Welcome Cathie. I think you'll find lots of support and good financial advice here.
I have to say one thing screamed out at me as I read your post:
Quote:
Originally Posted by Cathie
yearly salary of $40,000
home (now valued at $550,000
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I realize your home was bought when you were in a dual-income relationship, but now that your situation has changed (or is about to), I have to agree on reevaluating keeping that home. I think one of the biggest mistakes that women make (not to be sexist but it is primarily women who find themselves in this situation) is to try and keep the house after a divorce. Just taxes and insurance alone will eat up 12.5% of your gross income (and an even larger percentage of your take-home pay).
You are sitting on a home profit equal to 10 times your annual income. That's a huge amount of money. Sell the home and move into something much more modest. Pay cash and invest the rest. That will greatly improve your situation, your cash flow and your retirement prospects.
__________________
Steve
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