Renee in NC
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Posts posted by Renee in NC
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Just so you know, your title made me laugh out loud. My dc wanted to know what was so funny!
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I think it might be helpful to recognize the extent to which finanical success is also a passion for you or not. If contributing to the alleviation of poverty in Appalachia is a passion of ___ on a scale of 1-10, what is having the salary of a CFO? IOW, I think passion vs. financial success is a false dichotomy here. If there weren't some passion involved in financial success, it would not be on the table for consideration.
I was re-reading the thread and caught this post again. You have a point - there wouldn't be any consideration at all if there wasn't some "passion" for the money. That passion comes from wanting my children to have the things they need. It comes from not wanting to worry if there is enough food to last until next payday. It comes from wanting to provide for my family without any help from others or the gov't. It comes from wanting to someday own a house again. Working in the non-profit sector doesn't preclude those things, but the scope would most likely be different.
Again, something to ponder.
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BTW, I actually work for a non-profit now. It isn't philanthropic in nature, though. There are all kinds of non-profits out there.
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Thanks for the further insight. It has given me lots to think about.
To answer one question/suggestion...I would not pursue a university career. An MBA won't get you far in that area and adjuncts don't get paid much.
My husband has supported our family for most of the last 15 years. It's just that his particular abilities and interests do not equal high paying career options. He's doing a decent job at being a SAHD these days, which allows me to pursue my career.
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Thank you for all the feedback. There are pros and cons to both ideas. If you were to ask my dh, he wants me to take the money track, no doubt. He can't follow his dreams unless I make a lot of money. My children want to stay right where we are - they love their school, their friends, etc. They'd like to have more money, too, since their friends are mostly upper middle class. They would prefer to live in a neighborhood where they could play with friends and ride bikes, while my dh's preference is the middle of nowhere without close neighbors. I'd like a reasonably-sized house for our family that doesn't break the bank.
One of the bigger considerations that wasn't mentioned was education. We picked the worst house in the best school district we could afford, and I am happy with their school. If we were to move to a location in Appalachia, this might not be the case.
So, it comes down to education, retirement, and college. I'll most likely end up staying on the track I am on, since I'm not a big risk taker, but I don't want to always wonder, "What if...?"
(One of the posts did make me realize that I need to make sure that if I have a job that doesn't offer long-term disability, that I will need to pay for it myself. If I were to become disabled and unable to work, we would become destitute again very quickly.)
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And just so everyone knows, I am participating in this thread while avoiding studying for the last section of the CPA exam. It's really theoretical since I will get up and go to work tomorrow, and enjoy my day. I don't hate my current track at all, but just pondering whether I could go the other direction. My current life does not allow time to work in any sort of a volunteer position, which is why it is almost an "all or nothing" requirement. I hope to have more time as my children get older, even if I don't pursue this idea.
The idea of what "work-life balance" means is almost laughable.
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Based on the above, my advice is to stay on the corporate track for awhile longer while slowly developing your vision for a Sustainable Development venture on the side. Were you thinking of starting up a non-profit with your DH, or going to work for someone else in this field? If you were thinking along the lines of a non-profit, your DH could start it up and work in that venture full-time, while you sit on the board and provide guidance/direction (very part-time). That would allow you to stay in your current position and provide for the family financially, while still pursuing your passion. Eventually, you might be able to join the non-profit full-time as it grows - without negatively impacting your family's financial situation.
Pursuing your passion is wonderful, and there are a lot of people who do very, very well for themselves financially while also doing a lot of good for their communities. I don't think pursuing your passion and making good money are necessarily mutually exclusive. But since you're the primary provider for your family, in your case pursuing your passion (at this time) may not be your best move.
Another thought. Is there any opportunity to pursue this passion of yours THROUGH your current employer? My last employer (a global Fortune 100 company) donated heavily to various non-profits and employees had the opportunity to volunteer (on company time) at various non-profit organizations. We could also suggest non-profits for our company to invest employee time/money into. If investing in Sustainable Development will enhance your employer's image and they can see the benefit in supporting this, you might be able to have your cake and eat it too. Think big. :)
We don't currently live in the area where I would want to work, and I don't have a passion to work with poverty in general. I don't think I would be interested in working in a non-profit in an urban area. I know that financial stability is VERY important in general, and it is a definite issue for me. I am just not sure where my "financially secure" boundary is; I imagine it varies from person to person.
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I think you should figure out what you will realistically need for retirement sooner rather than later. Time flies. I would not enter into any decision to downshift your income level unless and until this is all planned out. I think this information is vital as you stand at a fork in the road.
As for the kids not attending college, do they have a path forward for earning income? Will they need assistance from you to get on their feet, etc.? Questions not to answer here but to think about along with all that financial planning you might do no matter which path you choose.
I would still try to find a way to do both. I wouldn't rush into anything and I wouldn't give up a chance for a mostly-paid-for MBA without a lot more exploration.
