Monday, May 18, 2009

Big Changes Ahead

I'm moving out of state. I'm quitting my job. I'm renting out my house. I'm starting a business. I'm trying to max out my 403b before my last paycheck. I'm trying to live on $660/month (plus the money from my roommates who pay for my mortgage). I actually think this will all work out. Craziness!

Moving Out of State
I am thrilled to have finally made the decision to move further south. I've been in the Northeast now for almost a decade and I am SO tired of the cold, the brown slush, the SALT, the pot holes, the greyness. The sunny skies south of the mason-dixon line have been calling me for a while!

Quitting My Job
This one was tougher. I've stuck around here as long as I have because I love the work I do and the people I work with. But it is time. My last day of work is June 5th. My last paycheck is August 31st.

Renting Out My House
The idea of putting my house on the market, hoping to find a buyer, and coming back up here for closing was not at all appealing to me. I figured I might as well see what kind of potential there was for renting out the house. I do have some experience being a landlord, I have a rental property a few miles away.

On May 7th I posted some pics on Craigslist with a pricetag that sounded good to me. I got 17 emails within 24 hours. I made appointments for the following week with 3 people. They came, they saw, they loved it, they wanted it. It's true, my house is very cute.

I offered it to the ladies who wanted to rent it furnished for an extra $100 a month (yay, I don't have to move my decade-old stuff...!) They are coming down on Thursday to sign the lease. So, starting July 1st I will get $1295/month for a house that costs me $840/month in mortgage, insrance and taxes. That's right, that's $455/month more than I have to pay. I told you, cute house.

Starting a Business
Now this one will be quite an adventure. I've done a lot of research, I think I have the right market, the right demographic for my services, and some funds for start-up costs. I'm excited to see how this turns out!

Maxing out the 403b (or Trying to)
I was all set to max out my 403b by the end of December. But now that I won't be getting much of a salary once I start my business, I want to put away as much as I possibly can while I'm still getting a paycheck here. I've upped my contributions to the point that my paychecks are about $660/month. I do have some roommates now who pay me enough to cover my mortgage. So, that $660 has to be enough to cover utilities, groceries, gas, internet etc. Oh, and and a $750 charitable contribution pledge. I think I can do it. I may post the exact budget some other day.

Definitely big changes ahead.