lost my job, should I sell?

[The_bald_eagle_machine]

I just moved from Fort Lauderdale to the Ocala/Gainesville area, because living in Miami is ridiculous. The homeowners insurance and property taxes pushed me out of the area. I recommend moving to a different area as Miami is quickly becoming a place reserved for the rich and wealthy.

I have a 401k and have ran into many financial issues as most people do. Most 401k programs will allow you to borrow from your 401k as long as you make weekly payments towards the loan. I can borrow up to 100% of my personal contribution at a fixed 5% interest rate, and the best part is... The interest is just reinvested back into my 401k... I don't get taxed on the money since I am paying it back on a loan, and I am actually paying into my 401k with the interest. Last time I borrowed 6k and paid $40 a week for 48 months. Which helped me fix a broken pipeline under my fort lauderdale home right before i sold it during the covid housing boom.

How much is in your 401k account?

[kiteman]

Originally Posted by gtstorey

Why would you pay Uber Eats if you are unemployed? Or even Pizza Hut? Go to a grocery store and buy food. It sounds like it is time for a new lifestyle. You are 41 trying to live like you are 21. And in a place that only the truly wealthy can afford to live. It's time for major lifestyle change while you still have liquid assets. What are you going to do when the liquid is gone and still no job? Live on the non-liquid assets until that is gone? And then what. Make the change while you still have cash.

I know you mean well, but don't judge. single dude, divorced and I can't get the courage to cook all week. sometimes I need to order in. it's not a big deal and maybe not your lifestyle, but for me it just fits the evening.

Originally Posted by The_bald_eagle_machine

I just moved from Fort Lauderdale to the Ocala/Gainesville area, because living in Miami is ridiculous. The homeowners insurance and property taxes pushed me out of the area. I recommend moving to a different area as Miami is quickly becoming a place reserved for the rich and wealthy.

I have a 401k and have ran into many financial issues as most people do. Most 401k programs will allow you to borrow from your 401k as long as you make weekly payments towards the loan. I can borrow up to 100% of my personal contribution at a fixed 5% interest rate, and the best part is... The interest is just reinvested back into my 401k... I don't get taxed on the money since I am paying it back on a loan, and I am actually paying into my 401k with the interest. Last time I borrowed 6k and paid $40 a week for 48 months. Which helped me fix a broken pipeline under my fort lauderdale home right before i sold it during the covid housing boom.

How much is in your 401k account?

I sold my place at Strada if you know it! near las Olas

401k was what the wife paid me, 60k or so left. I used the other 60k she paid me to buy that place. but it is sold

I have my own around 100k. liquid money is about 50k. that will go fast though at a 3k/mo rent

PM me, we should hang. I am interviewing for a job in ft laud so I might be back there soon

edit: I see you moved. cool. yeah, South Florida is insane in rent. literally crazy. I actually don't get it. 3k/ a month even in delray, and those are shitty apartments. even boca is expensive and there is nothing there. it's a wild market.

[bsn]

Ill give you some advice.
#1 Never ask strangers on the internet for advice!
#2 You have nothing tying you down look for a job in an area with a lower cost of living if you have to move across the country so be it. There is no reason you can't find a good job somewhere within a week as long as your willing to relocate.
#3 $47.00 for Pizza Hut Uber eats IS a big deal you should be scrimping every penny. If you don't change your lifestyle you will NEVER get ahead. When you get on your feet you need to still keep that lifestyle-life changes quickly sometimes.

[gtstorey]

Originally Posted by kiteman

I know you mean well, but don't judge. single dude, divorced and I can't get the courage to cook all week. sometimes I need to order in. it's not a big deal and maybe not your lifestyle, but for me it just fits the evening.

I'm single too, have a good secure job, with very few real expenses, and I wouldn't even think about paying $47 for a pizza, or hardly any single meal. If you aren't making the money, don't spend the money. This is why you are in trouble and likely why your parents don't want to lend you money.

[SS376]

Originally Posted by kiteman

41

thanks guys, a lot to think about. and yes, $3k a month in miami is pretty much standard for mid-class, white collar. it is a stupid expensive place. had a bad divorce and a good job, thought it was a good idea to move down here...3 years later life is not what I thought it would be.

my lease it up in may but I can't get another apartment without income so I'm probably better off just spending the left of my savings on the $3k a month here? I don't know how I would get another place without an income, especially at the prices here. it's a real pickle of a situation. the car might last me in value maybe 5 more months, but I was already unemployed for 11 months before this stint, so that's not going to cut it.

admittedly my insurance is $230 a month and my car space is $150 a month and I barely drive. so that's like $400 a month I would not have to pay if I sold it. and if I'm being honest, I don't really like miami. it's just not easy to get out when you have no job at my age. I'm almost at that point of having too much experience and being irrelevant to employers.

I appreciate all the good answers and responses.

FYI this might be TMI but I had about 275k in savings and now it's down to 160k with 45k that's liquid. the rest is 401k. like I said, I pay $3k a month and miami a burger fries and drinks at McDonalds is $18 (something like that, eh, definitely too expensive compared to Dallas where I lived before) so imagine how fast that racks up (I don't eat fast food often, I meant food in general....Pizza Hut on uber eats was $47 the other day for a large pepperoni, 6 wings and a Pepsi). I had a $130k salary with no debt and it was like barely breaking even. I'm not lying. maybe I went out too much to the bars! I am single/no kids. Shit adds up

If you were barely making ends meet at $130K a year you're financially illiterate. Sounds like you plan on staying that way too.

