BootsnAll Travel Community

I have a bit of a problem that I know you folks could help me with.

I have a wife and 3 year old that would LOVE to travel or live somewhere exotic for 3 or 4 months of the year. We're all pretty open to any destination idea. But we have a problem.

We're tied down by the ratrace! My wife just lost both of her part-time jobs, one of which provided our health insurance. I absolutely love my job as a photo-retoucher/graphic artist and refuse to quit. I might talk them into a 2-month per year vacation or work-from-home deal. We have two car payments and a mortgage. Very little is left in savings due to her recent unemployment, but we've redone our budget and are saving again now.

On the upside, we have a 4 unit apartment building that I currently manage and brings in $300-600 per month.

So my plead for help: Is it possible... realistic... or sane to believe we could live in Greece (randomly chosen) for Jan-Feb in comfort, and not come back broke?? How could I justify spending $10k on a trip instead of putting money down on another rental property or paying off a car? How can I creatively make this thing work without the typical answer, "get a second and third job.. don't eat, don't sleep, just work and think of your trip."

That's a real jumble of issues....how to sort them out....yes, they need to be sifted through, organized.

Issue (1) you're broke, underemployed, in debt
Issue (2) you have a young child
Issue (3) you want to travel
Issue (4) you want/need to build a future for your family

As an outside observer I would say that living overseas for a couple of months a year....would be a financial disaster in both the short and long term. It takes money to live no matter where you are. And when you come back from the travel you can't afford--you'll be deeper in the hole than ever, without a home or job or a car. Your car will likely be reposessed by the time you get back, or you would have to sell it before you go.

During the stage of life where one is building a family and one has young children, well....one is generally stuck on the home front making a living and raising kids. This takes years of hard work.

Of course I understand that the circumstances are not what you expected your life to be right now, that you're disappointed that existance seems to consist of doing things you really don't want to do while you'd much rather be doing something else. Yeah buddy, all of us with kids and family have been there.

Just hang in there for now at home and try to maintain stability. Kids need that. Things get easier as they get older. Keep the dream alive, take care of the fam, travel later when you are in a more stable financial circumstance. It will come.

I wish you every future success.

Besides reducing your expenses, like not eating out as often and coupon cutting, basic cable, library not book store, etc. You are investing those little scraps of savings... right? Compound interest doesnt suck.

Cars are depreciating assets! They work as a status symbol some times, but not in a way that recoups money. The new car smell isn't worth it. They don't have to look good, or ride like a new one... just get you from point a to point b.

Sell the two cars, buy two (one if you can swing it) used ones with cash. Even you can only swing for one at a time... Set aside a few months car payments for whatever breaks. My suggestion: early 90's honda with less than a hundred thousand miles, preferably a stick shift.

Safe, Low insurance, low fuel costs... and less than a thousand bucks. Drive till the wheels fall off, rinse, repeat.

Theres 200-300 dollars per car, per month. You could buy another every 6 months! Instead save, or better yet invest (CD's are better than a checking account if you get my drift...) 1200 bucks per 6 months per car. 4,800 a year (at the low price of only 200 bucks a month!)

Can you telecommute as a graphic artist, do some freelancing? Perhaps that avenue while not as well paying could help the travel fund?

Could you teach in a far away place the trade you know?

(Pay off your debt first... but change your job situation so you are upwardly mobile. You know you want to sell the house and move into an RV, or boat...)

If you're not telecommuting and its a possibility then start with that. I don't know the public transport issue and other practicalities of where you live but often families really CAN do with only one car, they just don't want too. Getting rid of one of your cars could save you significant money. If you're working from home or your wife is not working then I doubt you need two cars.

What is your wife's plan for future employment? Is she really wanting to be able to be home with the kiddo? Looking for a fulltime or another part time job? If she's going back to work then focus on getting a job with insurance. Especially with a child you can't afford to not have it. My suggestion would be anything in a hospital, or government organization. Generally decent salaries and good benefits, including retirement. There are all kinds of administrative jobs and all different types of skills needed.

I noticed you said you manage the apartment building but don't own it? If the market is in your favor and I were you, I'd sell my house and move into the apartment building, keep managing it. You'd most likely be saving loads of money on your monthly expense, hopefully make a lot when you sold the house and you'd still have the income from managing the building.

There are certainly things you can do to drastically cut your costs without living in a sucky situation and obsessed about every dollar. The question is- what do you want to do? What is it worth to live in your own home? Could you live closer to town and thus not need either car? What type of jobs are you and your wife willing to do? All of these things will require some change in your lifestyle. It sounds like you and your wife need to sit down and think about what you are and are not willing to give up. If you go in thinking 'oh its going to be horrible and inconvenient to do this' then it will. If you're working towards a goal you really want and making compromises you are truly happy with then it'll be great, still challenging, but great.

Just don't get so into wanting to run away to somewhere different that you forget to properly provide for your here and now.

thanks for the replies!

We've decided to sell my car. it has the highest interest rate, and has a much greater fuel cost. We've been carpooling for the last few months anyway, so it won't be that much of a change.

We do own the apartment building, and when fully rented makes enough to pay for itself, my house payment, and one car payment. My wife is planning to take a part-time odd-job somewhere without benefits. We've also cut our babysitter which saves $300 a month.

I'm working out with my job so I'll be paid as a contractor. This means taxes won't be taken out, I'll have to pay them at the end of the year. With the extra money on each check, we're buying private health insurance, which is fully tax deductable at the end of the year... so it'll balance out in the end.

On paper, things are looking pretty good!

quote:

I'm working out with my job so I'll be paid as a contractor. This means taxes won't be taken out, I'll have to pay them at the end of the year.

Actually, you will have to pay them quarterly. If you wait until the end of the year you will be paying penalties on top of your regular taxes.

you're right. I found that out the hard way in 2005, lol.