Taxed a lot because spouse makes six figures.

[Anonymous]

Anonymous wrote:

Anonymous wrote:You can also usually request that they take out extra for your taxes in your paycheck (if you don't want to owe money later).

For your question "Is it worth it?". I guess you have to ask yourself if it's worth all of that time for an extra 10K. What would you be doing otherwise if you didn't work?

I work on the weekends and evenings, so it's time away from my kids, who are toddlers, and my husband. Because I get home so late, we sleep separately.

To me, that sounds like giving up the most important parts of your life to make less than 1K a month. Unless you really need that extra income.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:You can also usually request that they take out extra for your taxes in your paycheck (if you don't want to owe money later).

For your question "Is it worth it?". I guess you have to ask yourself if it's worth all of that time for an extra 10K. What would you be doing otherwise if you didn't work?

I work on the weekends and evenings, so it's time away from my kids, who are toddlers, and my husband. Because I get home so late, we sleep separately.

To me, that sounds like giving up the most important parts of your life to make less than 1K a month. Unless you really need that extra income.

Sounds to me like they are house poor.

[Anonymous]

Anonymous wrote:Op, it’s good you are asking these questions. You have time to sort things out do you feel comfortable with your own financial security.

What is a good career path for you? Nursing? Medical assistant? Dental hygienist? Teaching? Your part time hours spent right now would be better off taking classes for certification towards a future professional career. Ideally you could start that job when your kids start school. Schools are desperate for substitutes right now. You could sign up as a lunch monitor or recess monitor and see if that’s a good fit for you.

The kids will be in school in a few short years. If you were able to get, say, a teaching assistant job by then with healthcare and retirement benefits you can really take control of your financial future. Your husband does make some conservative financial decisions and on the whole that’s better than the opposite, but you need to have your own backup plan for your future earning potential. Good luck.

Op here. I do get benefits with my job.now and we already have heath care with his work. The pay lower for teachers assistant and also fewer hours per day, so I need to work more days. Maybe depends on the district. At Starbucks, I make $16 and should get a raise to $17 soon because they do a raise after 60 days. My manager said I was doing great and going above and beyond.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I agree. The mortgage is the mortgage but why overpay by almost 1/3 every month?

That money could be better spent.
Also, $2k/ month for food and house supplies sounds high.

OP, maybe find a job that you can do from home?

The reasoning is paying less interest if you pay off earlier. It's cultural.

Also, it’s an ARM so if equity can be built, makes it easier to refinance in seven years.

They are definitely house poor though.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I just don’t understand why you work. If that income is making a big difference, I’d rather find a better budget. Does he not let you access his income? Is the 10k your personal spending money?

Op here. So after taxes and insurance retirement match, his income becomes 3900 twice a month. We spend about 3500 on mortgage, hoa. He says $2000 for food and household items. $800 for mutual funds, and he's paying extra on the mortgage, $1100 to pay off the house faster. I told him I needed to spend money to get a haircut ond not have him asking me about my purchases. It takes the joy out of spending when he's constantly asking why I bought something. He said he could budget $200 for me a month if I wanted to quit my job, and it could go to my checking, so he's not keeping tabs on how it's spent. Whenever I spend money on things, I always feel guilty, even if it's groceries. I feel like he doesn't understand what something costs and wants me to preform magic and somehow have a lot of food, nothing for the kids but not spend the appropriate amount.

HELLO. this isn’t a tax problem. This is a controlling, abusive husband problem.

An adult who is in an equal partnership with another adult doesn’t generously offer them $200 a month to spend. You’re not a child with an allowance. He is making all the decisions, including paying off the mortgage faster and putting money into mutual funds. Meanwhile, you don’t have money for a haircut.

You are not in a healthy marriage.

https://www.verywellmind.com/financial-abuse-4155224

I don't know. They need a budget. With all of those numbers, there isn't much left over.

They don't seem to have the income or savings right now to be paying extra on the mortgage. That is foolish. Most people do that after they have a solid savings cushion and plenty for normal every day living, like haircuts. If you don't HAVE extra, there is no goood reason to pay extra. Especially if you have a low interest rate (which we don't know in this case).

[Anonymous]

Anonymous wrote:Op it’s good you are asking these questions. You have time to sort things out do you feel comfortable with your own financial security.

What is a good career path for you? Nursing? Medical assistant? Dental hygienist? Teaching? Your part time hours spent right now would be better off taking classes for certification towards a future professional career. Ideally you could start that job when your kids start school. Schools are desperate for substitutes right now. You could sign up as a lunch monitor or recess monitor and see if that’s a good fit for you.

The kids will be in school in a few short years. If you were able to get, say, a teaching assistant job by then with healthcare and retirement benefits you can really take control of your financial future. Your husband does make some conservative financial decisions and on the whole that’s better than the opposite, but you need to have your own backup plan for your future earning potential. Good luck.

