What to do financially after job loss

[somethingshiny]

Date: 1/31/2009 10:16:24 PM
Author: MC

on a side note~ does anyone know anything about the online jobs from home like medical billing?

Save, save, and save! Honestly, planning any activity aside from a trip to the grocery store isn''t the best of ideas in these uncertain times.


Medical billing? Does your DH have any experience with that? He''ll need to know the medical codes with that and it''s so involved that he''s got to have SOME experience for such a position!

MC~ The medical billing was for me! No, DH couldn''t do that!! I have a few years of experience in a medical field and I thought I could pick it up pretty quickly.

 

[somethingshiny]

radiant~ I'm trying to keep myself from even thinking towards resentment because I can see how that would come about after awhile.

April~ The dollar menu was our evening out WHILE employed! LOL!! But, you can't beat a family of 3 eating for $6! And, you get the play area!

swingirl~ I already do those things you mentioned, guess I'm pretty frugal as it is. And, I agree about not taking chances.

MMP~ We haven't cancelled cable and internet, but we don't have other extras so we're trying to hold on to those for a while. We don't usually go to movies but coupons are a great idea. I'm actually trying to come up with more things to do than normal so we don't drive each other nuts! I make our meals and we only have out-food (ie Wendy's dollar menu) about once a month. As soon as it gets warm again and we can get back down to the river maybe we won't even want to go to the water park.



Storm~ Succinct and to the point. And, that seems to be the general consensus. Thanks!

 

[bee*]

Date: 1/30/2009 3:24:11 PM
Author: Aloros
I''d take the little one out to the water park (not a lot of $$, and you''re only that age once!) but save the rest, just in case. The kitchen upgrade and TV can wait until your DH secures another job.

I agree. Take him to the waterpark and then save the rest.

 

[swingirl]

Our water park charges for parking and you cannot bring in any food. So add that into your budget.

 

[somethingshiny]

Our original water park idea (we wanted to do this for our little guy''s b-day which is in 3 weeks) is an indoor park and we''d have to go and stay in a hotel (it''s all inclusive: park passes for 2 days, a pizza supper and a buffet breakfast for $160 plus taxes). So, that idea is pretty much out. About an hour or so away we have a small water park that is $5 per adult and our little guy would be free. Parking is free and you can bring in food. We''ll wait until summer (it''s cold!!) to see about the second one, but I don''t know that it would be enough fun to merit 2 or so hours on the road. I really wish we had some fun things in our area, but we''re too rural. JT''s favorite summer activity is riding with his Pa on the tractor, though, so that''s free!

 

[MichelleCarmen]

Date: 2/1/2009 12:42:54 PM
Author: somethingshiny



MC~ The medical billing was for me! No, DH couldn''t do that!! I have a few years of experience in a medical field and I thought I could pick it up pretty quickly.

Have you worked in medical at home before? Of the four people I know who work at home in the medical field, ALL are independant contractors. Would you be okay with that? You''ll have to pay double the SS because you won''t have an employer to match it, but as far as fed. income tax, you can right off nearly everything and probably won''t owe any Federal at the end of the year if you''re tricky about it and buy a pen every time you''re at the grocery store (you can write off the milage of say .50 per mile for nearly every errand as long as it includes a business expenditure.)

 

[DiamanteBlu]

Every time a door closes, you will find that another opens. I would suggest starting a business, probably home-based. By that, I mean a business that you can build up that will yield a passive stream of income once it is built [the only kind to have!

]. There are some HUGE opportunities out there, especially given the "less than optimal" economy. Take advantage of the situation to build yourselves some wealth. This is a fine opportunity to stop trading time for money and get paid what you are really worth.

ITMT, I suggested that you spend frugally but do not deprive yourselves. Focus on making more. If you hoard what you have you will end up with nothing. Remember The Parable of the Talents [Matthew 25:14-30]. Put what you have to good use and it will multiply.

