So I’ll admit, I do occasionally have a melt down about finances. Generally I feel very in control, but about every other month it happens and I start questioning our entire way of living, our budget, our financial strategy. Needless to say this makes the evening unpleasant for Dad when he gets home from a long day of work.
Here’s our current issue. This month’s budget, surprise surfreakinprise, is out of control – close to $7500 – and that doesn’t include fees I have to pay for my real estate business which will run about $1000 this month. Usually I have a cushion in my business account and our checking account that prevents me from becoming a shivering, quaking mess sitting on the couch staring at the wall and snapping at whatever happens to come in my path.
However, my business has a problem. I sell foreclosures exclusively. I don’t have clients where I go to their house and tell them how pretty it is, nor do I drive buyers around looking at pretty houses. Most of the properties I sell are priced under 50k and are damaged and ugly. My largest client currently makes up 100% of my inventory, and I have 10 properties under contract waiting to close for a total of around 25k in commissions. The problem is they all have the same title issue and can’t close. There is no timeline, some of them have been on hold for over 90 days. They could be on hold until next year. Which means I don’t have an income until January.
If you do the simple math, it’s impossible to live off of Dad’s salary which, after taxes, is $5500 per month. We do have savings, but I SOOOO don’t want to tap into them! I know most people would think that $5500 should EASILY cover us, after all our mortgage is only $1350 and we only have the one little baby. But after all is said and done we really spend a lot. And Christmas is coming.
I’m dying to buy another house to make more passive income, but it’s hard to buy assets when you’re scared of the monthly nut.