Anonymous
10/03/2023 14:22
Subject: I need about $20k to get us through a layoff-home equity loan?
Anonymous wrote:Anonymous wrote:Anonymous wrote:I’d be knocking on target or Walmarts door so fast if I were in this situation and figuring out the loan at the wee hours of the morning. Ain’t no way!
Crazy. OP didn't say her income, but she did say it was over her husband's $120K. Let's say she makes $150K. You really think the best route for someone who is laid off from a $150K job is to run to a $38K job at Target??
Yes, she can work Saturdays, Sundays and the evening shifts. That will allow her to still apply to jobs.
Target is honest work.
Bringing in money is far superior to taking on more debt.
PS. I agree with the other poster about husband getting a second job. Professors work very few hours. He can get a second and third job also.
This is a myth. Studies of professors show they average 50/hrs work week. Teaching classes is a relatively small part of the job--they run labs, write and manage grants, build curriculum, advise students, chair theses, develop courses, write articles, present at conferences, sit on committees to set policies etc. They also have to read a lot to maintain a high level of expertise. That said, a professor usually has some extra pay options they can do that align with their responsibilities--consulting, admin spots, speaking--that would be more lucrative and could also "count" as their required activities that they have to report every year. Look at the cvs of professors.
Anonymous
10/03/2023 14:13
Subject: I need about $20k to get us through a layoff-home equity loan?
Anonymous wrote:Anonymous wrote:Anonymous wrote:The time to get a line of credit on your house is when you are still employed.
It doesn't help OP but it is a good takeaway to get that set up, in case.
Her husband is employed as a professor.
Would they be approved for a home equity line on DH's salary alone? It seems they can't really make the mortgage on his salary, so how could he make payments for a home equity loan on top of that? I would imagine these are things the bank would be looking it in deciding whether to give the line or not.
Anonymous
10/03/2023 14:08
Subject: I need about $20k to get us through a layoff-home equity loan?
Anonymous wrote:Anonymous wrote:The time to get a line of credit on your house is when you are still employed.
It doesn't help OP but it is a good takeaway to get that set up, in case.
Her husband is employed as a professor.
Anonymous
10/03/2023 14:06
Subject: I need about $20k to get us through a layoff-home equity loan?
Anonymous wrote:Anonymous wrote:Anonymous wrote:You have a million dollar house and no savings? Start driving uber.
Op here. $1.5 million, but yeah. We had savings but it’s been wiped out in the last few months.
So, you live in a $1.5 million dollar house and living pay check to pay check. Good luck with that. Sell the house and move into something 1/2 that. You are living over your means if one emergency wiped you out.
Yup. This is shocking to me. How do "upper middle class" people end up painting themselves into a corner like this? Talk about wasted opportunity! The job market sucks. Should have planned better and that should have started with less house. More debt is not a solution.
Anonymous
10/03/2023 12:54
Subject: I need about $20k to get us through a layoff-home equity loan?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Y'all are so off topic. OP's kids are small and don't have mental health issues. She was just living to the max and it bit her in the a$$.
"Small" is subjective. OP never said how old they are. I know people that call 13 year olds "little boys" and 22 year old women "young girls."
They are in daycare.
The word OP used was "childcare" which could include after school care up to age 11 or so.
But even young children can have mental health needs.
Anonymous
10/03/2023 12:49
Subject: I need about $20k to get us through a layoff-home equity loan?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:To all the people suggesting side gigs — how much are you thinking OP will clear with these gigs? Not a lot. She needs $20k. Earning $1k per month isn’t going to make much of a dent in that.
$1k per month can cover food and utilities.
Sell stuff to come up with daycare payments for at least a month or two.
Didn't they already sell the second car? When folks recommend to sell stuff I wonder what they have lying around the house that will bring in anything worthwhile.
It depends. It's a pain to resell stuff but if you aren't employed and the kids are in daycare, you do have some time in between job interviews and such.
So yeah, you can list old baby clothes and toys, furniture, sports equipment, that exercise bikeyou don't use; boots or shoes in good condition, electronics, patio furniture or yard work supplies, a pet crate, storage and organization stuff, musical instruments. Anything you aren't actively using, or anything you could live without needing to replace down the line is a good start.
I declutter stuff all the time by taking it to a thrift store; I could resell it but it isn't worth my time. But if you are unemployed it could be worth your time. Many people could earn at least $1000 this way.
I’ve been very critical of OP (still am) but it doesn’t sound like $1000k will even make a tiny dent in her shortfall.
$1000 can mean the difference between her kids eating and starving.
Anonymous
10/03/2023 12:44
Subject: I need about $20k to get us through a layoff-home equity loan?
Anonymous wrote:Anonymous wrote:Anonymous wrote:To all the people suggesting side gigs — how much are you thinking OP will clear with these gigs? Not a lot. She needs $20k. Earning $1k per month isn’t going to make much of a dent in that.
$1k per month can cover food and utilities.
Sell stuff to come up with daycare payments for at least a month or two.
Didn't they already sell the second car? When folks recommend to sell stuff I wonder what they have lying around the house that will bring in anything worthwhile.
Jewelry (yes, even inherited things.)
Designer bags, sometimes designer shoes/clothes
Recreation equipment like bikes, 4 wheelers, boats (even simple boats like kayaks.)
