First Steps to Solvency

theoretica

alt80 said:

Interesting conversation with wife tonight related to her carrying on with the nails or exploring the PT work. She said she basically feels it’s not worth it for what she can earn. Scaled up 3hours a day doing the nails, 5 days and over 45 weeks of the year she’d see after all deductions £12k/y bit more really but that’s accounting for a few cancellations etc too. Tbh I would probably dismissed it too this time last year but that’s our son’s school fees and a massive difference imo. Might say something to her about it tomorrow as can see why she cba thinking that way.

£1k take home for 15 hour weeks is worthwhile.  If you only count the income you draw and not the equity you are building up and leaving invested in your business your income is 8 times that, but you are putting in say 4 times the hours so that's earning not at all negligible half your hourly rate. Maybe pointing that out to her would make it seem more worthwhile rather than thinking about it as only 1/8th of your income.

enthusiasticsaver

alt80 said:

Find if you’ve seen one beach/ city/ tree or whatever seen them all. I don’t get much of a buzz from it never really have. Enjoy one or two max one week hols just a switch off so not that I don’t get it at all just don’t understand people like you and @getmore4less who go on hols like 6 times a year. Find the travelling really stressful tbh hate being away from my car etc even if hired not the same and prefer being home than some hotel doesn’t matter how nice haha.

You don't need to be away from your car if you don't want to (although that seems a bit strange to me LOL) as if UK or even Europe you can take it with you.  Otherwise do you just drive to the same places all the time? I would find that boring but we lead completely different lives to you obviously and whatever makes you happy. 

alt80

@enthusiasticsaver when she started the nails course I was hoping she’d go and work in a salon for a bit then we’d set up a JV together no !!!!!! chance haha. Got the 3 hours/ day from her telling me she ‘couldn’t cope with more than 3 hours a day’ lol. 

Re holidays yeah we’ve done UK/ France. Idk enjoy it when I’m there I suppose just don’t really want to go in the first place. If it wasn’t for my wife, I wouldn’t bother going away at all I don’t think. Re me driving to the same places haha suppose I do generally, know where the good roads are around here. Know Notts really well sat nav not even needed for most places, lol also bits of the rest of the east mids. Write that and think maybe need to have a word with myself find hols boring but another drive round Notts that I do every !!!!!! day with work willing to financially stretch myself again for that experience in an AM lol. Maybe I am the boring one tbt only real interests I have are property and driving. Started the read up on investments too actually so that’s another interest for the future maybe but the sort of thing my wife likes (not the IG clothes beauty etc) exercise/ sport/ music/ hols etc is the sort of thing a lot of people seem to enjoy as interests are just a thing in life some ok some necessary evils; nothing to get excited about for me iyswim. 

@annabanana82 fairly certain she’d have to work weekends etc on shifts doing that? 

@elbree thank you. Yeah I do feel I’m doing well but not like I haven’t had breaks before. I can’t keep ignoring him and don’t if he has a serious question relating to his portfolio he knows who can answer it and I do still speak to him about property. Just don’t want to meet up 100 it’s a social thing he wants never a business meeting really for him lol. 

@theoretica 100% agree it’s def worthwhile. 

Humdinger1

@alt80 yes, can see that the business connection makes it more complicated.   As I think it might have been said before, there's some so called business that on closer examination loses you money; when you take into account the opportunity cost; the shameless hoovering up of your time that could be spent on more profitable business alone. That's before you factor in the chang.  This isn't even the main point but inviting you without your wife and child on the day things open up slightly is just plain rude.  Money doesn't seem to have given him any social graces or finesse at all; it's just allowed him to dig a far bigger hole than a more average background would and try to take people with him.  How much would you lose financially if he took his so called business elsewhere? It's a calculation I once made; got rid of a toxic bullying client and got my life back.  Keep going; you're doing fantastically. Humdinger 

getmore4less

theoretica said:

alt80 said:

Interesting conversation with wife tonight related to her carrying on with the nails or exploring the PT work. She said she basically feels it’s not worth it for what she can earn. Scaled up 3hours a day doing the nails, 5 days and over 45 weeks of the year she’d see after all deductions £12k/y bit more really but that’s accounting for a few cancellations etc too. Tbh I would probably dismissed it too this time last year but that’s our son’s school fees and a massive difference imo. Might say something to her about it tomorrow as can see why she cba thinking that way.

