Money smart people-help me think this through

[teachermom2834]

Background- I’ve been a full time SAHM for 25 years. We have one child left at home and she is in 10th grade. I’m 49. So I have to find something to do with myself in the next couple years. For the time being I still want to be available to dd for after school running and evening activities and homework support etc. She still seems to really need me. Just not until 3:30 everyday. 
 

I have a college degree but it is obsolete. I’m not really career driven and don’t have anything I really want to do. But it isn’t good for me to just sit around. So, all that said, I am putting in applications for some grocery stores and the like that are advertising early morning shifts. I will want to do something else someday when my dd graduates but for now I am just trying to get out of the house and into the workforce and get used to being on a schedule and having someone else tell me what to do. This is just the thing to get me rolling after 25 years. Eek. 
 

I feel like this is the right next step for me while I plan my next move. But I am having a hard time making peace with the idea that my approximately $13/hr is going to be taxed at my dh’s tax rate. I’m making little enough as it is. It isn’t going to make a difference in my family’s life. I’m doing it for all kinds of other reasons that make sense to me. But I’m really getting stuck on the fact that such a big chunk is going to go to taxes there will really be hardly anything take home. It wouldn’t make any sense for us to file separately.

So…what are my options to make this less painful? So far I am thinking of taking a job that offers a 401k (does anyone offer that to part time employees even?) and just putting nearly all my income in that to save on taxes. I guess if that isn’t possible I can still open an IRA and contribute to that up to the max?  I like saving so I would take satisfaction from watching an account grow and it would grow faster without the tax bite. 
 

Thoughts? Encouragement on the whole situation and how I can frame it to not be so discouraged by how little my take home will be? Any tips to save on taxes? I understand that we owe our family tax bill but it still hurts to pay that big of a percentage on my tiny income and I’m up for all legal means to reduce it. I don’t need the cash in my hand now (I mean I could find things to use it for of course but we are making it on dh’s salary). 

I do feel like I want to/need to do this. But then I think I am inconveniencing my family for such a small amount of money. I don’t know. It’s hard to just do it after so many years I guess. I’m just trying to set goals or figure out how to make the money part work the best. 

 

[Laura Corin]

When I went back to work I took the first job I could. It barely paid anything but it was an update on my resume. While there I took a Microsoft course in my spare time, to prove that my skills were current.  From there I built a career as an administrator and am now the family breadwinner. 

I would think about the future rather than worrying too much about the financial benefits of the first job.

[SKL]

I agree that it's better to think long term.

If your dh isn't already putting aside the most he possibly can in tax-benefited savings (retirement, education plans, etc.), then use the increase in income to enable him to put more of his cash aside.

I haven't recently looked at how the calculations go with separate vs. joint returns.  I would just run it both ways at tax time, just to confirm you wouldn't save some tax.  Check both federal and state tax results both ways, because it might go one way on the state and the other way on the federal return.  Years ago, I used to do the tax returns of a couple that filed separately and did save a little overall.

But I agree that it hurts to see so much of your earnings go to the Treasury.  It hurts no matter how much money you make per hour.  🙂

[teachermom2834]

I definitely am thinking long term. I know that this is just a step in the process. Just trying to make the most of it.

[Clarita]

I'd think of it like a hobby that doesn't cost money. My mom happily worked for years where nearly all her salary went to taxes, direct monetary gain never really happened. There is something to be said about a person's general well-being (potential therapist savings right there) and not having the time/boredom to spend money. 

[Bootsie]

Some employers do offer retirement plans for part-time employees.  Also, IRA max contributions increase when you turn 50.  That can be a way to shelter some of your income from present taxes.  If your husband is not contributing the max he can to his retirement; you may find that it is best for him to increase his contributions and replace the missed family cash flow with your earnings.

Psychologically, you can think of it as your dollars first being taxed at the lower tax rate, and then his earnings being taxed a a higher rate.  Also, keep in mind the long-run benefits of the employment, not simply the short-term pay.

