Helpful people of Reddit only please. No jokes or sarcasm please, rude advice or comments will be ignored.
I am in need of financial advice and here is our situation. My wife and I are both 31. Back in 2014 I started my own IT business due to being frustrated with unstable employment. I am qualified and have plenty of experience in my field. My wife is an educator with a master’s degree and makes about 56k a year, back in 2014-2015 my business started making about 90k a year due to an existing connection I had with a guy who got me plenty of business. To make a long story short, a good portion of those clients are now gone due to personnel changes and etc. We did take a risk and went ahead and got a house built last summer for about 240k. Our mortgage is around 1900k a month.
My wife has always supported me for this business dream and I am now going on my 3rd year, but with way less income. Now down to about 27k a year due to big client loses. We have about 43k (was about 70k) left over in a money market for now, about 25k was spent on the house and down payment.
To make a long story short, I am in a situation where I know business takes time to grow and I am no longer able to save about 3k a month and live off one income. We also have no money left over after all the bills since my business needs more clients now. Basically my wife is the bread winner for now in hopes of my business doing better in the future. But it’s hard when you go from 90k to 27k a year and I need more money, but it takes time for people to do business with you and get clients.
We have about 3k left on an auto loan - $520 a month car note maturity date due in August 2017, but school loans will be back active next year 2018. $1600 credit card - $40 a month $400 credit card - $30 a month School loans we have to defer since we can’t to afford to pay at the moment – around $500 a month About 60k combined student loan debt (mines only 13 or 14k)
The bottom line is we have no money left over after all the bills and necessities and wondering if I should stick out business for another year or two (which I strongly desire) or should I find some kind of evening job until my business gets back off the ground. Take home is about 3600 a month and we have nothing left over after all the bills, just trying to think of the best way to handle this and stop the financial bleeding.. We do not want to sell our house and we are first time home owners. Sometimes business makes me feel like I just want to get a normal job with a steady income, but I’m trying to stick it out and be confident that my business will be successful in the next year or two. Sorry for being all over the place, I was just typing as it came to me.
Submitted February 07, 2017 at 10:15AM by yoman2017 http://ift.tt/2kic0f4