You'd be surprised how many people "can't afford" basics but are literally sitting on tens of thousands (or more!) in luxury items that have actual resale value.
Anonymous
10/03/2023 12:41
Subject: I need about $20k to get us through a layoff-home equity loan?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:To all the people suggesting side gigs — how much are you thinking OP will clear with these gigs? Not a lot. She needs $20k. Earning $1k per month isn’t going to make much of a dent in that.
$1k per month can cover food and utilities.
Sell stuff to come up with daycare payments for at least a month or two.
Didn't they already sell the second car? When folks recommend to sell stuff I wonder what they have lying around the house that will bring in anything worthwhile.
It depends. It's a pain to resell stuff but if you aren't employed and the kids are in daycare, you do have some time in between job interviews and such.
So yeah, you can list old baby clothes and toys, furniture, sports equipment, that exercise bikeyou don't use; boots or shoes in good condition, electronics, patio furniture or yard work supplies, a pet crate, storage and organization stuff, musical instruments. Anything you aren't actively using, or anything you could live without needing to replace down the line is a good start.
I declutter stuff all the time by taking it to a thrift store; I could resell it but it isn't worth my time. But if you are unemployed it could be worth your time. Many people could earn at least $1000 this way.
I’ve been very critical of OP (still am) but it doesn’t sound like $1000k will even make a tiny dent in her shortfall.
Anonymous
10/03/2023 12:40
Subject: Re:I need about $20k to get us through a layoff-home equity loan?
Anonymous wrote:Another way to raise some quick cash to tide you over may be to sell your plasma. If you and your husband both qualify, you could get an initial larger incentive bonus and then donate at least a few times in the next couple of months to earn more money to help with expenses.
She’s not going to make 10,000 a month selling plasma.
Plus she needs to be on top of her game to be able to interview well and get a new job. Making a few hundred selling plasma is stupid.
Anonymous
10/03/2023 12:37
Subject: Re:I need about $20k to get us through a layoff-home equity loan?
Anonymous wrote:Another way to raise some quick cash to tide you over may be to sell your plasma. If you and your husband both qualify, you could get an initial larger incentive bonus and then donate at least a few times in the next couple of months to earn more money to help with expenses.
I checked around the MD area, and it looks like there's a $500 bonus for new plasma donors, and then you can donate twice a week for $50 per donation. So say an additional $500+$400 per person. If both you and your husband can donate that's another $1800 for, say November.
Anonymous
10/03/2023 12:29
Subject: I need about $20k to get us through a layoff-home equity loan?
Anonymous wrote:Anonymous wrote:Anonymous wrote:To all the people suggesting side gigs — how much are you thinking OP will clear with these gigs? Not a lot. She needs $20k. Earning $1k per month isn’t going to make much of a dent in that.
$1k per month can cover food and utilities.
Sell stuff to come up with daycare payments for at least a month or two.
Didn't they already sell the second car? When folks recommend to sell stuff I wonder what they have lying around the house that will bring in anything worthwhile.
It depends. It's a pain to resell stuff but if you aren't employed and the kids are in daycare, you do have some time in between job interviews and such.
So yeah, you can list old baby clothes and toys, furniture, sports equipment, that exercise bikeyou don't use; boots or shoes in good condition, electronics, patio furniture or yard work supplies, a pet crate, storage and organization stuff, musical instruments. Anything you aren't actively using, or anything you could live without needing to replace down the line is a good start.
I declutter stuff all the time by taking it to a thrift store; I could resell it but it isn't worth my time. But if you are unemployed it could be worth your time. Many people could earn at least $1000 this way.
Anonymous
10/03/2023 12:25
Subject: I need about $20k to get us through a layoff-home equity loan?
Anonymous wrote:The time to get a line of credit on your house is when you are still employed.
It doesn't help OP but it is a good takeaway to get that set up, in case.
Anonymous
10/03/2023 12:23
Subject: I need about $20k to get us through a layoff-home equity loan?
Anonymous wrote:Anonymous wrote:Y'all are so off topic. OP's kids are small and don't have mental health issues. She was just living to the max and it bit her in the a$$.
"Small" is subjective. OP never said how old they are. I know people that call 13 year olds "little boys" and 22 year old women "young girls."
Having daycare slots is a clue, no?
Anonymous
10/03/2023 12:22
Subject: I need about $20k to get us through a layoff-home equity loan?
Anonymous wrote:Anonymous wrote:Sell wedding ring?
Sell other car and husband Uber to work?
Pull child out of daycare until you get another job? (Even though it would be hard to take care of child and interview.)
I wouldn't skip paying for insurance, but are there other bills you can push?
It’s way cheaper to hire a one-off babysitter or DH call in sick for an interview vs OP’s 5-figure high interest loan plan.
But with SN kids, she will not find daycare for the kids once she has another job. So it's a tricky situation.
I say sell whatever you can, find a PT job doing literally anything in the off hours/when your DH is around. Find a way to bring in $2k+. If he's a professor, you can likely start work at 4pm-midnight as a waitress or restocking shelves somewhere. And leave your days open for interviews
Anonymous
10/03/2023 12:22
Subject: Re:I need about $20k to get us through a layoff-home equity loan?
Another way to raise some quick cash to tide you over may be to sell your plasma. If you and your husband both qualify, you could get an initial larger incentive bonus and then donate at least a few times in the next couple of months to earn more money to help with expenses.