Teachers assistants make minimum wage and don't work the entire school year—hardly a way to build a financial future. Her husband takes care of all the expenses, and her money is hers to do what she wants. There isn't an issue here unless she's leaving something out.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I just don’t understand why you work. If that income is making a big difference, I’d rather find a better budget. Does he not let you access his income? Is the 10k your personal spending money?

Op here. So after taxes and insurance retirement match, his income becomes 3900 twice a month. We spend about 3500 on mortgage, hoa. He says $2000 for food and household items. $800 for mutual funds, and he's paying extra on the mortgage, $1100 to pay off the house faster. I told him I needed to spend money to get a haircut ond not have him asking me about my purchases. It takes the joy out of spending when he's constantly asking why I bought something. He said he could budget $200 for me a month if I wanted to quit my job, and it could go to my checking, so he's not keeping tabs on how it's spent. Whenever I spend money on things, I always feel guilty, even if it's groceries. I feel like he doesn't understand what something costs and wants me to preform magic and somehow have a lot of food, nothing for the kids but not spend the appropriate amount.

HELLO. this isn’t a tax problem. This is a controlling, abusive husband problem.

An adult who is in an equal partnership with another adult doesn’t generously offer them $200 a month to spend. You’re not a child with an allowance. He is making all the decisions, including paying off the mortgage faster and putting money into mutual funds. Meanwhile, you don’t have money for a haircut.

You are not in a healthy marriage.

https://www.verywellmind.com/financial-abuse-4155224

I don't know. They need a budget. With all of those numbers, there isn't much left over.

They don't seem to have the income or savings right now to be paying extra on the mortgage. That is foolish. Most people do that after they have a solid savings cushion and plenty for normal every day living, like haircuts. If you don't HAVE extra, there is no goood reason to pay extra. Especially if you have a low interest rate (which we don't know in this case).

They have lots of money they can cash in from mutual funds. That's savings. What most people do is irrelevant. People have different priorities. Paying interest is stupid.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Op, it’s good you are asking these questions. You have time to sort things out do you feel comfortable with your own financial security.

What is a good career path for you? Nursing? Medical assistant? Dental hygienist? Teaching? Your part time hours spent right now would be better off taking classes for certification towards a future professional career. Ideally you could start that job when your kids start school. Schools are desperate for substitutes right now. You could sign up as a lunch monitor or recess monitor and see if that’s a good fit for you.

The kids will be in school in a few short years. If you were able to get, say, a teaching assistant job by then with healthcare and retirement benefits you can really take control of your financial future. Your husband does make some conservative financial decisions and on the whole that’s better than the opposite, but you need to have your own backup plan for your future earning potential. Good luck.

Op here. I do get benefits with my job.now and we already have heath care with his work. The pay lower for teachers assistant and also fewer hours per day, so I need to work more days. Maybe depends on the district. At Starbucks, I make $16 and should get a raise to $17 soon because they do a raise after 60 days. My manager said I was doing great and going above and beyond.

But let’s think long term-do you want to manage a Starbucks store for ten years? Cover shifts that other employees have dropped? Work weekends and nights indefinitely? Starbucks is getting a lot out of you, trust me, they are a billion dollar company, they pay you no more than they have to. but you need to make sure you are getting something worthwhile. The teaching assistant job would probably come with a pension and would allow you to work the hours that your kids are in school and not have to pay for after care. Plus it would allow for growth, moving up into teaching or administration in a very family friendly occupation. You could pick up tutoring or barista work in the summers too. Taking a hit right now on your pay which is actually not that great is worthwhile if you are building up to future earnings.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Op, it’s good you are asking these questions. You have time to sort things out. Do you feel comfortable with your own financial security.

What is a good career path for you? Nursing? Medical assistant? Dental hygienist? Teaching? Your part time hours spent right now would be better off taking classes for certification towards a future professional career. Ideally you could start that job when your kids start school. Schools are desperate for substitutes right now. You could sign up as a lunch monitor or recess monitor and see if that’s a good fit for you.

The kids will be in school in a few short years. If you were able to get, say, a teaching assistant job by then with healthcare and retirement benefits you can really take control of your financial future. Your husband does make some conservative financial decisions and on the whole that’s better than the opposite, but you need to have your own backup plan for your future earning potential. Good luck.

Op here. I do get benefits with my job.now and we already have heath care with his work. The pay lower for teachers assistant and also fewer hours per day, so I need to work more days. Maybe depends on the district. At Starbucks, I make $16 and should get a raise to $17 soon because they do a raise after 60 days. My manager said I was doing great and going above and beyond.

Op, keep doing what you're doing if it makes you happy. Having a career isn't always fun and you'll spend less time with your kids and it sounds like you will need to take care of all of the housework too. People here are too obsessed with high paying jobs. You will also need to go into debt to pay for college if you study nursing or something like that. Studying while having young kids is very hard. You could max out your IRA roth and still have money left over to do what you want.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:You can also usually request that they take out extra for your taxes in your paycheck (if you don't want to owe money later).

