Scenario:
Single filer
Income just below median prior to being unemployed (small company ran out of work)
Collecting $400/week unemployment for 2 months
Paying $600/month medical insurance (before other medical expenses)
More job opportunities as 3-6 month contractor (or contract to hire) than fulltime employment for area profession
Are the current expenses?
1) the expenses while unemployed
2) most recent expenses while employed
3) projected expenses with next (unknown) job
There are so many variables now, especially
Gas/tolls/parking
80 mile roundtrip commute with parking covered could easily go to 110 miles roundtrip with parking not covered (car already has 200K miles on it)
Health Insurance
$600/month for health insurance continuation (a lot higher since it was a small company)
Clothing
between losing weight and any change from a very casual to business casual atmosphere or true business atmosphere will have significant costs
Then, here's the clincher--looking for the new job. There are a lot more contract positions out there than fulltime. Plus, some of the companies are offering significantly more for a contractor than for fulltime employee. Although, some of that work is only 1-4 months long. Even if it's only a month or two job between filing and the 341, I don't want a couple of months of good fortune to mess things up since I have no idea what the future will bring. (In a perfect world, I'd get a new great paying job and do a chapter 13, but my luck is not going that way.)
So this is what I'm targeting, a 3-6 month contract position that's slightly above the median. My logic--$600 monthly expense for medical actually requires around $720 income before taxes (that gives me around $4.25/hr).
Any thoughts/suggestions?
Single filer
Income just below median prior to being unemployed (small company ran out of work)
Collecting $400/week unemployment for 2 months
Paying $600/month medical insurance (before other medical expenses)
More job opportunities as 3-6 month contractor (or contract to hire) than fulltime employment for area profession
Are the current expenses?
1) the expenses while unemployed
2) most recent expenses while employed
3) projected expenses with next (unknown) job
There are so many variables now, especially
Gas/tolls/parking
80 mile roundtrip commute with parking covered could easily go to 110 miles roundtrip with parking not covered (car already has 200K miles on it)
Health Insurance
$600/month for health insurance continuation (a lot higher since it was a small company)
Clothing
between losing weight and any change from a very casual to business casual atmosphere or true business atmosphere will have significant costs
Then, here's the clincher--looking for the new job. There are a lot more contract positions out there than fulltime. Plus, some of the companies are offering significantly more for a contractor than for fulltime employee. Although, some of that work is only 1-4 months long. Even if it's only a month or two job between filing and the 341, I don't want a couple of months of good fortune to mess things up since I have no idea what the future will bring. (In a perfect world, I'd get a new great paying job and do a chapter 13, but my luck is not going that way.)
So this is what I'm targeting, a 3-6 month contract position that's slightly above the median. My logic--$600 monthly expense for medical actually requires around $720 income before taxes (that gives me around $4.25/hr).
Any thoughts/suggestions?
Comment