At what salary is it not worth it to work?

[Anonymous]

Anonymous wrote:OP - right now $45 works out like this. I am getting $20 an hour unemployment. So actually $25 an hour. I am all in since live in MoCo so almost 30 percent tax bracket so like another $7 off. Plus payroll taxes. SS etc another buck off.

So making $17 an hour.

If job had medical would do it. Cobra and mortgage are my biggest expenses. If unemployment ran out would do it.

My bills are at point $17 does nothing. In fact if I wanted Obama care might also be an issue.

I need around $145k to pay the bills. Remember that is taxable. But even at $145 can’t contribute much to 401k as need the income.

I think I can land a job soon. But to be honest it may be my last one.

No you are looking at this weird. If you are currently getting $20/hr unemployment, then this job would be $37/hr after taxes. It’s not $17 just because you are currently getting $20. You aren’t “earning” $20/hr now. Your getting what is basically an insurance payment on not having a job.

I think it’s a risk not to take it unless you have something permanent lined up. Cut your expenses as much as possible, and save everything you can from the contract income. Then when you get the permanent job, you can relax and will have funds saved up.

If your goal is to retire soon, why not take advantage of the chance to earn money now and add to your retirement funds.

I get not wanting to take the job, I’ve been there, but it sounds like you have debt and expenses and could be risking a lot by forgoing this income now.

[Anonymous]

Anonymous wrote:OP - right now $45 works out like this. I am getting $20 an hour unemployment. So actually $25 an hour. I am all in since live in MoCo so almost 30 percent tax bracket so like another $7 off. Plus payroll taxes. SS etc another buck off.

So making $17 an hour.

If job had medical would do it. Cobra and mortgage are my biggest expenses. If unemployment ran out would do it.

My bills are at point $17 does nothing. In fact if I wanted Obama care might also be an issue.

I need around $145k to pay the bills. Remember that is taxable. But even at $145 can’t contribute much to 401k as need the income.

I think I can land a job soon. But to be honest it may be my last one.

Who the heck is paying your expenses in the meantime!?

[Anonymous]

If you need $145/hr to pay the bills, you have over extended yourself.
Time to downsize.

[Anonymous]

Anonymous wrote:

Anonymous wrote:OP - right now $45 works out like this. I am getting $20 an hour unemployment. So actually $25 an hour. I am all in since live in MoCo so almost 30 percent tax bracket so like another $7 off. Plus payroll taxes. SS etc another buck off.

So making $17 an hour.

If job had medical would do it. Cobra and mortgage are my biggest expenses. If unemployment ran out would do it.

My bills are at point $17 does nothing. In fact if I wanted Obama care might also be an issue.

I need around $145k to pay the bills. Remember that is taxable. But even at $145 can’t contribute much to 401k as need the income.

I think I can land a job soon. But to be honest it may be my last one.

Why? This seems insanely high. Are you the primary breadwinner?

I have a stay at home wife and three kids, three cars and a mortgage.
Right now living off
$2,800 unemployment
$1,500 rental income
$2,000 interest income

But once unemployment runs out and cobra dies I am in trouble.

My wife wants me to land a good job, make it last 3-5 years and get rid of mortgage. I have two ok college right now but that was saved for already.

She is absolutely positively not going back to work ever if I am unemployed.

I am also screwed as can’t refinance or move with no income.

Am I crazy? I Can’t downsize as youngest four years to HS graduation and can’t sell rental as I use that income. My town rents are sky high. I could not afford to rent my own house.

[Anonymous]

I mean, you are crazy for wanting to turn down a job that would provide needed income until you find a permanent position. Especially since you are potentially looking at a massive problem when Cobra runs out if you don’t have health insurance by then.

Take the job. What is the issue? You can work, you are not retired, you need money. You have a job offer. Take it.

[Anonymous]

Anonymous wrote:I mean, you are crazy for wanting to turn down a job that would provide needed income until you find a permanent position. Especially since you are potentially looking at a massive problem when Cobra runs out if you don’t have health insurance by then.

Take the job. What is the issue? You can work, you are not retired, you need money. You have a job offer. Take it.

It is not a real job, it is contracting. No benefits. I have also been interviewing and applying for a good job, that eats up 20-25 hours a week. Also I am using time to catch up on doctors appointments, maint, repairs, stock trading,

I am fearful of long term unemployment but also fearful of taking contracting jobs that keep short selling me more and more. Eventually, that will be a joke too. My old boss, he literally sat on beach for one year in NJ waiting it out for a good job. It came. I also dont want to sell my house as I will never buy another house like this. My house is big and worth a lot. But it is gas heat, no HOA fees, decent property taxes and I only have 530K left on mortgage. If I can get one good job, bang it out I am set. But this BS low job, does nothing.