Very good points. One child is on his own, the next will be a mechanic; there isn't much the community college program could offer him in terms of training, so he'll go straight to work after high school. The 10yo is not intellectually capable of college, and will likely end up as an equipment operator or work in a restaurant in some capacity (both are his passions.)
The mostly paid for MBA is a BIG consideration, though it isn't necessarily out of the question, either. We wouldn't go anywhere for 3 years, which would give me time to pursue the MBA.
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Is there something where you are maintaining a higher income that does not require moving around, so that you can have a small farm too? That way dh manages the farm, provides some food and you can still bring in income and benefits like health insuracne.
Yes, we could stay in the area where we are. It would slow down the trajectory, though, as I would only be able to pursue opportunities within commuting distance. To be able to afford to have a small farm here, we would have to live further out in an area that would probably mean an hour commute for me. That isn't terrible.
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This is tough. I love my job. I honestly wake up every Monday happy because I get to work. (And it's not about getting away from my family. I work from home and so does DH.) In my ideal world, everyone would feel that way about their jobs.
However, I haven't had to make many financial tradeoffs to have this job.
How much do you hate the CFO option? I hate financial stress worse than just about anything.
Oh, I don't hate the idea, I am just not passionate about it. I am a very driven person, and whatever I pursue I do with everything I have. I like my job just fine!
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How long will you dh be able to grow food and work a farm. If your reality is that you have no retirement savings, then you will likely be working for the rest of your life. What kind of work can you realistically do for the rest of your life. Not everyone can do farm chores at 90.
If your income is really the only income to consider realistically, would it be better to go for a higher income with a heavy savings focus so you have some cushion as you and you dh need to back off work some as you age.
No he can't. I see that retirement keeps coming up. It's an area I hadn't given a lot of consideration to. I am contributing to my 401K at a low level now. I can reasonably work another 30-35 years. I would need to be able to save money to live on and pay off a home in that time.
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I'm not a fan of financial insecurity and poverty, personally speaking. I hate it. And I hate the worry and stress that comes with it. If you make enough money, you can save it, retire early, and then pursue your passion in your retirement. We do have a lot of things we are passionate about, but we've found that most of time, we need money to fund our passions. We've pursued career options that allow us to make the most money we can, then we save as much as we can, help our children, donate to charities, and have fun with what's left. "Pursue your passion" sounds wonderful, but if it doesn't pay the bills, it's not really all it's cracked up to be. Not to mention, if you have young children, your first responsibility is to them. Their needs, wants, education, etc. My kids come before my passions. Mainly because they are one of my top passions. :)
I'm not a fan either, trust me! I would never put my dc back into poverty on purpose. It is not a decision between poverty and non-poverty. It's more of a decision between lower middle class and upper middle class.
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That's tough. I guess you have to decide if following your passion is worth the financial sacrifice, or if the higher salary is worth sacrificing your passion. Which way would you feel more content? What does your husband think?
My husband just wants his own small farm with animals. That would be a long way off if I follow the CFO track (because of having to move around.)
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My dad followed his passion (bought a small farm) but worked 2 part time jobs to pay for it. Money was tight, but it was a good life. FIL followed his passion and failed to provide well for his family. $45,000 is a good wage some places - more than enough to support your family while you follow your passion.
That is very true. $45K is not a good wage here, but it is plenty where dh is from. It's all about location.
Dh can grow food, too. That would be a plus.
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Not to be negative, but unless I had more specifics about the passion approach as it relates to financial outcomes I wouldn't do it.
I'm all for following passions when you have no one dependent upon you. I tell my dc to study what they want in college (as long as they have no student loans) and pursue their dream job. However, when you have children to support the decision making has to be completely different.
So, I'd research the opportunities more before deciding. Perhaps, it would be good to have a timeline around dh building his experience while you work with your CPA track until the kids are launched.
My kids won't be "launched" for 14 years (at least.) My dh has no intentions of building a career or experience or anything - he just wants a farm with animals. Basically, I'll make the money so he can play with the animals. :laugh:
I think at the point financial insecurity becomes a constant source of anxiety, and will vary from person to person.
Can you take a planned break from school to do year or two a trial run with your DH, followed by a reassessment of your situation? It's an endeavor that will look good on your CV, even if you decide to go back to the CFO track.
Not at this point due to my age. The financial anxiety is a good point, though, and one I would have to explore carefully. We've lived some VERY rough years, and I won't repeat that experience for anything!
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To add to the considerations: what about college for your seven kids? How will you fund your retirement, realistically? When would you be able to retire? Would your dh be financially successful enough for you to work for little or no pay and meet these goals?
Also consider whether you could find a way to develop some sort of philanthropy years from now if you are more financially secure rather than less. There may be more than one way to help.
I would look for a middle path.
