In trouble with finances

[Anonymous]

I think I am in trouble financially and can’t sleep anymore. I had a small business that failed due to COVID and then inflation right after. Tried to keep afloat. Have 3 kids not in college yet - I am 50. Have 500k saved, no i inheritance and 1.3M in home and investment property. After so many years in business, I am applying companies and not getting any interviews. Too late to go back to school - I already have a grad degree. I feel like I failed my family. Anyone else have to start over at 50. It is so scary and I may get sick from all of this. My retirement was in my business which failed

[Anonymous]

I saw this story on the news recently, about what a man in similar circumstances did.

https://www.nbcnews.com/nightly-news/video/custodian-teaching-students-how-to-sweep-their-chess-competition-177397829898

Schools are in need of teachers now, and you’d get health benefits plus retirement. You still have time for a whole new career.

[Anonymous]

What is your degree and what income do you need?

[Anonymous]

Are you married? Agree that teaching is a good option. What are your skills? I hire Junior project managers with limited experience at $65k and they can grow to make $150k or so with dedication and some years of experience.

[Anonymous]

OP, it will be okay. Seriously.

First step. Forgive yourself for the business failure. A lot of excellent entrepreneurs couldn't foresee or navigate the global pandemic or the government shutdown of various industries.

Next step. Stop trying to keep up with the Joneses. This is THE most critical step. Get off DCUM and get on Mr Money Mustache. Stop trying to spend money to impress people you doeven like. Get your spouse on the same page, if possible.

Your kids will do just fine a cheaper schools, or 2 years of community college and transferring. Seriously. Just have an honest conversation with them so they have reasonable expectations.

You have built more of a nest egg than most Americans and you can retire to a LCOL place. Perhaps internationally. I know people who live very nice quality of lives as expat retirees.

A second career is totally okay, and it might refresh you. Hardworking people can thrive anywhere.

You can do this.

[Anonymous]

Become a teacher, janitor or Amazon warehouse

[Anonymous]

Try not to think of it as “starting over,” more like “changing course,” which means using the skills and inherent qualities (work ethic, organizational ability) you already have but in a different setting. This could be teaching or writing or whatever.

[Anonymous]

It may help to do something to bring money in, just for your self confidence. I’m 54. If I couldn’t use my nursing license I would be a nanny, they are paid well and I’d be working.

[Anonymous]

Bus driver
Nanny

[Anonymous]

You have a house. Babysit some kids. Much harder to do in an apartment where I live. Don't touch the $500k. It will grow a lot.
You have so many things going for you. 50 is not old, your own kids should be fairly independent, you didn't say anything about your health being bad and you have an investment property.
Teaching was my first thought also.

[Anonymous]

You have $500,000 cash?

Is your home paid for? You have 1.3 million equity in real estate. Many would say you are wealthy. If things get desperate Mr Money Mustache will tell you to sell your real estate and move into smaller/cheaper in a low cost of living area.

Have the 3 kids start working jobs at 16.

Look into the school system: bus driver, janitor, lunch lady, teacher

Drive for Uber or Lyft

Work for Amazon

Hang out on Mr Money Mustache website

[Anonymous]

(a) Move into a smaller home
(b) Agree with PP that you could easily get a provisional teacher's license and start teaching. ANYWHERE.

[Anonymous]

Are we sure OP is a woman? He might not be able to be a nanny or lunchlady if not.

[Anonymous]

Anonymous wrote:(a) Move into a smaller home
(b) Agree with PP that you could easily get a provisional teacher's license and start teaching. ANYWHERE.

OP here - how do you get provisional teacher license without going back? Our mortgage is actually low so we don’t have to move into smaller home

[Anonymous]

Montgomery County partners with Montgomery College for the ACET program.

https://www.montgomerycollege.edu/academics/abeess/school-of-education/alternative-certification-effective-teachers.html

Montgomery County
Title of Program: MC/MCPS Alternative Certification for Effective Teachers (ACET)
This program earned continued State Program Approval in 2015.
Partners:
Montgomery College
Montgomery County Public Schools
Certification Areas:
Biology (grades 7-12)
Chemistry (grades 7-12)
Computer Science (grades 7-12)
English (grades 7-12)
Mathematics (grades 7-12)
Middle School Mathematics (grades 4 - 9)
Middle School Science (grades 4 - 9)
Physics (grades 7-12)
Technology Education (grades 7-12)
World Languages (PreK-12) (French and Spanish only)
Alternative Certification for Effective Teachers (ACET) Website
Contacts:
Glenda Hernández Tittle, PhD, Montgomery College, School of Education, Program Director
for ACET, Professor/ Program Coordinator, Rockville Campus, ACET College Supervisor
Debra Poese, Director, Elementary/Secondary Teacher Education Partnerships, and
Professor, Mathematics, Montgomery College
[e-mail] 240-567-7269
MCPS 301-315-7390