![]() If the rental income goes away, we have two years' worth of the property's expenses in cash to cover rental costs. We purchased it with cash last year after selling some stock, and rented out our old house to a lovely couple who currently works from home. We're also trying to appreciate some of the positives, like having no mortgage for our primary residence. My wife and I plan to make use of the downturn by funding our kids' 529 college savings plan. My heart truly goes out to the millions of people who are struggling with much bigger financial problems. But we can all agree that the economy will eventually bounce back. Unfortunately, our living expenses also went up. In the early first quarter of 2020, our net worth actually increased by about 2.5%. (He keeps asking to visit the playground, but since public parks are closed, we just tell him it's "still being remodeled.") On top of that, imagine having a three-month-old baby who hasn't fully developed her immune system during a pandemic.ĥ. Our energetic three-year-old son requires 12 hours of daily non-stop attention. I feel foolish for not having a full-time salary to protect my family.Įven with all the dangers and uncertainties of Covid-19, my wife and I still have to put on a brave face for our kids every day. Financial security has always been a top priority, so I'm now second-guessing early retirement. We love our kids more than anything in the world, but early retirement is a lot easier when you don't have children. It has never been a more stressful time for parents. However, we expect to receive zero mortgage debt forgiveness, which means we'll have to accept the losses.Ĥ. ![]() If they start facing financial hardships, we will of course work with them to ease their burdens. But with more layoffs expected, things could change at any second. The good news is that our two tenants in San Francisco still have their jobs and are paying rent on time. And we'll keep losing that money for as long as the lockdown continues - while still paying the monthly mortgage of $2,480. But ever since the resorts across Nevada were shut down in March, we've been losing all rental income on our Lake Tahoe vacation property (about $3,000 per month). My wife and I own three rental properties. My plan was to start working as soon as possible, then hopefully retire again by 2022.īut in such a horrible job market, those plans have changed. So in early 2020, before the pandemic began, I decided that I had to re-enter the workforce to ensure we could keep up with the additional costs. (Married couples in California spend more on infant child care than anywhere else in the U.S.) We quickly realized that our expenses were going to increase with another child, especially in an expensive city like San Francisco, where the median cost of child care for preschool-aged kids is $1,526 per month. ![]() But something unexpected happened in 2019: My wife became pregnant with a second child. We had planned to retire early with just one child - our son, who is now three years old. My plan to re-enter the workforce has changed.
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