. That, "thanks all" sort of sounded like "adios".

[FinanceDude]

I don't think she was in the wrong forum, but maybe wanted people to give her different advice

[Papa bear]

It's been three years and you haven't been able to even pick up a temporary or contract job? What industry were you in?

[Jerome50]

Quote:

Originally Posted by Papa bear It's been three years and you haven't been able to even pick up a temporary or contract job? What industry were you in?

Consider investing in yourself. Get some training/education for more marketable skills. Obamacare means no pre-existing conditions, premiums capped to your income level, and you MUST buy HI.

[DeborahB]

Hi and welcome

In your situation, I'd leave the money alone so you can live on it and focus on finding a job. This way you have something to live on. If you buy, there will always be maintenance, insurance and tax expenses. LBYM is really good. Just say no... sometimes easier said than done. And "Obamacare" a/k/a the affordable care act will get you insurance in January 2014 if I remember correctly. So that should help quite a bit on the medical bills.

I had several longish periods of not being able to find a job and I know how difficult it is. Good luck.

[growing_older]

At one time you had a 100K job. Now you are long term unemployed and it's highly unlikely you are getting another job like that having been out of work for so long.

Your immediate problem is lack of income. You've run through savings and are down to your last 265k aside from the condos which are apparently entailed in some complicated way that makes them useless as a resource. This means this money is your last safety net. Just as someone facing job loss would pile up cash in anticipation of needing to meet expenses without income, you must conserve this cash. It not enough to live on any income it produces. You need to live off the cash itself. If it were me, I'd invest in nothing more risky than some CDs.

With the cash in the bank buying time, the immediate issue is getting an income. We don't know your industry experience or skills, but if you've been looking hard (you have) it's safe to say that search hasn't worked. You can still try that occasionally, but you need to start chasing other ideas. Related industry. Other skills or hobbies you could pursue. Lower paying jobs, certainly, but also lower levels of responsibility where you can be big fish in a small pond and advance once you are employed. Find a friend (or several) who can critique your resume and job search ideas and enlist help. Get your foot in the door and work up if you have to.

The most important thing you need to do is stop being long term unemployed and get a job, almost any job, as soon as possible.