Comments on: anxiety http://sistahant.blogsome.com/2008/03/12/anxiety/ This sistah is trying to be an ant, not a grasshopper, by increasing net worth working the smart way. Sat, 30 Aug 2008 06:23:51 +0000 http://wordpress.org/?v=1.5.1-alpha by: The Frugalista Files http://sistahant.blogsome.com/2008/03/12/anxiety/#comment-653 Mon, 17 Mar 2008 23:14:17 +0000 http://sistahant.blogsome.com/2008/03/12/anxiety/#comment-653 Hmm. Sounds like you are in a good position, contract or not. Hmm. Sounds like you are in a good position, contract or not.

]]> by: chitown http://sistahant.blogsome.com/2008/03/12/anxiety/#comment-651 Mon, 17 Mar 2008 11:43:35 +0000 http://sistahant.blogsome.com/2008/03/12/anxiety/#comment-651 Thanks for sharing. Thanks for sharing.

]]> by: chitown http://sistahant.blogsome.com/2008/03/12/anxiety/#comment-649 Thu, 13 Mar 2008 16:45:44 +0000 http://sistahant.blogsome.com/2008/03/12/anxiety/#comment-649 Curious...you're doing contract work right? What would you say is your annualized salary? Did you get the professional liability insurance? <strong>Yup - contracting. If I did this job and these hours all year, I'd be over $90K. And I don't have the insurance...<em> yet</em>.</strong> Curious…you’re doing contract work right? What would you say is your annualized salary? Did you get the professional liability insurance?

Yup - contracting. If I did this job and these hours all year, I’d be over $90K. And I don’t have the insurance… yet.

]]> by: ms. m&p http://sistahant.blogsome.com/2008/03/12/anxiety/#comment-644 Wed, 12 Mar 2008 22:08:44 +0000 http://sistahant.blogsome.com/2008/03/12/anxiety/#comment-644 From reading your blog for a while, it's clear your smart, a hard worker, and scrappy. I'm sure you will be fine! <strong>Thanks!</strong> From reading your blog for a while, it’s clear your smart, a hard worker, and scrappy. I’m sure you will be fine!

Thanks!

]]> by: Boston Gal http://sistahant.blogsome.com/2008/03/12/anxiety/#comment-643 Wed, 12 Mar 2008 20:24:51 +0000 http://sistahant.blogsome.com/2008/03/12/anxiety/#comment-643 I was in your position back in 2002 - 2004 when I was saving for my home, working as a self employeed contractor. Here is my advice: 1) Continue to work on eliminating debt while at the same time increasing your down payment fund. Basically banks like to see a healthy cash reserve and low to no debt payments. 2) Read up on SEP-IRAs, a great way to both save for retirement and shelter some of that self-employeed income from taxes. 3) Just because you are self employeed does not mean you can't get a mortgage. However, given current credit markets you are likely to be looking for a doc loan which will mean having two years of self employeed tax returns for the bank to review. So if you started working solo later in 2007, you really start your first full solo year in 2008. So you likely will not be able to apply for a doc loan with self employeed income until after you file your 2009 taxes in 2010. However, you can always go for a W-2 job before applying for a home mortgage and you can do that one month before applying if you are otherwise ready for the big purchase. <strong> Wow - thanks, Boston Gal! Hopefully I'll get a permanent job by the time my down payment savings is high enough to start shopping. But I'm going to look into your suggestions.</strong> I was in your position back in 2002 - 2004 when I was saving for my home, working as a self employeed contractor.

Here is my advice:

1) Continue to work on eliminating debt while at the same time increasing your down payment fund. Basically banks like to see a healthy cash reserve and low to no debt payments.

2) Read up on SEP-IRAs, a great way to both save for retirement and shelter some of that self-employeed income from taxes.

3) Just because you are self employeed does not mean you can’t get a mortgage. However, given current credit markets you are likely to be looking for a doc loan which will mean having two years of self employeed tax returns for the bank to review. So if you started working solo later in 2007, you really start your first full solo year in 2008. So you likely will not be able to apply for a doc loan with self employeed income until after you file your 2009 taxes in 2010.

However, you can always go for a W-2 job before applying for a home mortgage and you can do that one month before applying if you are otherwise ready for the big purchase.

Wow - thanks, Boston Gal! Hopefully I’ll get a permanent job by the time my down payment savings is high enough to start shopping. But I’m going to look into your suggestions.

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