"???? Future"

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  Posted: Jan 16, 2010 06:21 AM

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  Maria

  Springvale, ME

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  I am a 49yr. Daycare Owner Provider, which has been run out of my home for the last 24 yrs., my husband is a truckdriver for the last 26 yrs., we (bank-own) our home for the last 21 yrs. We have refinanced 2-3 times during this time due to raising a family, the family has grown and left but we are raising our grandson and have for the last 7 yrs., we are in debt due to living and helping our girls get started in there own lives, it has caught up with us and we have realized this for the last ??? yrs. We both make decent money but are struggling week to week because of the bills and trying to pay off. At our age would it be better to sell and pay off all debt and have a nest egg from the sale of the home and start with a clean slate? I work 12-14 hours a day with daycare (which I do myself) and my husband works 14 to God Knows When on a daily basis. I really getting burnt out and he is not getting any younger. Is there a light at the end of the tunnel for us if we keep this old home?

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  Posted: Jan 27, 2010 02:26 AM
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  Ken Clamurro

  Folsom, CA

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  I've never seen a "clean slate" that stayed clean. Your question is mainly a judgement call. But where would you conduct your day care business if you sold the house? You would probably need to continue working anyway. Is your husband also self-employed?

  What types of savings vehicles are you using, if any, on a tax-deferred basis? Taxes are probably among your biggest expenses. Reduce them any way you can. What is your "hourly wage", and what is your husband's hourly wage? Can you increase the income and still be competitive in your respective "markets" for day-care providers and truck drivers. You probably need a competent planner to consider your total situation/income/expenses/taxes. Especially in the current real-estate environment, the question seems to be how to increase the income and/or reduce expenses. No easy answer springs to mind EXCEPT that you should not let being "burned-out" have too much influence in the decision-making process.