But it is weird, I got a haircut for first time in awhile my regular person. She was going on about stuff. She asked me about my job. I said I am unemployed. She was a bit confused as I am out of work one year almost, if I dont count the five month contracting gig in middle. I got two
kids in college, a mortgage, stay at home wife and no job.

But I cant go work in mcdonalds, or kohls or cut hair. It wont help. This week have a dental cleaning and I guess will hear the same thing from her. Yet no one has a job for me. I love to work for Gov, SEC, Fed but those jobs take years to get. I love to work a non profit but got turrned down. Ironcially it was helping the poor, yet they dont hire unemployed people

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP - right now $45 works out like this. I am getting $20 an hour unemployment. So actually $25 an hour. I am all in since live in MoCo so almost 30 percent tax bracket so like another $7 off. Plus payroll taxes. SS etc another buck off.

So making $17 an hour.

If job had medical would do it. Cobra and mortgage are my biggest expenses. If unemployment ran out would do it.

My bills are at point $17 does nothing. In fact if I wanted Obama care might also be an issue.

I need around $145k to pay the bills. Remember that is taxable. But even at $145 can’t contribute much to 401k as need the income.

I think I can land a job soon. But to be honest it may be my last one.

Why? This seems insanely high. Are you the primary breadwinner?

I have a stay at home wife and three kids, three cars and a mortgage.
Right now living off
$2,800 unemployment
$1,500 rental income
$2,000 interest income

But once unemployment runs out and cobra dies I am in trouble.

My wife wants me to land a good job, make it last 3-5 years and get rid of mortgage. I have two ok college right now but that was saved for already.

She is absolutely positively not going back to work ever if I am unemployed.

I am also screwed as can’t refinance or move with no income.

Am I crazy? I Can’t downsize as youngest four years to HS graduation and can’t sell rental as I use that income. My town rents are sky high. I could not afford to rent my own house.

You're on unemployment. You're only supposed to receive that until you find work. You found work, now go work. Beggers don't get to be choosers.

Congrats, OP, for being the poster child for why Republicans didn't want to extend pandemic unemployment benefits.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP - right now $45 works out like this. I am getting $20 an hour unemployment. So actually $25 an hour. I am all in since live in MoCo so almost 30 percent tax bracket so like another $7 off. Plus payroll taxes. SS etc another buck off.

So making $17 an hour.

If job had medical would do it. Cobra and mortgage are my biggest expenses. If unemployment ran out would do it.

My bills are at point $17 does nothing. In fact if I wanted Obama care might also be an issue.

I need around $145k to pay the bills. Remember that is taxable. But even at $145 can’t contribute much to 401k as need the income.

I think I can land a job soon. But to be honest it may be my last one.

Why? This seems insanely high. Are you the primary breadwinner?

I have a stay at home wife and three kids, three cars and a mortgage.
Right now living off
$2,800 unemployment
$1,500 rental income
$2,000 interest income

But once unemployment runs out and cobra dies I am in trouble.

My wife wants me to land a good job, make it last 3-5 years and get rid of mortgage. I have two ok college right now but that was saved for already.

She is absolutely positively not going back to work ever if I am unemployed.

I am also screwed as can’t refinance or move with no income.

Am I crazy? I Can’t downsize as youngest four years to HS graduation and can’t sell rental as I use that income. My town rents are sky high. I could not afford to rent my own house.

You cant sell the cars?

[Anonymous]

You have three kids, OP. Tell them to get a job to contribute to the family. Tell them to eat less, too.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP - right now $45 works out like this. I am getting $20 an hour unemployment. So actually $25 an hour. I am all in since live in MoCo so almost 30 percent tax bracket so like another $7 off. Plus payroll taxes. SS etc another buck off.

So making $17 an hour.

If job had medical would do it. Cobra and mortgage are my biggest expenses. If unemployment ran out would do it.

My bills are at point $17 does nothing. In fact if I wanted Obama care might also be an issue.

I need around $145k to pay the bills. Remember that is taxable. But even at $145 can’t contribute much to 401k as need the income.

I think I can land a job soon. But to be honest it may be my last one.

Why? This seems insanely high. Are you the primary breadwinner?

I have a stay at home wife and three kids, three cars and a mortgage.
Right now living off
$2,800 unemployment
$1,500 rental income
$2,000 interest income

But once unemployment runs out and cobra dies I am in trouble.

My wife wants me to land a good job, make it last 3-5 years and get rid of mortgage. I have two ok college right now but that was saved for already.

She is absolutely positively not going back to work ever if I am unemployed.

