Hey guys, I just got laid off from my job making 110k/year. Sole earner for family, wife, 3 kids. I have a little bit of runway to look for another job but I am looking for sound advice because I can't think straight right now and my wife is more hysterical than me.
I have 150k mortgage on a 350k home, payments $1360/month.
0 credit card debt, cars are paid off (older one worth ~3k and newer one worth ~25k), but I have 19k on a home equity loan with variable interest rate 4.25%. Min payment is interest only ~$70/month which is what I'm going to start paying now.
What I've been averaging: $600/month groceries $300/month preschool fee (ends in May) $190/month car insurance for 2 cars $100/month phones $150/month utilities $100/month internet/TV/Netflix $80/month gas Another 200-300 miscellaneous (but will cut back on this stuff now)
I have $14.5k cash and could burn through that money if I can't find a job in several months. I also have 90k in 401k that I can withdraw with the penalty if it gets really bad. So how crazy is it? I need phone/internet to look for a job. But do I pull my kid from preschool and go into hermit mode? Cancel TV and Netflix (which is only $10/month). Think about selling a car? Let the mortgage bank know and talk about changing terms?
Also, thinking about next job, do I hold out for six figure job or just take whatever (which I really don't want to do but will if I have no choice and if that's what makes sense). What's the best way to think about this? Do I take a job ASAP that pays way less, how much less makes sense? Just need sound reasoning. Thanks!
Submitted March 04, 2017 at 04:31PM by thr0wawayyyy1225 http://ift.tt/2mnY9b0
