Hi Money Minder,
I usually bring in about 1500-2000 bucks a week as a mechanic. It feels like all that sweat and tears are for nothing. When I make around 1500, I only end up with about 950 in my pocket. If I hit 2000, I’m looking at around 1200 or so. And let me tell you, hitting 2k is a rare treat. On average, I’m pulling in about 80k a year. I’ve got a 401k, some basic benefits, and a few small deductions. But even with all this, it feels like I’m stuck in a rut. This income would’ve been great 5-10 years ago, but now it’s a struggle.
I can barely scrape by. Minimal bills – 1800 for rent, another 150 for utilities, 100 for my phone, 500 for food, 500 for gas, 250 for car insurance, 500 for a personal loan, plus another 500 on random expenses. How is it that I’m making “so much money” but can’t afford much else? I’ve got no car payments, no credit cards, no wild spending habits, and don’t waste money on fancy clothes.
No tool truck debts to worry about either (mechanics will get this). I try to be thrifty, work my butt off, and yet here I am struggling to make ends meet. Anyone else feeling this way? What’s the future hold for us? I’m frustrated.
I’m 27, been doing the right things my whole life, and I can’t even dream of affording a so-called “cheap” house in my area. Anything decent starts at 300-400k for a rundown old home from the 60s or 90s. I can’t even think about buying a better car. A basic Ford F150 goes for what, 50k these days? Plus another 300-400 a month for insurance. I’m driving an early 2000s Chevy Silverado and have a similar backup vehicle.
Seriously, what gives? Am I just not earning enough? If you’re in the 25-30 age range, give me the lowdown on how you’re making it work – affording a home, a decent ride, the works – and what job you’re in. Maybe it’s time for a career switch. Anyways, thanks for your help!
Farewell,
Mechanic in Need
Response from THE MONEY MINDER:
Hello There,
I can understand your frustration and feeling of being stuck despite making what seems like decent money. It sounds like you are facing the reality of high living costs and limited earning power. It’s essential to take a step back and assess your financial situation critically.
Firstly, it’s commendable that you have minimal debt, no car payments, and are frugal in your spending habits. However, the breakdown of your expenses reveals areas where you might be able to save. Consider evaluating each expense category and identifying where you can cut back. Are there ways to reduce your food costs or find more affordable housing options?
Secondly, it might be time to reassess your long-term financial goals. Are you contributing enough to your 401k to secure a comfortable retirement? It could be beneficial to seek advice from a financial advisor to make sure you are on track with your savings and investment goals.
Lastly, considering a career switch could be a practical solution if you feel that your current income is not sufficient to meet your financial aspirations. Research industries or professions with better earning potential and growth opportunities. Upskilling or pursuing further education could also open doors to higher-paying positions.
Remember, financial stability is a journey, and it’s okay to seek help and make changes to improve your situation. Take the time to analyze your financial circumstances, set achievable goals, and make proactive changes to steer your finances in the right direction.
Stay determined and proactive in your approach to financial security. Good luck, and remember, The Money Minder has your back.
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