Finance
She Found Financial Freedom After Dumping Her Spouse, House and Job
For Jannese Torres, a personal finance expert, podcast host and entrepreneur, life couldn’t be better. She’s living in her dream home in Tampa Bay, has passive income rolling in and just embarked on her first national tour to promote Financially Lit!, her personal finance book.
And to think a few short years ago, she was burnt out and miserable.
Less than five years ago, Torres was living in a house she hated, stuck in a toxic marriage, working a job she didn’t love and had thousands of dollars of student loan debt in her name. Torres felt like she did everything right, but she found herself disillusioned with the American Dream she’d been sold.
It wasn’t until she turned her back on the milestones she felt she needed to achieve that she found true happiness.
“It’s never too late to make a change,” said Torres. “The first step is usually the hardest. Your only regret will be not doing it sooner.”
It can be terrifying to make big pivots in life — not to mention expensive. But staying in an unhappy situation can cost you even more. Torres knows this firsthand and wants to share the tips she wished she had when her “perfect life” was dragging her down.
Buying a home doesn’t always buy you happiness
When many of us approach our 30s, we begin measuring our achievements and successes against our peers’. This need for comparison combined with the pressure from our communities and society can lead us to make financial decisions that aren’t aligned with what we actually want in life, Torres said.
When Torres turned 30, she found herself buying a home in a state of autopilot. She didn’t stop to ask herself if she even wanted to buy a home. She just knew she felt behind her peers and assumed that’s what she was supposed to do.
She wasn’t even sure if she was financially ready to be a homeowner. But fear of missing out and the idea that buying a house was the next logical step convinced her to take the plunge.
“The pinnacle of success in my Puerto Rican family is to buy a home,” said Torres. “That’s how you know you’ve made it.”
After three years, she realized she was living somewhere she didn’t love, and sold the home for $10,000 less than what she bought it for.
“It was not a great financial decision in the short term, but in the long term, it definitely set me up for success,” Torres said.
Having the courage to make a choice that contradicted what society had led her to believe she should do changed her life. “Getting rid of my home was the single largest factor in me being able to pursue financial independence,” said Torres.
“The most rewarding thing is being able to pour into my relationships and prioritize my happiness and health because money is no longer a factor that controls my life.”
Torres traded in her $3,500 monthly mortgage in New Jersey for her dream rental in the Tampa Bay area for $1,600 a month. Six years later, Torres still rents and isn’t in a hurry to buy a home. She pays more than she did in 2018, but for her, it’s worth it. She enjoys the year-round nice weather and no state income tax — which is a benefit to being a self-employed high-income earner, she added.
Don’t get married without protecting your money
As much as we want some life decisions to work out, they don’t always. No one enters into a marriage expecting a divorce, but that’s how many marriages end. Maintaining separate bank accounts and creating a postnuptial agreement allowed Torres to get out of her marriage financially unscathed. But it could have been much harder if she hadn’t planned ahead.
Combining finances can make sense for shared bills, but Torres recommends always having your own money set aside. It’s sage advice for anyone moving in with a partner or contemplating marriage.
“One of the advantages that I had, especially in the process of getting divorced was I always kept my finances separate.”
If you’re not sure where to start, Torres suggests growing an emergency fund in an individual savings account. This money can help you get out of a situation that’s no longer working for you. Stashing the money in a high-yield savings account can help you earn a competitive interest rate, while making it easy to access your funds when you need them.
If you don’t love your career, it’s not too late to change paths
Torres spent $55,000 in student loans to get a bachelor’s degree in molecular biology and a master’s In biotechnology only to end up in a 9-to-5 corporate job that was draining her. She was making a decent salary. But the student loan debt and unfulfilling career had her questioning her choices.
At 36, she decided to go into business for herself — a big shift, but one she felt she had to try.
She didn’t jump ship from her full-time job until she had her new business set up correctly. She took her time to build up a bigger emergency fund — just in case — and looked into retirement and healthcare plans to make sure she was protected when she left her job. She also made sure to set up her business as an S-corporation so she could pay herself regular paychecks, while setting aside enough money for business costs and taxes.
And she has no regrets. “Taking the extra time to make sure that those things were in place made me feel like I built something that’s sustainable versus something for the short term,” said Torres.
Now she’s her own boss, creates her own schedule and is doing work that’s rewarding. Some days, she’s coaching clients or building a new course. Other days it’s recording podcast episodes or creating social media content. And when she needs a break, she loves that she has the freedom to book an impromptu trip.
“The most rewarding thing is being able to pour into my relationships and prioritize my happiness and health because money is no longer a factor that controls my life,” said Torres.
Life’s too short to settle
Although Torres encourages her followers to get out of unhappy situations as soon as they can, she also stresses taking the time you need to prepare. Planning to leave a marriage or start a small business may require saving money for several months.
Make moves in the meantime to better yourself, she said. For example, if you want to change roles at your job, think about how you can pivot without having to pay a significant amount in school costs. Are there opportunities at your current workplace to mentor in a different department or shadow someone in a career you’re interested in? Maybe you can lean on free resources online, like a free or low-cost boot camp to earn a certification.
