Being single gets me nowhere in life $$
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| Sat, 04-29-2006 - 3:52pm |
I've just sat down and taken a good hard look at my finances, and it's pretty grim.
Due to a divorce, I had to file bankruptcy, and let the house fall into foreclosure last year. I want to focus on starting my life over and re-gaining the life that I thought I was going to have with my ex-husband, and that includes getting out of renting and back into my own place in a few years.
Well, at this rate, it seems like I'm doomed.
I make just over $13/hr, and as a single woman making that kind of money, there's no possible way I can ever buy another house of my own, unless it's in Crackville. Even once my car is paid off, based on the percentage rates people have been telling me that I'll get because of the bankruptcy (up to 12%, yikes!), the price range I'll be looking at on my salary is around $50,000. Therefore, the only houses I can afford are on the wrong side of the wrong side of the tracks--it's that bad.
So now I'm just really depressed. Am I doomed to live the rest of my life in this apartment?

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I feel for you. Housing prices have gone nuts over the past couple of years. Since there isn't much hope of them dropping significantly, the other way to approach this equation is to get your income up. Is there any way you can go back to school for something that would pay better? My mom went to nursing school at age 45 after being laid off from IBM and is now making more $ than she ever would have if she stayed, and she could get a job practically anywhere now, including rural areas where housing is cheap. A lot of medical careers are hot right now because of the aging baby boomer population. Or maybe teaching? There is supposed to be a shortage of teachers over the next 10 years as well. Just a suggestion.
Heather
{{CJ}}
I'm sorry to hear that things are looking so bad. I hope that you found some suggestions in here to give you some hope.
My first reaction was also to up your income. I was in that income bracket and managed to get into my first HUD home with that income but I agree that it is not nearly enough for a single income household. My lifestyle (including my home) was not what I wanted it to be so I sucked it up, took a student loan (I don't regret the loan but do wish I had taken less and worked although I don't believe I would've learned as much in school), went back to technology school and now I earn 2x annually what I used to earn and have the future of higher and higher salaries to look forward to. I think you could spend the next few years while you need to let your credit score recover anyway working toward a new, more lucrative career if you so choose.
I personally decided it wasn't my single marital status that was holding me back but my career choices. Do you think that might be the case for you too? Maybe investing in a few career books (I really like the What Color is your Parachute books if you have no idea what your options might be) or even a career coaching session or 2.
Peg
I totally hear ya, and feel your pain. I, too, had a huge lifestyle reduction as a result of divorce and a financial trainwreck of a custody battle. Fortunately, I didn't have to declare bankruptcy, but every dollar I got in the joint property settlement is now owned by my attorney.
I rent a home, too and would dearly love to buy, but with the kids' expenses, debt, and LIFE in general, I'm having a hard time saving. Kids are college aged now and getting only minimal help from dad. I earn a good living, thankfully, but with my family's needs, I still live paycheck to paycheck and if an emergency comes up, I scramble.
Do you have children? Are you able to work a moonlight job? Would getting more education/training make you a higher earner?
If I didn't have kids, I'd share housing with another single woman and work two jobs until I'd paid off enough debt and saved enough $$ to buy. I've always hated living in apartments. I like space, privacy and a garden.
I'm also considering proposing a rent-to-own contract to my landlord. When I moved in here, she said she eventually wanted to move back into this home in a few years, but circumstances are changing for the both of us.
I agree with the poster who said, you're going to have to get really creative.
ITA w/ your post. I don’t think the “problem” of the poster is that she’s single. The “problem” if you will is salary. And this would be true for anyone – married or not. There are some households where one person is disabled or laid off or can’t find work for whatever reason and the other person makes under $30K/year. So the household income is still low.
You’ve gotta work with what you’ve got. If you don’t like your situation – change it. Think long and hard about what it would take and make it happen. You may not have an overnight success story but at least you can have the feeling that you’re working towards something. Think about going back to school or about getting a part-time job – whatever you need to do to reach your goals. Oh, and when you make more – don’t start spending more. Keep the same standard of living and “bank” the extra income. What about selling Mary Kay or Avon? I truly believe where there’s a will there’s a way. Find your way.
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