Blogging Away Debt

When absolutely everything is up in the air…again

If you’ve read BAD for more than a few years, you know that my life has been a roller coaster to say the least. Not what I wished for, planned for, or always my fault. I have to own that some of the challenges are due to my poor planning and preparation. But, ugh, I just feel like I never get a break.

So once again, everything in my life is up in the air…

I’ve been told that my contact job will end in February at latest. (I actually have a call with my boss today unexpectedly so that doesn’t bode well.)
While my mom’s health continues to decline, my dad must now start some treatment of his own which puts a greater burden on my 3 (of the 4) siblings who are supporting my dad as primary caretaker for my mom. They will now also need to step up more for my dad.
My adopted/not really adopted daughter has been arrested and it does not look good. Her bond was set at $19,400 (no property bond allowed). I just can’t swallow putting down almost $3,000 to get her out for what would be temporary since she did and admitted to doing what she is charged with. And I feel like a terrible person for that. Just terrible.
Gymnast has been unable to find another job. Because of his age his options are really limited here. That really puts a damper on his delays to move and have several months of expenses saved. I know this is not my problem and, of course, he is welcome to stay here. But he doesn’t need to stay here. He needs to be in a bigger city with more opportunity.

Decisions, decisions, decisions

And probably the worst of it…the absolute worst, is that my mental health is really suffering. All the upheaval of last year with the loss of my dream job/team, failure of my new contract to permanent position to materialize, failure of my relationship, and the unexpected overwhelming sense of loss I am experiencing as I face empty nesting, I just can’t seem to get my head on straight. I have always been a see what I want and go get it kind of person, decisive, and never wavering in my confidence. All that…yeah, like poof gone!

chaos going on in the brain

Work

First priority, securing work. I’m putting in applications like it’s going out of style. I have opened up the possibility of relocating, working onsite, hybrid or continuing remote. This is huge for me as I have been remote for almost 20 years. But with no kids to care for anymore, there is really no reason to not be open to anything out there.

I am super proud of my newly revised resume. But I am floundering big time in my career path. The other day I googled “jobs that let me love people.” I know, crazy. Purpose and passion – this is what I need. I suppose this stems from the empty nest and not having anyone to care take for anymore. Who knew that would be such a big loss versus freeing as I expected?!? I’ve also got and had several calls with recruiters so I am doing what I am supposed to.

In addition, I am considering revitalizing my business, but it’s not my first choice and what I would do…still very fuzzy.

Texas Bound

My family has certainly mentioned on a couple of occasions that I should think about moving there. And I did add it as an optional location for relocation in my job search. I know my siblings could use the help with my parents, but they also understand why it’s been important for me to be here with my kids. I am certainly applying down in the Texas area.

Frankly, though, the thought of a move to a higher cost of living area, housing insecurity, and all, just scares the crap out of me. (Pardon my french there.)

Kids

I would really prefer not to leave Georgia until Princess finishes school. I’m sure that’s just me, but I feel like she does still need me, at least sometimes. And History Buff is just getting back on his feet – good job, back in school. And Beauty may be going to prison for a while but would need somewhere to go after.

One day at a time

Can you tell I’m just feeling overwhelmed by everything? The pressure of the unknown is hitting me from every angle. Needless to say, I’m making minimum debt payments until the job situation is resolved. And hunkering down as best I can, this job market is tough with all the layoff of super talented people.

CPA & Financial Advisor Update

by Ashley

This is the third year that my hubs and I will file as “married filing jointly” for tax purposes. At the start of the new year, I thought it would be a great time to get some financial affairs in order. I set up meeting/consultations with a CPA and with a financial advisor. While I wasn’t “sold” on either of their services at this point (I think I want to have consultations with a couple other folks, too), the meetings did give me lots of fun ideas that have been swirling around my head.

Financial Advisor Meeting

First – I’ve got to open up a Roth IRA. My dad was a financial advisor when I was young and that was the most salient financial tip I remember ever getting from him – to open and fully fund a Roth IRA. Unfortunately, I went to college, got 6-figure debt, and never did follow his advice.

Meeting with the financial advisor last week, that was his tip that I’d like to implement – open a ROTH! It’s time! It’s BEYOND time! He also recommended some type of “investment” strategy operating through life insurance. I’m very leery about that as financial advice and have no plans to do that. I currently have 20-year term life insurance and hubs has a policy through work. We’re happy with our coverage.

CPA Meeting

The second idea came from the CPA and is not something I plan to implement right now, but is a fun idea for down the road to reduce our taxable income and help set my girls up on the right foot, too. The idea is for us to open an LLC and pay our kids to help us with the business.

According to 2022 guidelines, kids can be paid up to $12,950 without paying any taxes on the income. The first $6,000 of that can be put directly into a Roth IRA in the child’s name, to grow tax-free throughout their life. We already have 529 savings for the girls’ educational expenses, but it would be nice for them to have a Roth given that it doesn’t have the same restrictions for qualifying purchases.

Right now there’s no plans to open up a business. But I could see this being something I look into in another couple years (after I’m debt-free and more focused on financial growth). I already have an idea for an internet-based company that can easily be done part-time and the girls can really help with it. Whatever I pay them reduces my taxable income, as well.

What are your thoughts? Do you pay for financial advising and/or tax preparer/CPA services? Any critical pieces of advice to share?