Over the last 13 years I worked at retail for the first 5 years, then I worked as a service tech for the last 7.5 years.
Retail was 7.50/hr-11.50/ hr and then I jumped to 17/hr and I am currently at 26/hr, so basically paycheck to paycheck.
My wife and I live in California and we have about 150k in debt from us both going to nursing school and getting cars so we can get to work. Unfortunately I got hurt and was unable to perform my duties so I got stuck at the retail job, she had family emergencies to take care of and is now finally looking for a job as a school nurse 12 years later and has a couple interviews that are promising.
About 4 months ago, A family friend of mine let me know what he did for a living and how to get my foot in the door for the work he does. Him and his wife do the same work and make about 100k-130k each.
He gave me the blueprint and I have been determined in following it to the last detail. I am almost finished with the online courses and getting certified for this job, but it just dawned on me that when I do get the job, i would be starting around 100k a year and if my wife gets her school nursing job, that’s another big increase for us.
Since I got hurt, I never thought I could make that much money. Being broke for 13 years has basically made me numb to this. I honestly don’t think I would know what to do with it once I get that first paycheck besides start to pay off my debt.
I’m just trying to do this right for my wife and I.
FYI We don’t gamble at casinos, smoke or drink, we’ve never done drugs and we have been penny pinching for the last 13 years of being together, so we don’t spend a lot, go anywhere fancy or travel.
But how would I go about doing things safely now that we will be making about $160k a year?
Questions I have asked myself:
How much do we save per paycheck?
Should I just put 75% of our paychecks towards paying off our loans/debt and the other 25% into our savings?
How long and how much should we save so my wife and I can live peacefully, move into a good home here in California, trade in our current cars for nicer ones and start a family?
Is there any advice you can give to help us make the right decisions and not skip or miss out on something when it comes to having such wealth?
I am starting a new job soon.
byu/Beaniebro1287 inpersonalfinance
Posted by Beaniebro1287
1 Comment
Don’t trade in your cars or get “better” things when your things are not broken! This is a money trap, because this how your $$$ will get caught up to your life style then you will end up in that paycheck to paycheck lifestyle. Focus on long term growth and goals, and short term. Make a budget and stick to it. Your disposable income in your power for savings and paying off debt.