[teachermom2834]

2 minutes ago, Clarita said:

I'd think of it like a hobby that doesn't cost money. My mom happily worked for years where nearly all her salary went to taxes, direct monetary gain never really happened. There is something to be said about a person's general well-being (potential therapist savings right there) and not having the time/boredom to spend money. 

Absolutely. That said, I’d like to keep as much of my money as possible 😊

[Bootsie]

Is there a local place that you would like to work that offers some other benefits that you would enjoy?  I have a friend who works part-time at a store becausue of the discoutn offered (and spends most of her paycheck there).

[Halftime Hope]

If you qualify for an HSA, you can also max out your allowable contributions tax-free, and once you're 65, you can withdraw money for any reason, not just for medical expenses.  If you use it for medical expenses, at any age, it will be tax free. If you use it for non-medical *after* 65, it will be taxable just like a 401K or 503b, but no penalty. You don't have to take minimum withdrawals from it at a certain age, like you do from your 401K. (It can be saved for long-term care needs.)

Consult a professional or read the IRS materials, don't take my word for it. 🙂

[KungFuPanda]

I just took a part time position at my local community college. They seem to have several openings. The full timers have good benefits. I don’t get any of those but I do have a Roth IRA. I may do my taxes separately this year. 

[teachermom2834]

I am not a tax professional but it looks like if we file separately my dh would be in a higher bracket for a significant portion of his earnings which would be counterproductive. Of course when the time comes we will figure it out. We are talking 2024 at this point so who knows what the situation is by then. I’m just speculating. I don’t even have a job yet! 
 

We already max out the HSA dh has but we can put more in his 401k so that is an option for sure. I also like the idea of just thinking of my earnings as the part being taxed at the lowest rate. Which is just a silly mind game but I am a simple girl. 

[Katy]

You only meet the higher tax bracket for the portion of income in that bracket. It doesn’t mean all of his income will be taxed at the higher rate. 

[Faith-manor]

I am in the same boat. I just can't make much because of the tax rate and the potential of pushing us into another tax bracket which makes it a financial lose lose. So what I am doing right now is teaching STEM/Aerospace zoom classes as a volunteer through an organization. I am loving the work. On the side, I still take some occasional wedding/funeral/piano performance work,  and that money goes into a Roth. It will remain this way until Mark retires, and then for a few years, I will so something higher earning. Right now the stuff I am doing will provide a lot of references and show continued experience and hopefully that will allow me to get full time work.

Edited November 12, 2023 by Faith-manor

[teachermom2834]

1 minute ago, Katy said:

You only meet the higher tax bracket for the portion of income in that bracket. It doesn’t mean all of his income will be taxed at the higher rate. 

I understand. But if we filed separately it would be a big portion of his income pushed into that higher bracket.

[Ali in OR]

My first thought when I decided I wanted to work was just to have a little more money to not always be strapped at Christmas time. I started with subbing in schools, mostly as an Educational Assistant, and I had to take open jobs that still let me pick up my disabled dd (all 3 kids were still in school that year; 2 graduated at the end of it).  So this was not very many hours for not very much money!! But the hundreds in each paycheck did indeed help fund Christmas. And it helped me to see that I wanted regular employment. Next job was in the district as an EA, not a sub. Benefits included, but still really low pay. But an opportunity to do what I love (help kids with math) and to re-learn teaching in a much more high-tech era. After 3 years of that, I moved up to a teaching position and my salary more than doubled. And I can contribute the way I want to contribute to our family needs. Dh has always done a good job with long term goals like college and retirement. But I can sock away money to help dds launch, like savings for a first (used) car. And I have a lot more satisfaction with my life than if I was home doing nothing. So I would say not to worry or even think about the tax part of it. You don't make enough to have to pay tax--it's your dh's income that requires tax payments! And just think of it instead as an opportunity for YOU to learn and grow and make a contribution to the world.

