I am at a financial crossroad, any feeling on directions to take?

Question

I have worked at a hospital as a massage therapist for 16 years but must work another job and have a private business to make ends meet. I am over 50 and would like to retire debt free, but the way it looks now, I may work til I am 75 if they will keep me! There are new programs that I am assisting in starting at the hospital, but health care is so shakey, I cannot ask for more money! My private business is geared towards people who could not otherwise afford the hospital or spa prices and need it. I take what they can afford when they come to my home office with the idea that they are saving me money traveling and hauling my table so it works for both of us. My second job is dependent on work injury clients and that is also shakey...laws have cut back payment to minimal. I am embarrassed to ask for guidance as I know our economy has all of us thinking and wondering. I truly am lucky to have the opportunity to work with so many that teach me so much! Each day is a gift!

Answer 1

It sounds like you are working very hard and struggling at the same time.  Unless you have been told that the hospital is struggling and your job is at risk, you may want to find the courage to speak up and ask for a raise, especially if you deserve it.

If your private business means a lot to you, consider ramping it up a little.  Depending on the time it takes, you may be able to turn it into a thriving part-time business and quit the second job.  Ask your current clients for referrals.  Let them know you need business and are looking for more clients.  Invest in some business cards, and run with it.

You may also consider turning your private business into a non-profit corporation.  You could check local resources by contacting a business center, the chamber of commerce, or even the United Way to see if they can refer you to someone who specializes in starting or working with non-profits.  That way, you could continue your meaningful work of assisting people who can't otherwise afford your services and possibly even get some subsidizing.  It would all depend on the eligibility requirements you set for your clients.

If you do it because you just like helping others out and don't want to formalize it, then you may have a tough choice ahead of you.  It is extremely important to realize that you must take care of yourself first.  In doing so, you become a more stable, healthy, and prosperous individual and are able to give back a lot more without jeopardizing your own well-being.  You can not afford to look out for other peoples' finances and not your own.  For instance, how could you help them if you lost your home because you didn't want to charge for your services?  Realize the importance of taking care of yourself first, and then assisting others.

As for your finances, I suggest you ask your tax professional, friends, colleagues, associates, or the chamber of commerce for referrals for a financial advisor.  In my town, I know a very compassionate financial advisor who treats his clients' money like it is his own.  He offers sound advice and is extremely encouraging, even with those of us who can afford to put away only a few dollars a month toward our retirement.  He takes the embarassment out of putting a few pennies away for the future and teaches others how something so small can make a big difference.  A financial advisor can also help you save money now, by teaching you how to save on your taxes.

And finally, never be embarassed to ask for guidance or help.  None of us is an expert at everything.  I know I certainly couldn't massage pain out of an aching shoulder like I imagine you could.  That's why there are people like financial advisors in the world, so they can be the expert on finances like you are on muscle tissue.

Answer 2

If you are wanting to retire debt free you could always start your own business that would allow you to put in the time you want. I am 18 years old and have been successful going to college full time and working part time still giving me time to run my business. If you want more information you can email me at [e-mail] and then ask for my phone number i rather not leave it on here for prank call issues. THIS IS NOT A SCAM EMAIL ME ITS WORTH A SHOT