“That could put you on a path to making a pivot without you having to go and get a whole other degree,” she added.
It’s OK if you can’t make a change immediately, but don’t be complacent. Before you know it, five to 10 years will have passed and you may be in the same situation.
You may never be 100% ready to take the plunge. But preparing as much as you can in advance can help you feel more secure, so you’re not tempted to idle in a situation that’s holding you back.
“The worst thing you can do is use money as the reason why you’re going to stay stuck in the situation,” said Torres.
Recommended Articles
Finance
German finance minister wants to scrap spousal tax splitting
Last weekend, several thousand people took to the streets in Munich to demonstrate against abortion and assisted suicide. One speaker made an extremely dramatic plea against what he called the “culture of death” that has allegedly taken hold in Germany. One sign of this, the speaker argued, was that the government is planning to abolish a regulation known as “spousal tax splitting.”
Is tax law really relevant to deep philosophical debates on the sanctity of life? It is even a matter of life and death at all? Surely we needn’t go that far? In any case, the intense political uproar surrounding the new debate on whether to abolish spousal tax splitting is notable, even by today’s standards of populist outrage.
An advantage for couples with widely divergent incomes
The row was sparked by Germany’s vice chancellor and finance minister, Lars Klingbeil, of the center-left Social Democratic Party (SPD), who said he wanted to abolish and replace the joint taxation of spouses’ income, a system that has been in place since 1958.
How exactly does spousal tax splitting work? In Germany, married couples (and since 2013, couples in civil partnerships), can choose to have their income assessed jointly by the tax authorities.
It means that the taxable income for both spouses together is halved – as if both partners had each earned an equal half of the income. Their tax liability is then determined by simply doubling the income tax due on one half.
As people who earn more pay higher taxes in Germany, this system benefits couples where one partner (and often this is still the man) earns significantly more than the other (in practice often the woman).
Costs of up to €25 billion per year
If for example one partner earns €60,000 ($70,512) a year and the other partner earns nothing, the couple will be taxed as if they earned €30,000 each. In this example, the couple would save nearly €5,800 in taxes per year compared to the amount they would owe if both partners filed their taxes separately. According to the Finance Ministry, spousal tax splitting costs the government a total of up to €25 billion annually.
Some critics have long viewed splitting as a tool to keep women out of the labor market, because the more a woman earns, the larger her tax burden becomes. Klingbeil seems to agree, arguing on ARD television in late March that the system was “out of step with the times.” The spousal splitting system reflects “a view of women and families that is completely at odds with my own,” he said.
Chancellor Merz said to be in favor of splitting
On Monday of this week, Klingbeil got some surprising support on this from Johannes Winkel, head of the youth wing of the conservative Christian Democratic Union (CDU).
“Given the demographic reality, the government should create incentives to ensure that both partners in a relationship are employed,” Winkel told the Funke Media Group. “In the future, tax relief should primarily be granted to married couples when they are facing hardships related to raising children.”
But the chancellor is a vocal skeptic of the proposal. “I am not convinced by the claim that joint filing for married couples discourages women from working,” Friedrich Merz said at a conference organized by the Frankfurter Allgemeine Zeitung newspaper. “Marriage is a relationship based on shared income and mutual support. And in a marriage, income must be treated as a joint income for tax purposes, not separately.”
Klingbeil’s alternative plan
At around 74%, the labor force participation rate for women in Germany is one of the highest in Europe, but half of them work part-time.
Klingbeil’s idea is to replace the existing system with a more flexible approach: Both partners would be able to distribute tax-free income among themselves in such a way that it minimizes their tax liability. This would allow the couple to continue enjoying a tax advantage, albeit not to the same extent as before. And whether one partner earns more than the other would become less important.
However, it remains to be seen whether Klingbeil will be able to push through his proposal. Aside from Germany, similar regulations offering tax benefits to couples exist in Poland, Luxembourg, Portugal and France.
This article was originally written in German.
Finance
Departing inspector general targets Council Office of Financial Analysis
The $537,000-a-year office created in 2014 to advise the City Council on financial issues and avoid a repeat of the parking meter fiasco has failed to deliver on that mission, the city’s chief watchdog said Tuesday.
Days before concluding her four-year term, Inspector General Deborah Witzburg said a shortage of both adequate staff and financial information closely held by the mayor’s office prevents the Council’s Office of Financial Analysis from helping the Council be the the “co-equal branch of government” it aspires to be.
In a budget rebellion not seen since “Council Wars” in the 1980s, a majority of alderpersons led by conservative and moderate Democrats rejected Mayor Brandon Johnson’s corporate head tax and approved an alternative budget, including several revenue-generating items the mayor’s office adamantly opposed.
But Witzburg said the renegades would have been in an even better position to challenge Johnson if only their financial analysis office had been “equipped and positioned to do what it’s supposed to do” — provide the Council with “objective, independent financial analysis.”
“We are entering new territory where the City Council is asserting new, independent authority over the budget process. It can’t do that in a meaningful way without its own access to financial analysis,” Witzburg told the Chicago Sun-Times.