[cintinative]

I just started a very part time job because we have expensive SLP services to pay for. I am hoping that the cost of the SLP services (all of our out of pocket medical) will help offset the effect of the additional income on our taxes.

My availability is opposite of yours--I am still homeschooling a little during the day but available more in the late afternoon, evening, and weekends.  

When and if this part time job fizzles out (I am helping a friend with her work), I will need to find something because we need the additional income. I am grateful you started this thread. Wishing you success in your job search!!

[Ottakee]

Would any position in the schools Interest you?  Teachers aide?  Bus aide?  Lunch or playground?   Often schools have good benefits even if the pat is very low.  And you would have weekends and holidays off.

[Beth S]

You could consider looking for something that's more "free-lance"---like housecleaning (for AirBnBs?), flipping furniture, doing childcare, making food treats, etc. 
Finding something you like to do, & networking with your community. 

I was 57 when we finished homeschooling, so I initially used my time researching all the rules for Social Security, Medicare, IRAs, Obamacare, etc.
It was helpful to quantify what funds we had/needed, & realize we had enough to retire (dh retired last month), if we stayed on our current budget.

 

Edited November 12, 2023 by Beth S

[teachermom2834]

1 minute ago, Ottakee said:

Would any position in the schools Interest you?  Teachers aide?  Bus aide?  Lunch or playground?   Often schools have good benefits even if the pat is very low.  And you would have weekends and holidays off.

There are some positions in the schools I might look into in the future. I’m looking for a softer part time start in something lower commitment but that is a definite possibility. 

[teachermom2834]

3 minutes ago, Beth S said:

You could consider looking for something that's more "free-lance"---like housecleaning (for AirBnBs?), flipping furniture, doing childcare, making food treats, etc. 
Finding something you like to do, & networking with your community. 

I was 57 when we finished homeschooling, so I initially used my time researching all the rules for Social Security, Medicare, IRAs, Obamacare, etc.
It was helpful to quantify what funds we had/needed, & realize we had enough to retire (dh retired last month), if we stayed on our current budget.

 

I have said before that my ideal job would be finding a family I fit with to be their “auntie” and do childcare/run kids to activities/be on call if someone gets sick during the day from school or forgets their gym shoes or whatever. I know families with two professional parents that need someone to take care of some of those details if they don’t have a Grandma in town. I have thought that working in one of the expensive preschools would probably be a way to meet those people and I remind my dh whenever he talks about people at his work starting families. I have set up a profile on Care.com and I am considering trying to pick up some jobs that way. 
 

I am sure there is a family out there that would love a boring retired homeschool mom who doesn’t smoke and has a clean driving record to love on their kids. I just have to find them! 

[Storygirl]

Five months ago I started working as a part time bookseller at a large bookstore. I make a pittance compared to my husband, and we don't need my income for our regular expenses. But I had decided that it would be good for me to have a sense of purpose outside the home now that my kids are all age 18 and up.

Before I had the job, we mentioned the tax issue to our financial advisor. He supported the idea that even if a lot of my income ended up being absorbed by extra taxes (we won't know until this year's tax return is completed), working wasn't a bad idea -- more income was more income, even if it's not a lot.

At my job, I can only use retirement benefits after working there for 12 months, with an average of 20 hours of work per week over that time. I don't know if I will qualify, because sometimes I work more than 20 hours and sometimes less. If I do qualify, I would plan to put 75% of my pay into the company's 401K (the max allowed).

In the meantime, I wanted to be able to see my tiny savings grow, so we opened another savings account at our credit union, and I put my paycheck into it each week and keep it separate from the main household account.

Other than volunteer work, I hadn't worked for 20+ years. I'm enjoying it a lot so far, just for my own personal benefit, even though it doesn't contribute much to our overall finances. I am a book person, and my past jobs were in libraries and bookstores, so this part-time position is fun for me.