My dh will never be financially successful - he isn't career oriented. I will always be the provider in the family. We spent YEARS living on practically nothing. I won't go back to that again, but I don't think a position in this area would pay less than $30K (which is the max he has ever earned.)
Planning for retirement is an interesting concept I haven't thought a lot about. I fund a 401K, but the idea of retiring and puttering around my garden sounds, well, tedious and boring. I would like to have a paid for modest home, and enough money for the basics of life.
College? We will not be able to fund much more than community college and a state college while living at home. Anything more than that and they are on their own. That is just reality. My oldest is already on his own. The 14yo will not go to college, nor the 10yo. That leaves 4. It is a consideration, but not a big one since it isn't as if Plan A means we pay for college and Plan B means we don't.
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I will! I am going to count the reps of non-crunch ab moves I do as well. Insanity Cardio Abs is a killer workout with nary a crunch to be seen. :tongue_smilie:
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I'm inclined to choose passion. In the long term it will be more fulfilling.
How much sacrifice, though? Assuming I could end up at $90K per year or more taking the CPA/CFO route, what would you do if the salary for the passion was half of that? At what point does the money trump the passion?
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I have been thinking about this a lot over the past few weeks, and I thought I would bring it here to see what The Hive has to say on the topic.
As I (hopefully) work on my last CPA exam section, I have been thinking of where my career is going next. For the current trajectory, my best option is to get my MBA in Finance after receiving my CPA, then working my way up the ladder to Chief Financial Officer. This will bring a much higher salary, but will most likely mean more working hours. In order to make this happen more quickly, we would probably move every few years as I am hired for different positions.
I will say, though, that while I am good at what I do, and most likely would be able to move up fairly quickly, it is not something that I am passionate about. I've always made decisions based on what is best for all, and live by the mantra, "Sometimes you have to do things you don't want to do."
However, I have been thinking about my passion more and more. Maybe it's because I just turned 37. Maybe it's because I have to make a decisions about whether or not to get my MBA soon (my current employer will pay for most of it.) I am not sure why it has come up again. The last time I wanted to pursue it was when we were in FL, but we ended up here instead.
When I was 14, I visited WV with a friend. Her family owned a home in the middle of nowhere, and we spent a LOT of time on mountain roads. It was my first experience seeing the poverty of Appalachia. Since then, I have done a lot of research, been to other areas in the Appalachians, and watched plenty of documentaries and news shows. It has always been my passion to help the area in any way I could.
I think now I know how I can help, and the desire is getting stronger. I am not interested in providing food, clothing, or shelter per se, as there are many people and organizations out there already. There is a current push for Sustainable Development in the area by teaching landowners about sustainable agriculture, giving microloans for microbusinesses, etc. This is an area I really know, both from a farm perspective and a small business perspective. I really think I have a lot to offer in this area, as I believe that developing local economies is the best way to alleviate poverty in the next generation. (I say next generation because these things take time, and there are a LOT of other issues in Appalachia besides a lack of jobs.)
This would mean a MUCH lower salary, but this would be offset by a more reasonable schedule and less transition. My dh is finishing up his degree in Sustainable Agriculture, and this is an area where we could both do what we love and do some good while we are at it. It really comes down to money being the only real issue.
So, follow the path to monetary success or follow my passion? What would you do? Have you ever faced a decision like this in your life? What did you do?
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What about Turbo Fire?
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Financial Accountant...LOL
That really *is* my title, though.
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We've struggled with finding a rental, too. The last house was 1200 square feet, 3 bedroom/2 bath. At times there were 9 of us!
Our current place is a 1500 square foot doublewide. It's small, old, and not in great shape. The rent is decent (we do pay more than market) and the school district is really good. We rarely call the landlord for anything because we want to be easy tenants. Our lease is up at the end of March and we want to stay indefinitely.
I did say that I would not live in a bad neighborhood ever again, and it seems that landlords who don't care tend to own rentals in bad areas. Here we're in the middle of nowhere!
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Thanks ladies. In terms of exercise, I do Zumba instead of walking. (It is very icy outside at the moment). Everyone stresses walking, but I really prefer Zumba. Wondering if that is ok? I do it 2X a week for half hour, and an hour Tap class the third day. When summer comes I plan on swimming and walking because I like to be outdoors.
I don't know why you couldn't sub one for the other. I am currently doing Les Mills Pump (3 days strength/3 days heavy cardio), Couch to 5K, and some Insanity thrown in. This takes me an hour or so a day. If I had to limit myself to walking, I would never lose any weight!
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I do a modified South Beach diet, but I need more carbs because of heavy exercise. I don't eat dairy (allergic) and I do eat some higher fat cuts of meat at times (and bacon! I love bacon!)
My carbs come entirely from fruits, veggies, and beans - no grains. I couldn't keep up my exercise routines without these carbs, trust me!
How tall is your 10 year old boy?
in The Chat Board
Posted
Mine is 5 feet tall, but I wouldn't call that average!