I am not sure, I have a unique situation, but sm
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I am single too on 2008-11-16
In Reply to: Single person and bills - broke and broker
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My problem was no mortgage and being an IC. In October of 2007 I filed my taxes for 2006 (had an extension) and I got sucked for $7500 and then another $400 for penalties. In April of 2008, I got sucked for another $7600 and another $350 in penalties. There went my new car. There went paying off a debt I have been years working on. So, no I don't know how you do it and pay your taxes!
In 2008, I went to work as an employee. They will pay part of my taxes, they pay a fair portion of my health insurance premium, I have PTO and everything else. I was thrilled to work for only one place, till my tax accountant told me that in my circumstance, I would not be able to deduct any of my expenses because I can't itemize my taxes! He told me to work at least PT as an IC. I did for a time Jan-March and then quit. By May 1,2008 I knew I had to look for something. I ended up going back to work for the place I had quit in December 2007 to work for my employer. It turns out it is a 6-hour day on top of my 8-hour day. That was not the agreement, but it is the reality. I will be able to file as an employee and a Schedule C as an IC. I'll have my cake and eat it too.
I am saving 1/3 of after tax income, but I have very little free time and only one day off a week, if I have that much. I will meet my goals for a newer vehicle and paying off my debt next year, and that is great, but I will have had very little fun otherwise. I don't even have time to grocery shop most months, but I'd have money if I could get there. I am known for being a total workaholic and it is true.
The only thing I can tell you about making it all work is to scale down, down, DOWN! I went from a 2400 sq ft house in a large city, to an 1100 sq ft mobile home in a small town that has DSL. I bought the mobile home outright for a paltry $3K and while I don't own the land, my rent for that is only $75 (hence my tax problems). Where I live, it is so rural that the nearest Walmart is 60 miles each way, but it is best that Walmart and I should be parted that way. I get there perhaps 3 times a year, which is plenty. I eat at home. I make my clothing. I clean my own home. I do my own laundry. I pinch every penny I can figure out how to pinch, and then I pinch it harder. I gave away much of my furniture in this move and replaced it with second hand furniture that fits my new smaller home. The house was a real fixer upper and I have almost completed it...on a shoestring doing most of the work myself (but not this year). I grew up poor, I was poor when I was married and raised my kids poor. I am no longer poor, by the standards of where I live I am quite well off, but you would never know this by how I live. I run around in comfy sweats that are old, that is why they are so comfy! I live in a tin can and in a dirty little town full of wonderful people. I happen to be in love with my tin can which I have transformed into a very cozy, inviting home where guests love to visit...for tea in cups and saucers from the thrift store.
It is hard to make more money. I knew my energy limits and what I could and could not do. I made a conscious decision to work the money equation from BOTH sides...spend far less and make as much more as I felt I could. The end result has been better than I had anticipated.
As for getting out of MT, we are all pretty well in the same boat if we have been doing this for a long time. You might try a job center through where you live. Have them help you brush up your face to face interview skills, and see about how to present yourself as professional and capable. We have all been out of the fix your hair and makeup, actually get dressed and leave the house mode for a long time. I know if I were going out the door to work, I would need to follow this advice myself. I need some fine tuning, possibly so do you.
So stay in or get out, that is up to you. I thought I would give you why I have stayed in and how I did it. |
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- Single person and bills - broke and broker (Views: 518, 2008-11-15)
- HappyMT - MT2 (Views: 198, 2008-11-16)
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 I am not sure, I have a unique situation, but sm - I am single too
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