Meet Money Minder,
So, here’s the scoop: we’re pretty savvy with our money. We don’t waste it on unnecessary stuff or fancy things. We’re thrifty to the max. We’ve managed to sock away some cash. We’ve got a sweet new house in the country (with some land), livestock, a small Roth, life/health insurance, and two cars that we own outright. Oh, and no kids, just to throw that in there.
Our biggest debt is our house, but we’ve already paid off 70% of it. We rely on one income, and I happen to make four times the federal minimum wage in a steady trade job. Meanwhile, my wife is a farmer, homemaker, and all-around homestead vet. She’s the one who handles growing, harvesting, butchering, processing, and preserving all of our food.
I absolutely adore our life, but I can’t shake this feeling of unease.
Quick update: When I mentioned the federal minimum wage earlier, that’s what I earn in my trade job.
Update #2 from the next day: Got some tips overnight. I’m in my forties, we already have solar power, running the farm is a full-on gig, and just because my wife isn’t bringing in a paycheck doesn’t mean she’s not pulling her weight financially. She saves us boatloads of cash in food, vet bills, and keeping us sane. We’re working on turning a profit, but it’s a slow process. We’re in year two. We’re hoping to sell some lambs, wool, and other animals we raise. Our Roth account has nearly 80k, and we’ve got around 3k in savings, adding to it by $250-$400 each month. The savings got wiped out during construction and moving. We aren’t making extra mortgage payments right now, and the interest rate is 5.12%. The wife is trying her hand at making money from a YouTube channel, but we’re newbies and it’s a crowded market.
Hope this update fills in some gaps from this morning.
Cheers,
Financially Confused Folks
Response from THE MONEY MINDER:
Hello There,
It’s clear that you and your wife have worked hard to create a financially stable and sustainable lifestyle on your homestead. Your dedication to budgeting, living frugally, and avoiding unnecessary expenses is commendable. However, it’s understandable that even in a successful financial situation, feelings of anxiety can still arise.
Given your situation, where you are already debt-free except for your mortgage, and your wife’s contributions to the homestead are invaluable, it’s important to recognize that achieving financial peace of mind is a journey that requires continual evaluation and adjustment.
One practical step you can take is to focus on building up your emergency savings fund. While it’s great that you have some savings already and are adding to it monthly, having a larger cushion can help alleviate some of the anxiety you’re feeling. You may want to consider diverting some of the funds currently being used to pay off the mortgage into your savings account to build it up more quickly.
Additionally, given your wife’s efforts to generate income through a YouTube channel, it’s important to be patient with this process. Building a following and turning a profit can take time, especially in a competitive market. Consider exploring other income-generating opportunities that align with your skills and lifestyle on the homestead.
Overall, it’s crucial to continue communicating openly with your wife about your financial goals and concerns. By working together and staying proactive in managing your finances, you can find peace of mind and continue to enjoy the life you love on your homestead.
Best wishes on your financial journey,
THE MONEY MINDER
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