"I do like to travel and want to keep enjoying life": I struggle with managing my finances and need advice on how to make more money while still living life to the fullest. How can I create a safety net for myself?

Hi Money Minder,

Hey there! I’m a 32-year-old professional looking for some advice on how to set myself up for a great 40s. So, here’s the deal – I come from a non-traditional background, hustled my way through college and beyond, and now I’m ready to level up.

I’ve always had a good job, kept a roof over my head, and managed to steer clear of major financial responsibilities, besides some credit card debt and personal loans. But now, I’m itching to make more money and eventually buy a house in the DC suburbs (MD and VA are cool too) and live the good life.

After graduating from Temple University and getting my masters from an Ivy League school, I realized that pivoting into government work and investing might be my ticket to wealth. I’ve already dipped my toes in the investing pool with a mutual fund and regular contributions, aiming to level up to an SMA soon.

Living on a decent salary in DC, paying a hefty rent, and enjoying life’s pleasures like travel, takeout, and online content subscriptions, I’m ready to step up my money game while still having a blast. Any tips on how to make more money and build a safety net for the future?

Cheers for all the advice and insights!

It sounds like you have a solid foundation and are already taking steps in the right direction by investing in a mutual fund and seeking advice from a financial advisor. Given your current financial situation, earning between 65-75k in DC with rent at $1500, there are a few practical steps you can consider to increase your income and create a safety net for yourself.

Firstly, since you have a degree in Human Development and Community Engagement and a Masters in Public Administration, consider leveraging your skills and experience to apply for higher-paying positions within the government sector. Government roles often offer long-term stability and potential for growth. Networking with professionals in your field and keeping an eye out for job opportunities can also help you secure a higher-paying position.

Secondly, continue to focus on your investment strategy. Increasing your monthly contributions to your mutual fund can expedite your path to reaching $5k and transitioning into an SMA. Additionally, consider diversifying your investment portfolio to include other assets such as real estate or stocks to further grow your wealth over time.

In terms of managing your expenses, it’s great that you are working on better managing your takeout food and online subscriptions. Creating a detailed budget that allocates funds for essentials, savings, and discretionary spending can help you prioritize where your money goes. Cutting back on non-essential expenses, such as takeout food and online subscriptions, and redirecting those funds towards your financial goals can make a significant impact on your overall financial health.

Lastly, it’s important to strike a balance between planning for the future and enjoying life. Prioritize setting aside a portion of your income for savings and investments while also allowing yourself room to enjoy activities such as travel. By being mindful of your financial goals and making intentional decisions with your money, you can create a secure financial future for yourself while still living life to the fullest.

Best of luck on your financial journey, and remember, THE MONEY MINDER is always here to support you.