I am also screwed as can’t refinance or move with no income.

Am I crazy? I Can’t downsize as youngest four years to HS graduation and can’t sell rental as I use that income. My town rents are sky high. I could not afford to rent my own house.

You cant sell the cars?

No... OP has to keep up with the Joneses.

[Anonymous]

OP I have not touched any of my assets entire time unemployed. And no I was not offered a job. I get these crazy offers from Indian body shops that are usually scams at $40 an hour.

Getting in unemployment and cobra was a headache.

My kids do work. But that is to cover their expenses at school. I pay their tuition and room and board. I can’t sell cars. My daughters use two of them summer jobs and third is wife’s car.

I can’t touch 401k as not 59.5 yet and it is taxable income.

I am not keeping up with Jones’s I don’t even know my neighbors and don’t work. I don’t even see anyone.

My wife is finding it embarrassing I am home. But me doing BS low pay contracting in WFH not much better.

[Anonymous]

Anonymous wrote:OP I have not touched any of my assets entire time unemployed. And no I was not offered a job. I get these crazy offers from Indian body shops that are usually scams at $40 an hour.

Getting in unemployment and cobra was a headache.

My kids do work. But that is to cover their expenses at school. I pay their tuition and room and board. I can’t sell cars. My daughters use two of them summer jobs and third is wife’s car.

I can’t touch 401k as not 59.5 yet and it is taxable income.

I am not keeping up with Jones’s I don’t even know my neighbors and don’t work. I don’t even see anyone.

My wife is finding it embarrassing I am home. But me doing BS low pay contracting in WFH not much better.

Wife won't get a job to help out?

[Anonymous]

Did you say you have been unemployed a year? Unfortunately, you need to face reality that you may not find a job comparable to what you had before anytime soon. You need to start taking these consulting gigs and that is your business for now. Also, your wife needs to lose her attitude and go to work. My son asks me why I work bc he knows what his dad makes. I work so that I can ramp up (I’m part time) if I ever need to. Also, what salary do you expect to get that will allow you to pay off a $500,000+ mortgage in a few years. You need to have a reality check discussion with your wife, think about downsizing (possibly to a less expensive town) and start taking any jobs that find your way. Your son won’t be happy but he will survive if you are honest. Good luck.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP - right now $45 works out like this. I am getting $20 an hour unemployment. So actually $25 an hour. I am all in since live in MoCo so almost 30 percent tax bracket so like another $7 off. Plus payroll taxes. SS etc another buck off.

So making $17 an hour.

If job had medical would do it. Cobra and mortgage are my biggest expenses. If unemployment ran out would do it.

My bills are at point $17 does nothing. In fact if I wanted Obama care might also be an issue.

I need around $145k to pay the bills. Remember that is taxable. But even at $145 can’t contribute much to 401k as need the income.

I think I can land a job soon. But to be honest it may be my last one.

Why? This seems insanely high. Are you the primary breadwinner?

I have a stay at home wife and three kids, three cars and a mortgage.
Right now living off
$2,800 unemployment
$1,500 rental income
$2,000 interest income

But once unemployment runs out and cobra dies I am in trouble.

My wife wants me to land a good job, make it last 3-5 years and get rid of mortgage. I have two ok college right now but that was saved for already.

She is absolutely positively not going back to work ever if I am unemployed.

I am also screwed as can’t refinance or move with no income.

Am I crazy? I Can’t downsize as youngest four years to HS graduation and can’t sell rental as I use that income. My town rents are sky high. I could not afford to rent my own house.

Earlier you said one of your expenses is childcare--but you have a SAH wife AND the youngest is in 8th/9th grade? Why would you need childcare?

You can still downsize.
Why do you need 3 cars? You don't. Sell at least one.

Actually, you can sell 2. You aren't working, your wife is "absolutely positively not going back to work"--there is no need to have multiple cars just sitting in a driveway.
One car to run errands/you to attend interviews is plenty.

[Anonymous]

Anonymous wrote:OP I have not touched any of my assets entire time unemployed. And no I was not offered a job. I get these crazy offers from Indian body shops that are usually scams at $40 an hour.

Getting in unemployment and cobra was a headache.

My kids do work. But that is to cover their expenses at school. I pay their tuition and room and board. I can’t sell cars. My daughters use two of them summer jobs and third is wife’s car.

I can’t touch 401k as not 59.5 yet and it is taxable income.

I am not keeping up with Jones’s I don’t even know my neighbors and don’t work. I don’t even see anyone.

My wife is finding it embarrassing I am home. But me doing BS low pay contracting in WFH not much better.

Sell the cars and buy your daughters bikes.