 

[DiamanteBlu]

Date: 2/1/2009 3:27:57 PM

You'll have to pay double the SS because you won't have an employer to match it, but as far as fed. income tax, you can right off nearly everything and probably won't owe any Federal at the end of the year if you're tricky about it and buy a pen every time you're at the grocery store (you can write off the milage of say .50 per mile for nearly every errand as long as it includes a business expenditure.)

As far as the tax advantages of having a business go, have a look at
this book. It is excellent. Sandy was a lawyer [training the other lawyers!] at the IRS and a CPA. He has some great insights.

 

[Girlrocks]

Date: 2/1/2009 3:27:57 PM
Author: MC

Date: 2/1/2009 12:42:54 PM
Author: somethingshiny



MC~ The medical billing was for me! No, DH couldn''t do that!! I have a few years of experience in a medical field and I thought I could pick it up pretty quickly.

Have you worked in medical at home before? Of the four people I know who work at home in the medical field, ALL are independant contractors. Would you be okay with that? You''ll have to pay double the SS because you won''t have an employer to match it, but as far as fed. income tax, you can right off nearly everything and probably won''t owe any Federal at the end of the year if you''re tricky about it and buy a pen every time you''re at the grocery store (you can write off the milage of say .50 per mile for nearly every errand as long as it includes a business expenditure.)

I do medical billing from home, however I did medical billing in doctor''s offices and hospitals for years prior to becoming an independant contractor. It''s nearly impossible without any experience to get a doctor to allow you to do their billing, let alone from home! You have to have experience with insurance/Medicare rules and regulations, coding, etc. And when you work from home, you really need to know your stuff because there is no one for you to call if you need help or have a problem, you have to figure it out for yourself.

And please do NOT respond to those Medical billing ads that are in the back of magazines and newspapers or on the internet, they charge a large amount of money and are total scams!

Now the positives...it''s easy to do from home with kids as you can work during the middle of the night if you have to, weekends, 3 hours here, another 2 hours there, etc. You really can write off a TON of things that are business expenses...like cleaning my carpets, getting my chimney cleaned, mileage, etc.

Most community colleges have online courses that you can take..if you have some knowledge, these could bring you up to speed with current practices and procedures.

 

[Rhea]

I haven''t read the other answers.

I think it''s still good to go out once in a while. Not having an income can put a lot of pressure on people and it can''t be good for the relationship. Going out to a less expensive meal, cheaper day time movie, or taking your kid to the water park is good for your family life.

 

[MichelleCarmen]

Date: 2/1/2009 3:47:00 PM
Author: DiamanteBlu


As far as the tax advantages of having a business go, have a look at
this book. It is excellent. Sandy was a lawyer [training the other lawyers!] at the IRS and a CPA. He has some great insights.

Thanks for posting this, Diamante. I'm soon to be starting a contracting position that will at first be on location, then transferring to home/and or on location, but picking my own hours and need all the tax help I can get. The pay is great and DH and I should be doing good (and setting aside a decent savings fund), but the daycare costs for two kids is a killer, hence the need to work from home as much as possible. Summer day care is nearly $1,600 per month.

 

[MichelleCarmen]

Girlrocks - Since you're writing off cleaning your carpets, etc., I take it you're also writing off your home office? I'm hoping to write off depreciation on my car and other misc. stuff, but one person I know was audited because she had been deducting her home office and then when she went to sell her home, the IRS expected a big fat bit of that. Does that sound right? I'm scared to write off my office (which is basically a 10' X 10' "bonus room" in the downstairs of my condo). It only has two computers, chairs and my eliptical. . .it doesn't have a closet. We have three bedrooms upstairs, so the bonus room clearly is set up to be an office of sorts rather than being a bedroom.

 

[swingirl]

Date: 2/1/2009 2:48:43 PM
Author: somethingshiny
JT's favorite summer activity is riding with his Pa on the tractor, though, so that's free!

My guess is your boy loves riding on the tractor as much as going down a water slide!! Kids are easy when it comes to fun.

