Starting a biz, retirement & higer ed
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|Tue, 08-11-2009 - 12:57pm|
Hi all, I'm not sure if this is the right place and I posted this in 'Savings & Investing' and sorry for duplicate post. I really want to do something as much as I can at this time. I know that the economy is not so good right now, but I still believe in financial planning. Let's say I'm poor at financial planning by the fact I make small living and live in a high cost of living area. I've not opened my 401k past 6 years at the same place I work because I was still paying off my consumer credit plus other non-related consumer debt that I had no control over. I'm already in my 30s. I also thought about starting up a small biz using the money from my work to invest in it. Is it possible to invest in both 401k and business if I barely have the ends meet? The take home pay only barely covers all necessities such as rent, bills and food. One thing I'm grateful is that I have no children and am married but even my DH doesn't have 401k either because of the his debt. Our combined debt is fairly high but we're getting there to become debt free, which is our goal.
We've been doing the snowball method to pay off our debt. I even wanted to go back to school for graduate studies, maybe a MBA program while running a small biz from home. But I'm afraid of incurring further debt because my job doesn't really pay that well and can't keep up with payments. I've been putting off going to school because of the astronomical cost of higher education unless I get accepted at a state university which isn't too bad but it's competitive program so I don't know what's their acceptance rate. What's your suggestion? All I know we want to pay off our debt.