Anonymous
Post 01/12/2015 07:08     Subject: Can I afford to take 6 months off?
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:Are you missing a 0 or two in your savings amount?


+1 or possibly two zeros?


+2 I sympathize, but you have no money along with equity-line and credit card debt. I'm not comfortable with you abandoning your job until you have $500K or so in savings.


$500k? So never then. Great.
Anonymous
Post 01/12/2015 07:00     Subject: Can I afford to take 6 months off?
Anonymous wrote:
Anonymous wrote:Are you missing a 0 or two in your savings amount?


+1 or possibly two zeros?


+2 I sympathize, but you have no money along with equity-line and credit card debt. I'm not comfortable with you abandoning your job until you have $500K or so in savings.
Anonymous
Post 01/12/2015 04:49     Subject: Can I afford to take 6 months off?
Anonymous wrote:Call Suzy Orman but I bet she'd tell you H$ll NO, too!


+1. I watch the show for entertainment value and her voice kept saying "DENIED. You are so DENIED it's not even funny, girlfriend!" in my head.
Anonymous
Post 01/12/2015 02:18     Subject: Can I afford to take 6 months off?
Call Suzy Orman but I bet she'd tell you H$ll NO, too!
Anonymous
Post 01/11/2015 23:59     Subject: Can I afford to take 6 months off?
Anonymous wrote:Not a joke. Ok, six months is out... Maybe in April. Or maybe not at all.... I have $200,000+ in equity


$200k in equity? Do you think this is cash? First you need a HELOC in order to actually access it. Then you'll have to pay it back. How do you plan to do that?
Anonymous
Post 01/11/2015 23:18     Subject: Can I afford to take 6 months off?
Anonymous wrote:Single parent, one child in public school. In my field I can easily get another job. I'm considering taking a hiatus for the rest of the year or resigning in the spring and starting work again in the fall. The why is not really relevant but I'm wondering if I can manage financially.

I have about $3000 in savings
Mortgage is $1200
Utilities approx.$200
Cell, cable, Internet $150
Car $250
Life insurance $30
Credit card debt is about $6000
Home eq loan is $11,000
No student loans


I could earn money intermittently through tutoring or subbing or dog walking, I needed. Maybe get a part time job at the gym.
I just need a break! Job is fine and pays about $80,000. If I resign and get another job I could make that but I might not.

While on my break I could try to start my other business ideas.

Think it's worth a shot?

Not at all.
Anonymous
Post 01/11/2015 23:12     Subject: Re:Can I afford to take 6 months off?
What is your field that it is so easy to find work?
Anonymous
Post 01/11/2015 22:49     Subject: Can I afford to take 6 months off?
Anonymous wrote:
Credit card debt is about $6000
Home eq loan is $11,000

While on my break I could try to start my other business ideas.


Before you quit think about:

1. Paying down the debt you mentioned
2. Taking advantage of your local SBA office for free advice on starting a business https://www.sba.gov
Anonymous
Post 01/11/2015 22:47     Subject: Can I afford to take 6 months off?
At most I would take the summer off. Not having to pay for childcare during summer vacation will mean you will probably still break even.
Anonymous
Post 01/11/2015 22:43     Subject: Can I afford to take 6 months off?
Anonymous wrote:Not a joke. Ok, six months is out... Maybe in April. Or maybe not at all.... I have $200,000+ in equity


No, sorry not at all.

How old are you? 40s? I didn't see anything listed for retirement. Are you planning to retire or work until you're incapacitated?
Anonymous
Post 01/11/2015 21:13     Subject: Can I afford to take 6 months off?
Not a joke. Ok, six months is out... Maybe in April. Or maybe not at all.... I have $200,000+ in equity
Anonymous
Post 01/11/2015 21:11     Subject: Can I afford to take 6 months off?
You guys are suckers, pretty sure this thread is a joke.
Anonymous
Post 01/11/2015 20:55     Subject: Can I afford to take 6 months off?
NO NO NO.
Assuming your figures are correct... You have $17,000 of debt, plus your mortgage and hardly 2 months of savings to cover your expenses... how are you going to cover the other 4 months? Take out more debt?? Bad bad plan...
Anonymous
Post 01/11/2015 20:52     Subject: Can I afford to take 6 months off?
Not if you want to sleep at night...
Anonymous
Post 01/11/2015 20:49     Subject: Re:Can I afford to take 6 months off?
You have too much debt to take a break. Pay that off first.