Money makes the world go around!

For more than a few weeks, we've been trying to figure out the financials of my life.


One Possiblity considered and rejected.

Since I obviously wont be getting support from him and I'm in school so wont make any money until I finish school in 2009, I need to borrow money to live for the next 30 months. Going to work, with being out of the workforce for eight years, means a lifetime of servitude as a cashier of some sort where I will make $1000 a month and have to borrow anyway to survive.

My mom supported the idea - both literally and figuratively - by agreeing to finance me and mine for the next 30 months. It would be hard for both of us but we figured I would pay back once I started working and I might ask my BIL for help. He makes bushels of money and lets face it - its his brother's fault we have this situation.


Then today she came up with a great idea!

We had been talking about my 401K and she thought it was a possiblity for finances for me. She called the IRS and was told indeed it could be. I called my 401K managing company and they confirmed. So I have almost $300,000 in there and I certainly dont need even a third of it to live. But we can have a good life with what I can get and I can minimize the taxes and penalties by being smart in managing it all. She and I are now thinking transfers to an IRA money market account.

So now I know, no matter what, I have money to live on. An added plus, I felt bad that I had all this education and work experience but couldnt support my own family, but now the fruits of that education and those labors is supporting me in my hour of need.


So kudos to Mom for thinking of it!