Lack of money is destroying us!

amother

Cerulean

Mon, Nov 02 2015, 12:52 am

I don't know what to do. Lack of money is detroying my family. We are not starving and the children are clean and fed, and happy. But I'm afraid soon they ll feel all the stress. The cc is huge ( I don't match the kids , buy on sale/thrift store and I pass down from one to the other, the bill is from grocery, supply house, business insurance etc). Dh told me today he is afraid he won't be alive to see the kids get married. He can't take the pressure anymore! Workers complains about salaries, we can't afford a raise.... Then they mistreat the clients and the clients complain...dh missed 2 days of work bec he can't take anymore! And things went flying!
And then we have the stress to deal with an investment. No $ for management, so we take care of things. More stress tenants, neighbors etc etc.
I'm Begging him to sell it and get over!!!! And to close the business and get a job! There is nothing wrong on being poor!!!! He can't think about it

amother

Lawngreen

Mon, Nov 02 2015, 9:31 am

Would he be open to having someone advise him about how to run the business? There are organizations that provide free or cheap business consulting. He can contact PCS or the Parnassah Expo. They can give him more advice or tell him who to talk to.

We are in somewhat of a similar situation. My husband borrowed a lot of money to grow his business. Unfortunately he refuses to do some basic, low cost things to help grow it, and so now we owe all this money, but the business is still not growing as it should. We keep telling the kids that the hard times are temporary, it's just because dh is in the process of growing the business. Unfortunately it seems like it may be permanent. He refuses to take any advice from anybody, I wish he would.

twogees

Sun, Nov 29 2015, 9:54 am

I have been using YNAB and it is AMAZING (would highly recommend). Helps you with putting the money you have where you need it. They have webinars you can watch to help you get started and can try for 34 days for free.

Last edited by twogees on Tue, Dec 01 2015, 4:00 pm; edited 2 times in total

SRS

Sun, Nov 29 2015, 11:24 am

If I understand it, you both own a business and you own an investment property and your husband is very stressed and you lack money.

Has your husband ever had a job as an employee? Can you sell the business or the investment and just be done? Would you lose money, break even, or make money?

I think you need to outline your real options and go from there.

shoshanim999

Sun, Nov 29 2015, 11:25 am

amother wrote:

Dave Ramsey financial peace university can help alot with this!
Alot!
9 week course

Tried and true

I'm not minimizing Dave ramsey's advice as I've never heard/ read it. However, at some point there is a simple numbers problem. When the cost of the bare bones necessaties accede the amount of money coming in, I can't imagine what advice can be given other than to make more money.

TwinsMommy

Sun, Nov 29 2015, 12:23 pm

twogees, what is YNAB?

I'm in a similar situation to OP---- we're fed and clothed and not on food stamps, but we're in debt debt debtttttt, no savings, we're in our 40's, don't own a home (we rent our house), etc. As long as we're not on food stamps we're doing better than at least half our community I assume (sad!)---- so we HAVE an income but it all goes to debt repayment.

amother

Mustard

Sun, Nov 29 2015, 1:40 pm

Op totally in same boat as you . My husband is in a different bussiness than yours, but situation is the same. we are facing big financial problems and husband is super stressed. . It's like all of the sudden the numbers just don't add up .we are covering basic living expenses but bussiness looks on terrible shape. But how much longer will out living expenses get covered I don't know . I have no advice for you, just sympathy . I know what that kind of stress feels like . I tell my husband , look we are leaving right before times of Moshiach and if we are to be hit financially than ok , that's not the worst thing. And I truly believe it.

GreenEyes26

Sun, Nov 29 2015, 2:21 pm

TwinsMommy wrote:

Not to minimize your frustrations, but I feel it's important to clarify that your husband works a very low-paying job by choice. Your financial situation could improve if your husband took a more lucrative job. I don't know if the OPs can.

amother

Green

Sun, Nov 29 2015, 2:26 pm

GreenEyes26 wrote:

How do you know her husband is in a low paying job by choice?

amother

Cerulean

Tue, Dec 01 2015, 11:27 pm

Swissmiss wrote:

Can you sell the investment?

Op here,
I wish!
He thinks we have to struggle to manage that investiment bec " in the future we ll marry off our kids with that money". It's a good investment, but we are just not able to afford. He can't see that.

amother

Cerulean

Tue, Dec 01 2015, 11:35 pm

SRS wrote:

If I sell the investment , we would have about 700k profit, that we would have to pay income tax if we want the money or flip it and buy something to avoid taxes.
An employee on his fields would make $1500/ week. It's a good number, but he can't see himself making that little.
The business can't be sold as it is a service business. We could close shop, but I'm not sure he would be able to start something else all over again

amother

Salmon

Tue, Dec 01 2015, 11:47 pm

shoshanim999 wrote:

I said the same thing..but then we started learning ramsey way and it really helped us.
we really dont make alot. less than 3k per month and we have come a long way using this amount even though our expenses are not little.
if op is making more than 1500 per week she should be pretty good with this.that what it seems like from her post..

out-of-towner

Wed, Dec 02 2015, 12:07 am

amother wrote:

$1500 a week is nothing to sneeze at.

It seems that the problem is that your husband has set his sites on making more than that, and invested in things that he thought had good chances of being lucrative. Which would be great in theory if it was working. But it isn't. And your husband needs to realize that. $1500 a week would get you a lot further than you are getting now.

And yes, physical and emotional health is just as important as financial stability. Stress can cause illness CV, and what would happen if one of you took ill?

Just some food for thought.

SRS

Wed, Dec 02 2015, 10:24 am

amother wrote:

You need a strong accounting team to work through your options. If there is 700K in profit on the property, you did well and it is a valuable investment and it might be in your interest to split it up into similar smaller properties.

Service businesses can be sold successfully. You need to plan and possibly bring in the buyer as an employee and then spin off as clients are maintained and relationships develop between this new person and the current clientele. Again, you need a strong team of accountants and lawyers for planning.

But you have a lot of good options with a profitable property and a service business. You need experts to help guide you.