For your question "Is it worth it?". I guess you have to ask yourself if it's worth all of that time for an extra 10K. What would you be doing otherwise if you didn't work?

I work on the weekends and evenings, so it's time away from my kids, who are toddlers, and my husband. Because I get home so late, we sleep separately.

To me, that sounds like giving up the most important parts of your life to make less than 1K a month. Unless you really need that extra income.

Sounds to me like they are house poor.

Only because they’re dumping an extra $1100 a month into the mortgage and $800 into investments. Not sure what that is - 529s? Roth IRAs? I’m all for saving money, but this is not being done as a joint effort. Op shouldn’t feel guilty about getting a haircut when they’re setting aside nearly $2k a month.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Op, it’s good you are asking these questions. You have time to sort things out do you feel comfortable with your own financial security.

What is a good career path for you? Nursing? Medical assistant? Dental hygienist? Teaching? Your part time hours spent right now would be better off taking classes for certification towards a future professional career. Ideally you could start that job when your kids start school. Schools are desperate for substitutes right now. You could sign up as a lunch monitor or recess monitor and see if that’s a good fit for you.

The kids will be in school in a few short years. If you were able to get, say, a teaching assistant job by then with healthcare and retirement benefits you can really take control of your financial future. Your husband does make some conservative financial decisions and on the whole that’s better than the opposite, but you need to have your own backup plan for your future earning potential. Good luck.

Op here. I do get benefits with my job.now and we already have heath care with his work. The pay lower for teachers assistant and also fewer hours per day, so I need to work more days. Maybe depends on the district. At Starbucks, I make $16 and should get a raise to $17 soon because they do a raise after 60 days. My manager said I was doing great and going above and beyond.

But let’s think long term-do you want to manage a Starbucks store for ten years? Cover shifts that other employees have dropped? Work weekends and nights indefinitely? Starbucks is getting a lot out of you, trust me, they are a billion dollar company, they pay you no more than they have to. but you need to make sure you are getting something worthwhile. The teaching assistant job would probably come with a pension and would allow you to work the hours that your kids are in school and not have to pay for after care. Plus it would allow for growth, moving up into teaching or administration in a very family friendly occupation. You could pick up tutoring or barista work in the summers too. Taking a hit right now on your pay which is actually not that great is worthwhile if you are building up to future earnings.

She can switch hours once her kids are in school. She never said anything about managing it. Not everyone wants to work full-time. Maybe she doesn't want to be around kids all day and then come home to them.

[Anonymous]

Your contract work requires you to pay self employment taxes. That rate has nothing to do with the income tax bracket. The self employment tax would normally be paid by your "employer", and since you are your employer, you have to pay that portion.

-signed a self employed contractor.

[Anonymous]

Anonymous wrote:Your contract work requires you to pay self employment taxes. That rate has nothing to do with the income tax bracket. The self employment tax would normally be paid by your "employer", and since you are your employer, you have to pay that portion.

-signed a self employed contractor.

She’s not self-employed. She works at Starbucks.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Op, it’s good you are asking these questions. You have time to sort things out do you feel comfortable with your own financial security.

What is a good career path for you? Nursing? Medical assistant? Dental hygienist? Teaching? Your part time hours spent right now would be better off taking classes for certification towards a future professional career. Ideally you could start that job when your kids start school. Schools are desperate for substitutes right now. You could sign up as a lunch monitor or recess monitor and see if that’s a good fit for you.

The kids will be in school in a few short years. If you were able to get, say, a teaching assistant job by then with healthcare and retirement benefits you can really take control of your financial future. Your husband does make some conservative financial decisions and on the whole that’s better than the opposite, but you need to have your own backup plan for your future earning potential. Good luck.

Op here. I do get benefits with my job.now and we already have heath care with his work. The pay lower for teachers assistant and also fewer hours per day, so I need to work more days. Maybe depends on the district. At Starbucks, I make $16 and should get a raise to $17 soon because they do a raise after 60 days. My manager said I was doing great and going above and beyond.

But let’s think long term-do you want to manage a Starbucks store for ten years? Cover shifts that other employees have dropped? Work weekends and nights indefinitely? Starbucks is getting a lot out of you, trust me, they are a billion dollar company, they pay you no more than they have to. but you need to make sure you are getting something worthwhile. The teaching assistant job would probably come with a pension and would allow you to work the hours that your kids are in school and not have to pay for after care. Plus it would allow for growth, moving up into teaching or administration in a very family friendly occupation. You could pick up tutoring or barista work in the summers too. Taking a hit right now on your pay which is actually not that great is worthwhile if you are building up to future earnings.

News flash. Teacher assistants don't get pensions anymore. Some are contractors!

[Anonymous]

My cousin's wife is doing this. It's insanity. Get a normal job and pay for daycare like the rest of us. Your marriage will thank you.