How can I better my life. Any ideas?

Question

I am 27 years old and have been married for almost 8 years. My husband is also 27 and we have a 6 year old son. My husband is an Account Manager who is in the running to become a Corrections Officer. I am a full time Real Estate Agent, part time Human Resources Management Major at Capella University and have a weekend customer service job. We live in an apartment that's $900 per month in Southern NJ. We constantly find ourselves in more and more debt. We can't seem to get out of this whole. He brings home $1630 per month and my weekend job brings home about $400, if that. I have been in real estate for a little over a month. I have made no money. I am becoming more and more depressed with this situation. I still have about 2 years in school and it seems like forever. I have a pretty good resume, but we ran into trouble when it came to childcare, so I decided to go into real estate for flexibility. I am considering just putting my real estate license into referral status and getting a full time job while my son is in school. I hate to think that I wasted so much money getting started in real estate and still owe about $400 (that I don't have) to my broker.

I would appreciate any suggestions about how to get out of this rut. You hear of so many people coming from nothing and building an empire. Why does it seem like rocket science?

Answer 1

One month is not enough time to become established in real estate, especially at this point in the real estate cycle.  Real estate is always going through periods of boom and bust, and right now is a bust.  

I was once in a situation similar to yours, and I eventually came to the realization that I was under-capitalized for a real estate career, meaning I did not have enough money set aside to keep in the business until the cycle improved.  That happens to most real estate agents, by the way.  The ones who do well are the ones who save money during the boom times in order to weather through the bust times.  But you are starting out with no cushion, so please don't blame yourself.

My suggestion is that you find a part-time job that will help you keep out of debt so that you can continue with your education.  Once you have earned your degree, and your husband has (hopefully) by that time become a corrections officer, and I assume earning a little more money, you can always return to real estate if you are able to save some money.  You have to be prepared to go for a year of startup before you become established in real estate.

Also, try to schedule your work hours so that you can share childcare with another mom or your husband, to reduce your expenses in this area.  Does your college offer any childcare assistance?

The most important things for you to focus on right now are finishing your education and keeping out of more debt.  Both of these will pay off big time if you can just manage for now.

Good luck and God bless.

Answer 2

Consider attending a lower cost state school for your education. That will certainly save you a lot of money (Capella University is a very expensive for-profit school). Changing schools may also help you find a better job in the future.

The Chronicle of Higher Education recently published an article about the concerns that HR directors have about schools such as Capella University. That article stated,

"Silvia Guzman, regional human-resources manager for ProTec Building Services, likens online degrees to diploma mills or institutions that advertise on career Web sites promising to help you earn a degree in a year.

"The online degree is not weighed as heavily as a traditional degree," says Ms. Guzman, who hires people for a range of positions, including publishing, administration, and building engineering. "It's almost like, oh, you're purchasing a degree."

She mentioned several universities that raise red flags for her when she sees them on résumés, including Capella University, an accredited for-profit online institution, and the University of Phoenix, an accredited for-profit institution that has both classroom and online programs."

You may also find what others think about Capella University here - http://www.capellafacts.org/capella_univ...

Answer 3

The number 1 cause of stress in families is financial difficulty.  Instead of working Real Estate figure out how many hours you can add to your customer service job to increase your income to the point where it exceeds your monthly expenses and you can pay off your debts.  

Reducing your financial stress will improve your marriage and family life.  When your husband becomes a corrections officer the added income may be enough for you to cut back your hours so that you can return to school.

Putting off school right now will free you to concentrate on being a wife and mother and your work.  Once you've decided on a plan and have put together a budget be sure to work out payments with the Real Estate broker; $50 a month will have him paid in 8 months.

You can download a free budget workbook from:  http://www.bills.com/guide/

or use an on-line tool at: http://www.kiplinger.com/tools/budget/

God bless.

Answer 4

OK.  First off you are not alone.  There are a lot of people in the same situation.  It will take some time and effort to start feeling a little more financially secure.

1) Set some financial goals - short term and long term.  This will give you some sense of direction.

2) Do you know where your money goes?  If not, track your spending for several months (2-3 month).

3) Based on the tracking set a monthly budget.  Prioritize your spending.  You may have to sacrifice many non-essentials like cellphone, cable etc.

4) Start saving - make it automatic - pay yourself first.  Even if it is a nominal amount like $5/month.  At least you are getting in the habit of saving.  A simple savings account, if you don't already have one, is a good start.  But don't touch it

5) As for job - to make money in real estate - it requires that you spend money whether advertising or your time and labor.  If you are not prepared to do that then get out now and get a full time job.

Good luck.