Seeking the advice of a tax attorney or a financial planner may be wise, particularly when you are selling your home or using it as security on a loan. But, do not let these advisers sway you from your core decisions. They are there only to give you advice on the smartest way to pursue the path you have chosen. Consider part-time or project-based work in the field you are moving out of to supplement your income during the transition. Also, look generally to part-time work as a way to slow your burn rate. Ask each eligible member of your family to contribute toward supporting the household.
Are you over-insured? Can you raise your deductibles? This often can reduce premiums significantly. Also, health insurance rates for small businesses, even those with one or two employees, are often more favorable than individual policies. Take a look at what you drive. Is it a “badge” brand imported car? Is it a “suburban assault vehicle?” There are many presentable, economical cars with good long-term reliability that can be purchased used. Sell your status symbol and buy one of these other cars instead. You will save on car payments, gas and insurance.
Let your children fund a little more of their own college education. Student loans are not a lifelong burden, and in fact many successful people have paid for their education this way. So can your children. They will still love you. Sweat the small stuff. Look at every element of your daily spending and ask whether it is necessary. Do you have features on your phone service that you never use? How many videos do you rent every week? (They are free at the local library, by the way.) How important are those premium cable channels? How many pizzas did you order last month?
Responses to 'The Difference Between'