Chicago Inspector General Deborah Witzburg’s latest report focuses on the Chicago City Council’s Office of Financial Analysis.
Jim Vondruska/Jim Vondruska/For the Sun-Times
But the Council’s financial analysis office, she added, “has never been equipped or positioned to do what it needs to do. It needs better and more independent access to data, and it needs enough staff to do its job. It has a small number of employees and comparatively limited access to data.”
The inspector general’s farewell audit examined the period from 2015 through 2023. During that time, the financial analysis office budget authorized “either three or four” full-time employees. It now has a staff of five .
Witzburg is recommending a staffing analysis to identify how many people the financial office really needs — and also recommending that the office “get data directly” from other city departments, “ rather than having it go through the mayor’s office.”
The audit further recommends that the office develop “better procedures to meet their reporting requirements” in a timely manner. As it stands now, reports are delivered “sometimes late, sometimes not at all,” the inspector general said.
“We find that those reports have been both not timely and not complete in terms of what they are required to report on and that those reports therefore have provided limited assistance to the City Council in its responsibility to make decisions about the city’s budget,” she said.
The Council Office of Financial Analysis responded to the audit by saying it hopes to add at least three full-time staffers in the short term and has made “some progress” over the last three years in improving their access to data, but not enough.
The office was created in 2014 to provide Council members with expert advice on fiscal issues.
For nearly two years the reform was stuck in the mud over whether former 46th Ward Ald. Helen Shiller had the independence and policy expertise to lead the office.
Shiller ultimately withdrew her name, but the office was a bust nevertheless. In an attempt to breathe new life into it, sponsors pushed through a series of changes.
Instead of allowing the Budget chair alone to request a financial analysis on a proposal impacting the city budget, any alderperson was allowed to make that request.
The office was further required to produce activity reports quarterly, not just annually.
Now former-Budget Chair Pat Dowell (3rd) then chose Kenneth Williams Sr., a former analyst for the office, as director and gave him the “autonomy” the ordinance demanded.
Two years ago, a bizarre standoff developed in the office.
Budget Committee Chair Jason Ervin (28th) was empowered to dump Williams after Williams refused to leave to make way for a director of Ervin’s own choosing.
The standoff began when Williams said he was summoned to Ervin’s office and told the newly appointed Budget chair was “going in a different direction, and I’m putting you on administrative leave” with pay.
“He took all my credentials and access away. I would love to come to work. I wasn’t allowed to come to work,” Williams said then.
Williams collected a paycheck for doing nothing while serving out the final days remainder of a four-year term.
Ervin’s resolution stated the director “may be removed at any time with or without cause by a two-thirds” vote or 34 alderpersons. He chose Janice Oda-Gray, who remains chief administrator.
Finance
Reilly Barnes Returns to Little League® as Purchasing/Finance Assistant
Little League® International has announced that Reilly Barnes accepted a new role as Purchasing/Finance Assistant, effective April 6, 2026. Barnes transitions from a temporary Purchasing Assistant to this full-time position to assist in the year-round demands of purchasing for the organization, as well as the region and Little League Baseball and Softball World Series tournaments.
“We are thrilled to welcome back Reilly to our team as a full-time Purchasing/Finance Assistant. Reilly’s prior experience, time management, and attention to detail make him an invaluable asset to the purchasing team,” said Nancy Grove, Little League Materials Management Director. “We look forward to the positive contributions he will have on our organization.”
In this role, Barnes will be responsible for processing purchase requisitions, coordinating souvenir products, and tracking order fulfillment. He will also assist with evaluating suppliers, reviewing product quality, and negotiating contracts for effective operations.
After most recently working as a Logistician Analyst at Precision Air in Charleston, South Carolina, Barnes, a Williamsport native, returns after honing his skills in the fast-paced environment. Prior to his time at Precision Air, Barnes served as a Procurement Specialist at The Medical University of South Carolina, where his expertise and knowledge were instrumental in supporting both education and healthcare needs.
“I am thrilled to return to Little League in this full-time role,” said Barnes. “Coming back to my hometown and having the opportunity to work for an organization that has played such a special part of my upbringing means a lot. I can’t wait begin this new opportunity.”
Barnes graduated from the University of Pittsburgh in 2022 with a B.A. in Supply Chain Management, Finance, and Business Analytics.
-
New York16 minutes agoGunman Who Killed Baby in Brooklyn Was Targeting Her Father, Police Say
-
Detroit, MI46 minutes ago
How these Detroit farmers are fighting for neighborhood food security
-
San Francisco, CA58 minutes agoS.F. hospital stabbing analysis confirms Mission Local reporting on security lapses
-
Dallas, TX1 hour agoIt’s a big week for restaurant openings and closings in Dallas
-
Miami, FL1 hour agoCain, Kushner launch South Florida JV with plans for Edgewater rental tower
-
Boston, MA1 hour agoMBTA Green Line trains out from Kenmore to Boston College on B branch through April 30
-
Denver, CO1 hour agoNuggets vs. Timberwolves | 3 keys to a Denver win in Game 3
-
Seattle, WA1 hour agoThe Honorable Brandon Lee Gowton Picks for Seattle at #32 | Field Gulls