[el ess A]

Yikes. Not going to change. Not much on sacrificing to do what's necessary.

I see fail in your future at this rate if you don't change your standard of living very soon. You ain't got a job. At this point, who's fault is that? Something WILL change in your standard of living even if you don't. While you have the reins and some cash, make the changes that you can control. Otherwise, it will control you. You're at a point you best sell that car. I know you hate that, but right now you've got bigger fish to fry.

At 41, you are going to have a helluva time catching back up by retirement. Time is not on your side. Keep spending money you don't have and pretty soon you won't have anything to dip into in an emergency. You'll be kicking yourself when you're still working at 71 because you can't afford to retire. Quit being dumb about this.

[CamaroCracka]

Originally Posted by kiteman

I know you mean well, but don't judge. single dude, divorced and I can't get the courage to cook all week.

It does not take courage to cook; it takes not being lazy, which based on the statement below might be why you are divorced.

Originally Posted by kiteman

401k was what the wife paid me, 60k or so left.

But good for you for sucking the life out of your wife and her hard work. It's usually the other way around, especially for most of the divorced guys I see on here.

Personally, I don't hire victims, so good luck in Ft. Lauderdale and I would send my daughter on a round-the-world cruise with one of her friends if she brought someone like you to meet me.

Not judging, just saying.

[gtstorey]

Originally Posted by el ess A

. You're at a point you best sell that car.

He might should hang onto it. At the rate he's going, he'll be living in it soon.

[Moto-Mojo]

Man, the tone turned dark!

Kiteman, start drinking heavily. All those problems about getting old and having no money will take care of themselves!

[SlowLS1]

I don't know if OP is trolling us, or has some serious topics he really needs to deal with. But at this point, the end is quickly arriving, and like gtstorey said, keep the car, he will be living in it. This is a dismal topic, something I would expect on Reddit, not Camaro5...

[silversleeper]

Originally Posted by Moto-Mojo

Man, the tone turned dark!

Kiteman, start drinking heavily. All those problems about getting old and having no money will take care of themselves!

My tone was consistent from the get go. Took a minute for others to get there.
I will somewhat change my answer now.
I would keep the car for now. Why, because it isn't that much money in the big scheme of things and this isn't a fast pay a bill situation and he has still reserve liquid cash.
I always give thought and my best answer with my experiences and careful thinking to anyone who might ask. It doesn't matter if I "judged" them or not.
I do want to comment on "judge me" that people throw around. I tend to hear that mostly from people who make bad decisions on purpose then say "don't judge me". The Bible says don't judge a person, please let's correctly define judging a person and commenting on a bad decision or action that in this case is to help them make a good decision. This isn't a judgement they are irredeemable and going to Hell. This is contemplating what a good and bad course of action is. I know some people want to use that word as an excuse just like racism. If anyone disapproves of something throw out a hateful word at them.
Other than keep the car the entire picture and problem I think is not that complex but I don't have enough details to provide the entire solution but I'm sure the OP knows and has been told enough times what he should fix. Me saying it one more time I believe won't do it. I'll just say to OP pray for help in this even at the risk of people hating on me for bringing religion into this. I prefer not talking religion or politics unless absolutely necessary but I think that will be the only way to get past this road block here. If religion makes you uncomfortable, sorry, please just ignore what I said for now (just like when I try explaining about EV's here) unless someday it rings a bell in your head.

[The_bald_eagle_machine]

Originally Posted by kiteman

I know you mean well, but don't judge. single dude, divorced and I can't get the courage to cook all week. sometimes I need to order in. it's not a big deal and maybe not your lifestyle, but for me it just fits the evening.



I sold my place at Strada if you know it! near las Olas

401k was what the wife paid me, 60k or so left. I used the other 60k she paid me to buy that place. but it is sold

I have my own around 100k. liquid money is about 50k. that will go fast though at a 3k/mo rent

PM me, we should hang. I am interviewing for a job in ft laud so I might be back there soon

edit: I see you moved. cool. yeah, South Florida is insane in rent. literally crazy. I actually don't get it. 3k/ a month even in delray, and those are shitty apartments. even boca is expensive and there is nothing there. it's a wild market.

I come down to Fort Lauderdale and stay at my in-laws on 441 and davie blvd when I visit for work every 3 weeks or so. I usually only stay for a day or two though and head back up with my wife and daughter as soon as I can. I can only stand staying at my in-laws for so long.

[Aqua Blue RS/SS]

Originally Posted by SlowLS1

I don't know if OP is trolling us, or has some serious topics he really needs to deal with. But at this point, the end is quickly arriving, and like gtstorey said, keep the car, he will be living in it. This is a dismal topic, something I would expect on Reddit, not Camaro5...

Couldn’t agree more this thread is painful to read on so many levels

[morepowerjoe]

Like I was saying before, you might as well keep the car especially if it's paid off. No since in selling it and buying a cheaper car that will require a new bag of worms to keep it up and running and since Camaro sales are down right now anyway I don't think that you will get much for it anyways. And like others are saying no matter what you do you should find a cheaper place to live even in another city or even state and do it quickly because your just wasting time and money where your at now.