Hi Money Minder,
Hey there, I’m 30 years old with a little 1.5-year-old kiddo and a wife who’s not working yet.
So, here’s the deal – I listened to the advice about investing in myself and my projects, which meant spending most of my money on hardware. I never saved anything and still have some credit card debt. I make around $15,250 a month from my full-time job and side gigs, living in eastern Europe.
I’ve got ADHD and admit I stink at handling money, so just putting that out there.
In March, I got a job opportunity in the US that sounded amazing – $15,000 a month plus equity, all working 9-5. But it didn’t go as planned, and I lost half my income due to putting too much into it. The financing got delayed (and it looks like it’ll be even more delayed, figured that out in July).
Lots of unexpected expenses popped up (dentist, doctor visits, a surprise $20,000 bill from the Tax office, thanks to my accountant), and I got into some really bad loans. Thankfully, I managed to pay them off and recover by sharing with my family.
Right now, I’ve got a $300,000 house (with an $80,000 mortgage), a paid-off $25,000 car (just one last lease payment at $500 this month), land worth $80,000, and an online business/website valued at $25,000-$50,000 (I turned down the last offer).
On the flip side, I’ve got around $80,000 in credit card debt, family loans, and money owed to the Tax office.
My wife’s finishing her masters in a month and will start making $4,000-$5,000 a month in October.
My credit score is so bad that I got rejected for two $80,000 loans that could’ve helped me for another 1-2 years unless something goes wrong again.
Am I in deep trouble at 30, or is there still hope to bounce back? Is it as terrible as it looks, or not so bad after all? I really don’t want to sell the land, car, or house. I need to pay off the family loans by January.
Thanks for listening, Money Minder.
Farewell, Financially Frazzled
Response from THE MONEY MINDER:
Hello There,
Congratulations on your success in securing a new opportunity in the US and working towards a higher-status role. I’m sorry to hear about the financial challenges you are facing at the moment. It sounds like you have been through quite a whirlwind of unexpected costs and setbacks that have impacted your financial stability. It’s understandable to feel overwhelmed, especially with the mounting debt and uncertainties about the delayed financing.
At 30 years old, there is still plenty of time to recover from your current financial situation. The key here is to take a step back, assess your financial standing, and create a realistic plan to address the debt while maintaining your assets such as the house, car, and online business. It’s great to hear that your wife will start earning soon, which will provide additional income to tackle the existing debt.
One practical approach would be to prioritize paying off high-interest credit card debt and loans from family members. Consider creating a strict budget that allocates a portion of your wife’s income towards debt repayment. Look into debt consolidation options or negotiate payment plans with creditors to manage the outstanding amounts effectively. Additionally, consult with a financial advisor or counselor who can provide guidance on restructuring your finances and improving your credit score.
Selling assets should be a last resort, especially if there are alternative solutions available that can help you gradually pay off the debt without compromising your long-term financial stability. Stay focused on your goals, seek support from your wife and family, and make informed decisions to work towards financial recovery.
Remember, financial challenges are common, and with determination and strategic planning, you can overcome this obstacle. Stay positive, stay focused, and take proactive steps to address your current financial situation. You’ve got this!
Farewell from THE MONEY MINDER.
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