Monday, March 05, 2007

the move is on

My wife gave notice. She's working until May/June - exact date unclear.
It should extend our income for a while since her current job pays better than the new one.

We now have to begin planning the move and managing our cash flow - she'll be off for at least two months, possibly two and a half. That means three months without her contributions.

On top of that it will probably take 5-10 months to sell the new house.

I'm planning on creating a cash flow forecast through year end to see where we'll end up.

Obviously alot will depend upon me keeping my job with Big Company. Hopefully they will be pleased with my current activities on the joint venture. Managing so many people is certainly a handful. Actually I only have about 6 reporting to me directly and another two for special projects. There's another 180 that report to them (I though it was more, but it's not). It's possible I've met people who work for my management team and I never knew they were part of our group. I don't like that. What's the expression: a good general should know his troops?

With such a high risk role, I hope I can hang in there. My alternative approach is to create a strategy and help find a permament person for the role - either someone reporting to me or a hand-off. Obviously I'm not comfortable being in a high risk position while the sole bread winner during a move.

Another consideration is how long the old house will take to sell and how long it will take to find a new one. I'm guessing about five months, but it could be longer, maybe ten months. That's $30k I'll reserve.

Plus expenses for setting up the new house - I'd like to limit that to $30k as well. $60k is alot to pull out of our savings. If an emergency should strike, we'll be screwed. Need to rethink all this. Any recommendations?

Regards, makingourway

2 comments:

Terry Lange said...

It seems like you are very concerned about your job. If you are so concerned about keeping it, would it not make better sense to live in the same city where Big Company is located rather than being on the road?

Just my thoughts...

I was thinking, I wonder if we are employed by the same Big Company. I work in the medical industry also.

steve said...

Hi- Interesting situation. Obviously if you're moving more than 50 miles for your wife's job change, keep good records for tax purposes! But you mention 30k for setting up the new house? That seems quite high, but then again- only you know what that entails. I moved last year in similar situation, and yes the costs went up pretty quickly. But we paced ourselves on the setting up aspect of the new house, in order to balance the emerg. funds, etc. If you're in the same area, the utility/service companies may be able to just switch you and not charge activation/set up fees, etc. But sometimes they want inspections for the new systems. By the way- took me 7 mos to sell our house, but we were in it at the time. I don't envy having two to manage, even if one is not occupied. I've sold several homes, and the best thing I can think of is not to squabble over the little things. I decided up front that I would work with all reasonable (and I mean remotely reasonable) offers- and make every effort to agree to what the buyer wanted to close the deal. I was accomodating at every turn, and both buyer/seller felt good about the process. They later commented that because I was so willing to compromise or adjust to their concerns during the offer, that it sealed the deal for them. As a seller, in a few years I won't even remember the details... just the fact that I sold it in a range of my asking price. I think it took 7 mos because it was listed in the fall... winter was slow, and the real buyers came looking in the spring. Oh... and the house was spotless and organized at all times... can't afford not to show the best with lots of competition out there! Best of luck, and keep the faith!