DS18 is going to college nearby (25 minutes away) next year, and I am keeping an eye on positions open at that university. If something opens up that would suit me (specifically a library job) and would offer tuition assistance as part of the pay package, I will apply and be glad that I have recent employment on my resume. If that comes about, it would greatly assist our household finances. Whether this job ends up merely being more helpful for me personally than financially -- like a hobby that brings in a bit of income --  or whether it ends up being a stepping stone toward helping with college expenses, it's been worth it for me so far.

[teachermom2834]

@Storygirl thanks for sharing! That is a lot how I am feeling. 
 

I don’t know what I will end up wanting to do in two years (or sooner…dd will be driving soon and she doesn’t actually need me as much as I just want to savor my last stretch of time with her) but when something comes along that I do want to do, I want to have something on my resume and I want to have gotten into the swing of working again. 
 

We’ve always just contributed to dh’s retirement through his employers but isn’t this something we could decide at the end of the year after we see how things shake out? Like if we decide we don’t want the tax hit we can write a check to his 401k if it isn’t maxed out or open an IRA ? Or if we decide we like having the cash flow for other things we can do that. We can decide at the end as long as the cash isn’t spent and we have it, right? 
 

Like I said, it’s hard to even know what the money will be. I don’t have this imaginary job or know how many hours I’ll work. Dh gets raises and bonuses and has a side gig. The situation could vary by alot by this time next year. 
 

 

[Longtime Lurker]

2 hours ago, teachermom2834 said:

There are some positions in the schools I might look into in the future. I’m looking for a softer part time start in something lower commitment but that is a definite possibility. 

Have you considered substitute teaching? That is very flexible and 401Ks are often an option even for part time. Or, as you mentioned before, max out an IRA with your earnings.

[TechWife]

I decided to volunteer. There are many different opportunities, including leadership positions.

[mum]

I substitute. It pays for medical bills. We make sure we stay in our current tax bracket by using my husbands salary to contribute to an FSA, and  a 457 (sort of a 401k for teachers). Those are both pretax. That means that my salary doesn't push us jointly into a higher tax bracket.

 

[Clarita]

2 hours ago, teachermom2834 said:

I have said before that my ideal job would be finding a family I fit with to be their “auntie” and do childcare/run kids to activities/be on call if someone gets sick during the day from school or forgets their gym shoes or whatever. I know families with two professional parents that need someone to take care of some of those details if they don’t have a Grandma in town.

You could offer these services to the families you know and go from there. I think word of mouth is how some of these niche childcare jobs come around. I had a friend who worked as a night nanny for a while and it was all word of mouth. 

[KungFuPanda]

I had three reasons for returning to work. I didn’t want a 25 year gap on my resume should something happen to Dh and I needed to pay the bills myself. 
I wanted to have more retirement savings. I also wanted to make what I would teaching without the stress of teaching. As it turns out, that’s not a super high bar. I now have a job that’s part time, I don’t have to think about it when I leave, and I make more than what I would subbing for a full day. It’s just more reward and less stress. 
 

[teachermom2834]

I am not really interested in subbing. Even in my dd’s private school, where the kids generally behave, they eat the subs alive. I think I would find subbing very stressful and not worth the money. 
 

A teachers aide position where I am in a more consistent environment and I know what to expect and can get to know people and form relationships is a possibility in the future. Even then I’m sure there would be parts of the job that were really stressful and not worth the pay. But the hours would be favorable and if I liked my co-workers I could see that being a good fit. 

Honestly, one aspect of being in the schools that is appealing is the opportunity to be with co-workers that are a likely friend pool, more so than other jobs. But subbing would be really stressful for me I think. 

[Bootsie]

54 minutes ago, mum said:

I substitute. It pays for medical bills. We make sure we stay in our current tax bracket by using my husbands salary to contribute to an FSA, and  a 457 (sort of a 401k for teachers). Those are both pretax. That means that my salary doesn't push us jointly into a higher tax bracket.

