Re: What do we save for first?
Thank you for your input. That is a good idea about renting the house. I never thought of automatically having $100 extra from this for our retirement. That would be like killing two birds with one stone. I didn't give enough info on the rest though. We do have one baby with plans of having more children so we will eventually need a bigger house but right now the house is big enough, but I'm thinking five years down the line we will need a bigger one and it would take that long for us to save for a down payment(if we didn't save as much to open the business or for retirement.) We already have a "taxidermy shop" in the back yard. It is actually a mother-in-law house that he works out of. However, we have since found out that this is illegal in the town we live in to run a business out of a house. You can run one out of a detached "building", however, we don't have the required space on our lot to build one. So, we are not able to put up a sign and are always worried we will get in trouble. His taxidermy business is getting much bigger and he is out of room for deep freezes, show room mounts, ect, but mainly the legal thing has us worried. He has researched the state business enough to know about 90% he could make a go at it, but if he opens it he would still keep his taxidermy shop open(He does taxidermy in the winter and state work in the summer), but would quit his other job, which is the kind of business he plans to open, so we would be short of that income for a year until the state checks came in. So, if we buy the house first, we have to wait several more years to open the other business (not saving as much for retirement). But if we open the business first it will take longer to be able to afford the house and we may be in trouble with running a taxidermy business out of the small house. And at the same time, I am thinking we have got to start saving for retirement. You're probably throughly confused, but if not, any more suggestions?
|