£1k take home for 15 hour weeks is worthwhile.  If you only count the income you draw and not the equity you are building up and leaving invested in your business your income is 8 times that, but you are putting in say 4 times the hours so that's earning not at all negligible half your hourly rate. Maybe pointing that out to her would make it seem more worthwhile rather than thinking about it as only 1/8th of your income.

3*5*45/12= 56.25  per £1k
That's  ~£18ph net which is scaled up to a annual 37.5hr week 46.4 weeks is ~£31k net or ~£40 gross

Equivalent to being in the Top 25% of earners, 

Probably a lot more than some of the clients will be earning.

Maybe that's why we have so many nail shops in our town 

I recall another passion was bags.......   has that bag shop sold yet

See there is a hairdresser/salon/beauty place in Long Eaton, £100k for the 15y lease.
would she be up for managing that  t/o £300k.

ladyholly

I dont quite get why your wife couldnt cope with more than 3 hours a day working. As for turning down the chance to earn £12500pa for very part time work I am stunned. Have you pointed out to her what the national minimum wage is which many people bring up a family on. She needs to come down to earth and join real people  not the IG people who are paid to project a certain lifestyle and many others on there who i suspect work hard to give a false lifestyle.

You are a strong person no matter what you think and you need to be honest with your mate and tell him straight that you want to change the way you live and that if he wants to continue with the business relationship that is great but it will be handled by your staff and there will be no personal connection. I know its easy to say and hard to do but even if you lose his portfolio your peace of mind will be worth it. It sounds as if he needs you more than you need him.

stymied

I like the idea of equating the per hour rate to other roles to boost your wife’s sense of self worth. I get where you’re coming from with the extra income going towards joint expenses but, at least for the first year, I would suggest that you let wife keep all the profits to boost her personal budget inc holiday spending money and Christmas. This should get over the hurdle of it not being worth doing, will help keep your negative feelings at bay towards not being able to treat her and you can cover the family expenses with your earnings, just not some of her ‘wants’.

kayannie

@enthusiasticsaver,  I totally agree with you regarding coastal walking. I celebrated my retirement by walking the Pembrokeshire coast path. Just me & my dog, the ideal companion.  We stayed in pre-booked hostels & B&B's along the route. My perfect holiday, although I know it wouldn't please everyone!

enthusiasticsaver

kayannie said:

@enthusiasticsaver,  I totally agree with you regarding coastal walking. I celebrated my retirement by walking the Pembrokeshire coast path. Just me & my dog, the ideal companion.  We stayed in pre-booked hostels & B&B's along the route. My perfect holiday, although I know it wouldn't please everyone!

That sounds lovely to me.  Well done. Once I have done the South West Coast path I would love to do the Pembrokeshire coast path and then the England coast path.  I tend to only do day trips or weekend walking trips sometimes on my own and sometimes with my DH, DD or friends but will have to stay overnight as I have done all the sections close to me now. My fitness has improved massively over the 18 months I have been doing it but really missed it over the last 3 months or so.  Last time we did a stretch was last October. How many miles is the Pembrokeshire coast path? 

enthusiasticsaver

annabanana82 said:

Job idea for your wife, either beauty counter in JL, or shop assistant in JL. I know someone that worked on the beauty counter there and they got loads of freebies, trips to London to learn about new products etc, I suspect if she picks the right counter then the clientele is going to be more varied and she may see something other than the IG set. 

JL staff I believe get a 25% discount so even if she were to spend all her wages in the shop then then the products are cheaper and whilst she may not be contributing to your household income she would be freeing up some of your existing budget.

I think that is a really good idea.