 

A higher tax bracket only applies to dollars earned over the tax bracket limit.  For example, if the tax bracket is 10% up to $30,000 and 15% from $30.001 to $60,000 and then 17% from $60,001 and up--you would pay 10% on the first $30,000, or $3000, and 15% on the next $30,000 (or $4500).  So, if you earned $60,000 your tax bill would be $3000 + $4500 = $7500.  If you earn $1 more dollar--then your tax bill would increase by 17 cents.  So, the decision at that point is really if you want to earn $1 more and only keep 83 cents of it--but it doesn't push any of your other income into a higher tax bracket.  

What it does mean is someone who works full time for one year making $60,000 and then doesn't work the following year pays more in taxes over two years than someone who works part-time for two years, making $30,000 each of those two years.  

[SKL]

Tax is a little more complex than marginal tax rates.  After a point, you lose some of your deductions and credits if you make too much money.  I had at least one year where a small amount of additional income kicked me out of a much bigger tax credit.

I would recommend using a tax prep software (purchased or free online or via your CPA) and model the different possibilities.  Hopefully this help you to figure out what combination of choices will be your best or least worst option.

[DawnM]

I went back to work full time about 8 years ago now.   I can't believe it has been that long.   However, my goal was always to go back to work when my kids hit college age, to pay for college and cash flow.   We have been able to do that.

I was only out of work for 10 years while I homeschooled, but that gap was a bit of an issue, so I understand.

Have you looked at places like Starbucks?   They pay pretty well and have good benefits.   Or Costco.   I have heard great things about working for Costco.

[Lecka]

I am not in the exact same situation.

I have decided to do volunteer work.  
 

The main reason is for my own personal sense of contributing to society.

 

It also provides me that sense of “I have got something to put on my resume.”

 

As it happens — I feel good about a resume and people to make a personal recommendation for me, from volunteer work.

 

Do I think it’s the same as if I had paid employment and was working my way up?  No.

 

Do I think it’s the same as if I had this sense of — not having too much to put on a resume, and not having people to put down as personal contacts.

 

So anyway — this is the direction I’ve gone for now.  
 

I’m still not sure of my long-term plans, but in the short-term I find my volunteer work very fulfilling, and I feel like I’m in a place where I could pivot to paid employment.  
 

I also have feelings of — well, there’s stuff I don’t really want to do, and it doesn’t pay much at all.  OR there’s stuff I’m not going to commit to right now because of our overall family situation.  
 

 

[LucyStoner]

13 hours ago, teachermom2834 said:

I have said before that my ideal job would be finding a family I fit with to be their “auntie” and do childcare/run kids to activities/be on call if someone gets sick during the day from school or forgets their gym shoes or whatever. I know families with two professional parents that need someone to take care of some of those details if they don’t have a Grandma in town. I have thought that working in one of the expensive preschools would probably be a way to meet those people and I remind my dh whenever he talks about people at his work starting families. I have set up a profile on Care.com and I am considering trying to pick up some jobs that way. 
 

I am sure there is a family out there that would love a boring retired homeschool mom who doesn’t smoke and has a clean driving record to love on their kids. I just have to find them! 

This work would also pay a lot more than the $13/hr you will get at the grocery store.  Just something to think about.  The family would be lucky to have you. The only potential wrinkle is that most would want you after 3:30.  

[Lecka]

I just looked back at previous replies.

 

I also think a teachers assistant is a possibility for me.

 

Right now, I am very confident I could get a job doing this.  I have been volunteering as a Sunday School teacher and I know it would be a good recommendation.  One of the people I do that with is a Kindergarten teacher.  
 

At this point I have decided one school year at a time, but it’s a huge thing for me to feel like — I’m confident about it.  
 

This is not the main volunteer thing I do, btw. 
 

The K teacher started as a teachers assistant and then got alternative certification, she wanted to just be a teacher once she got started in the school system.  

[teachermom2834]

1 hour ago, LucyStoner said:

This work would also pay a lot more than the $13/hr you will get at the grocery store.  Just something to think about.  The family would be lucky to have you. The only potential wrinkle is that most would want you after 3:30.  