 

[DiamanteBlu]

Date: 2/1/2009 3:58:55 PM
Author: MC

Date: 2/1/2009 3:47:00 PM

Author: DiamanteBlu

As far as the tax advantages of having a business go, have a look at
this book. It is excellent. Sandy was a lawyer [training the other lawyers!] at the IRS and a CPA. He has some great insights.

Thanks for posting this, Diamante. I''m soon to be starting a contracting position that will at first be on location, then transferring to home/and or on location, but picking my own hours and need all the tax help I can get. The pay is great and DH and I should be doing good (and setting aside a decent savings fund), but the daycare costs for two kids is a killer, hence the need to work from home as much as possible. Summer day care is nearly $1,600 per month.

Happy to be of help! Sandy is a good guy and a good friend. His book is a good start. He has other programs [that are not cheap] that will help you better understand what you need to do, get set up and track expenses, etc. but I would suggest just starting with the book for now. It will give you a good picture of what you can do and why.

 

[Girlrocks]

Date: 2/1/2009 4:03:21 PM
Author: MC
Girlrocks - Since you''re writing off cleaning your carpets, etc., I take it you''re also writing off your home office? I''m hoping to write off depreciation on my car and other misc. stuff, but one person I know was audited because she had been deducting her home office and then when she went to sell her home, the IRS expected a big fat bit of that. Does that sound right? I''m scared to write off my office (which is basically a 10'' X 10'' ''bonus room'' in the downstairs of my condo). It only has two computers, chairs and my eliptical. . .it doesn''t have a closet. We have three bedrooms upstairs, so the bonus room clearly is set up to be an office of sorts rather than being a bedroom.

Yes, I can write off my home office, as well as a portion of my electricity, water, etc. My accountant says that as long as the room you are using is exclusively an office (meaning not an office/guest room with a bed in it, or a computer desk set up in a corner of your living room) that you can deduct it. You would be surprised by the amount of things you can deduct when you work from home.

 

[DiamanteBlu]

Date: 2/1/2009 4:03:21 PM
Author: MC
Girlrocks - Since you're writing off cleaning your carpets, etc., I take it you're also writing off your home office? I'm hoping to write off depreciation on my car and other misc. stuff, but one person I know was audited because she had been deducting her home office and then when she went to sell her home, the IRS expected a big fat bit of that. Does that sound right? I'm scared to write off my office (which is basically a 10' X 10' 'bonus room' in the downstairs of my condo). It only has two computers, chairs and my eliptical. . .it doesn't have a closet. We have three bedrooms upstairs, so the bonus room clearly is set up to be an office of sorts rather than being a bedroom.

Don't worry. There are a lot of myths out there about the IRS. Don't get taken in by them and don't be intimidated [by the ignorant] into not taking deductions that are rightfully yours to take. If you track and document things correctly you will be fine. I was, in fact, audited about my home office a number of years ago [my ONLY place of business, LOL!]. I said "oh, really?!", just sent them the details and they thanked me and went away happy.

 

[somethingshiny]

Thanks for the info about home business. My sis sells Avon and gets TONS of write-offs from it. I have *some* experience billing for medical (although it''s all vision related) so I''d DEFINITELY take a course. My local college is offering an online course that they say takes between 3-6 months. I think I could do it, but I really don''t know where to begin, besides signing on for the course.

Girlrocks~ Any more info would be appreciated, (or a reputable website)

Diamante~ thank you for your suggestion! What you said actually clicked with me, so I''m definitely going to be looking into opportunities for myself at least while DH job-hunts.

 

[jewelerman]

Also a good time to really look at what you spend on that can be eliminated...when I became unemployed I found that there were many things i could do without and not miss them like...eating out,movies,junkfood,shopping,cds and videos.Good luck!

 

[Diamond*Dana]

Date: 1/30/2009 3:24:11 PM
Author: Aloros
I''d take the little one out to the water park (not a lot of $$, and you''re only that age once!) but save the rest, just in case. The kitchen upgrade and TV can wait until your DH secures another job.

I agree...give your son a fun day full of memories, but I would save the rest until he has a secure job.

I am sorry that you are having to deal with this at all. I hope that your DH finds a new job very soon.