Right. This is what I want to do after my dd is graduated in two years. I’m not willing to give up being the go to for my own kid for now but I am thinking of how to position myself for this in a couple of years. 
 

Wanting to still be available in the afternoons/evenings for my dd for the next couple years is what has me looking at a pretty narrow range of options. But I can ease up on that limit as time goes on. For example, if I saw an ad for a preschool gig at an expensive preschool that had me there later in the day I would consider it because it would put me around that kind of clientele. We also just moved to a more upscale neighborhood so just getting out in the world is going to be helpful to me.

 

[Lecka]

I think that if you join your neighborhood Facebook page, you might see ads for this.

 

I think from volunteering I do, I know retired people whose adult children are looking for this, who don’t always want to call their parents or the parents are busy.  
 

I think you would be desirable.  College students who come across well are desirable, I think.  

[Lecka]

I think if you do anything where you would have personal references or word of mouth, I think people looking often would prefer someone where someone can say “so-and-so knows them and says they’re great.”

 

Now, I think working at a pre-school would be great for that, but would you have a way to stay in touch with all the parents, if the pre-school won’t allow you to post a flier or give your name out to people who ask for names?  It’s just something where I would wonder.  
 

But if you knew someone outside of pre-school who would think it was great — there you go, they can recommend you to other people.  
 

But I do see people post stuff this way on my neighborhood Facebook page, too, I don’t know if a lot comes of it because I’m sure it all goes to direct message immediately.  My impression is people post and don’t get responses, to be honest.  (I mean — the people looking don’t seem to get responses.)

Edited November 13, 2023 by Lecka

[Lecka]

Also I would feel like I could mention this to parents of my Sunday School students but it wouldn’t be my preference, but I definitely could.  

[pitterpatter]

I have no idea about the tax thing, but I ran across a similar scenario just last week. I was excited about the prospect of becoming a greeting card merchandiser for about a day. I liked the idea of getting a paycheck and my foot back into the workforce. (Although, I have no desire to do retail in the long run. This was just a seemingly flexible job that I thought I could somewhat enjoy in my rural locale.) I think the pay would have been about $15/hr. It is contract labor. After withholding 25 percent for taxes and then having to work before and after holidays (so no more holiday vacays), the worth was so little that I said forget it. I could literally be better off just forcing myself to make a couple of more TPT products every month or flipping some items on eBay. My DD is a junior and still homeschooling. I have plenty to keep me busy, so I don't need to job in that respect. I'm going to have to figure out something in the next couple of years, though. Something that pays a whole lot more.

Do you live in a college town? Could you join one of those mom concierge services for college students? I just read an article about one the other day.

[teachermom2834]

8 minutes ago, pitterpatter said:

 

Do you live in a college town? Could you join one of those mom concierge services for college students? I just read an article about one the other day.

This is a thought- actually multiple colleges in the area. 

[pitterpatter]

I thought the article I read was quite intriguing. It wouldn't be for me, but I thought it would be really great for some people.

33 minutes ago, teachermom2834 said:

This is a thought- actually multiple colleges in the area. 

[mum]

13 hours ago, Bootsie said:

A higher tax bracket only applies to dollars earned over the tax bracket limit.  For example, if the tax bracket is 10% up to $30,000 and 15% from $30.001 to $60,000 and then 17% from $60,001 and up--you would pay 10% on the first $30,000, or $3000, and 15% on the next $30,000 (or $4500).  So, if you earned $60,000 your tax bill would be $3000 + $4500 = $7500.  If you earn $1 more dollar--then your tax bill would increase by 17 cents.  So, the decision at that point is really if you want to earn $1 more and only keep 83 cents of it--but it doesn't push any of your other income into a higher tax bracket.  

What it does mean is someone who works full time for one year making $60,000 and then doesn't work the following year pays more in taxes over two years than someone who works part-time for two years, making $30,000 each of those two years.  

Yep. I understand that only dollars above the bracket cut off get taxed at the higher rate. But we'd prefer to put pre-tax money in FSA or 457 and not have any dollars enter the higher tax bracket. 

[frogger]

To the all posters thinking about doing contract work remember that you pay 100% of payroll taxes if you don't have an employer paying half. 

I have run numbers for a ton of different scenarios and because we have good benefits and adding to them doesn't change much it really is pointless for me to work. We might stand a chance if I contributed the majority of my pay to a 401k or something like that.  I can save us more by being home than I can by working if I am willing to do all the stuff we might otherwise hire out from cooking to home maintance and repair. Efficient- no. Contributes more $$$ to the family than working for $5 an hour after tax- yes.

It is frustrating.  

[teachermom2834]

8 minutes ago, frogger said:

To the all posters thinking about doing contract work remember that you pay 100% of payroll taxes if you don't have an employer paying half. 

I have run numbers for a ton of different scenarios and because we have good benefits and adding to them doesn't change much it really is pointless for me to work. We might stand a chance if I contributed the majority of my pay to a 401k or something like that.  I can save us more by being home than I can by working if I am willing to do all the stuff we might otherwise hire out from cooking to home maintance and repair. Efficient- no. Contributes more $$$ to the family than working for $5 an hour after tax- yes.

It is frustrating.  

Yes. This is what I have been saying for years. It is frustrating! And the 100% of the payroll tax is enough to push it over the top to a total dealbreaker. That just can’t work at all. 
 

I get that it isn’t all about the bottom line but I can’t just not even consider the financial side of it. My brain is going to run the numbers. I’m not going to be able to take a job that disrupts my life so much we end up ordering food delivery or expensive things we would never normally do. Not on $13/hr that is half after taxes. 
 

So, yes there is more to it than the bottom line and there are other benefits to getting a job. But I have to come out of this with something. Even when I was a teen it would make me crazy to see my co-workers spend more on food during their shift than they were making. I can’t suspend all the calculations.

[pitterpatter]

Yup. When DD was younger, there was a lady who came into a Culver's and twisted balloon animals for cash for a couple of hours every week or two. They had signs on the tables. We just happened to be there at the right time one day. She drew quite the crowd. I think we paid her $5 for DD's balloon butterfly. For whatever reason, I think about this every time I'm trying to figure out a way to make some extra cash. Every time I crunch the numbers for a part-time job, she always comes out better than my figures. It's kind of become my measuring stick. Lol. 🤷‍♀️ Frustrating for sure!

21 minutes ago, teachermom2834 said:

Yes. This is what I have been saying for years. It is frustrating! And the 100% of the payroll tax is enough to push it over the top to a total dealbreaker. That just can’t work at all. 
 

I get that it isn’t all about the bottom line but I can’t just not even consider the financial side of it. My brain is going to run the numbers. I’m not going to be able to take a job that disrupts my life so much we end up ordering food delivery or expensive things we would never normally do. Not on $13/hr that is half after taxes. 
 

So, yes there is more to it than the bottom line and there are other benefits to getting a job. But I have to come out of this with something. Even when I was a teen it would make me crazy to see my co-workers spend more on food during their shift than they were making. I can’t suspend all the calculations.

[frogger]

37 minutes ago, teachermom2834 said:

Yes. This is what I have been saying for years. It is frustrating! And the 100% of the payroll tax is enough to push it over the top to a total dealbreaker. That just can’t work at all. 
 

I get that it isn’t all about the bottom line but I can’t just not even consider the financial side of it. My brain is going to run the numbers. I’m not going to be able to take a job that disrupts my life so much we end up ordering food delivery or expensive things we would never normally do. Not on $13/hr that is half after taxes. 
 

So, yes there is more to it than the bottom line and there are other benefits to getting a job. But I have to come out of this with something. Even when I was a teen it would make me crazy to see my co-workers spend more on food during their shift than they were making. I can’t suspend all the calculations.

I am so like this! The gas for the commute, the clothes, everything. I can't help but count the cost of everything and tally in my head. Probably from raising 4 kids on one income. 

I don't have a degree so that also limits me. I have thought tuition reimbusement would also be a big bonus in a job. Most companies go only up to the taxable amount. That would make it more reasonable for me to get a degree. Grandma doesn't have the same number of decades to recoup the cost of college. 😂

I would definitly count the joy of doing something and contributing to society (already do some volunteer work) as a benefit but I also want to contribute to the household income in some way because it costs the household for me to work. All costs are opportunity costs! 

I have brainstormed setting up passive income for retirement years. Maybe building a little rental on our property. Managing our money well. Investing in something like a car wash or just anything that won't take full days of work when we are older. Just working for the 401k or whatever. It is hard for me to bring in income now and my kids are at their most expensive stage but if I could get them launched we would have plenty now and need more for retirement. 

So anyway, right there with you. 

 

 

[frogger]

33 minutes ago, pitterpatter said:

Yup. When DD was younger, there was a lady who came into a Culver's and twisted balloon animals for cash for a couple of hours every week or two. They had signs on the tables. We just happened to be there at the right time one day. She drew quite the crowd. I think we paid her $5 for DD's balloon butterfly. For whatever reason, I think about this every time I'm trying to figure out a way to make some extra cash. Every time I crunch the numbers for a part-time job, she always comes out better than my figures. It's kind of become my measuring stick. Lol. 🤷‍♀️ Frustrating for sure!

Hmm, maybe I should learn how to make balloon animals!

[Frances]

1 hour ago, frogger said:

I have run numbers for a ton of different scenarios and because we have good benefits and adding to them doesn't change much it really is pointless for me to work. We might stand a chance if I contributed the majority of my pay to a 401k or something like that.  I can save us more by being home than I can by working if I am willing to do all the stuff we might otherwise hire out from cooking to home maintance and repair. Efficient- no. Contributes more $$$ to the family than working for $5 an hour after tax- yes.

It is frustrating.  

I will say based on our experience that we did not hire out any more or less work when I was at home full time vs both of us working full time and all scenarios in between. We’ve always done the vast majority of cleaning, cooking, yard care, home repairs and maintenance, home improvement, etc ourselves. Both of our jobs also have equally excellent benefits. Neither job requires special clothing or a commute we can’t do on foot, so literally no added expenses. The biggest difference with both of us working has been the ability to save for retirement and pay for college and the security of knowing that if something happens to one of us, the other will be fine financially, both in terms of $ and benefits like health insurance.

Edited November 13, 2023 by Frances

[frogger]

Just now, Frances said:

I will say based on our experience that we did not hire out any more or less work when I was at home full time vs both of us working full time and all scenarios in between. We’ve always done the vast majority of cleaning, cooking, yard care, home repairs and maintenance, home improvement, etc ourselves. Both of our jobs also have equally excellent benefits. Neither job requires special clothing or a commute we can’t do on foot, so literally no added expenses. The biggest difference with both of us working has been the ability to save for retirement and pay for college and the security of knowing that if something happens to one of us, the other will be fine financially.

Right now my house needs major work due to an earthquake plus deferred maintance plus we have an acre of land. Last year we had 6 giant trees to limb, chip, cut.  I am glad you can pull it off but I am mentally not up to working for $5 an hour and keeping up with all that. 

I have remodeled a whole house to sell while homeschooling 4 kids but damn it, I am just too old to want to put in 12-14 hour days anymore. I have done that already. 

[pitterpatter]

This is what I often wonder! Lol. Sometimes I wish there was some place I could go to work on demand.

Sometimes I think about doing some craft shows in the fall. (I did this a couple of times when I was much younger. I don't know what I'd make these days and whether it would be worth the time/money.) Sometimes I think about setting up a flea market booth, which might work with eBaying, but I'd have to get out there and source. This would be okay once I figured it out again. (I used to go to a lot of yard sales and auctions for my own decorating purposes before DD was born, and we were building our house.)

54 minutes ago, frogger said:

Hmm, maybe I should learn how to make balloon animals!