Hi Money Minder,
I kind of messed up with my FIRE post. I don’t want to give up all the fun stuff and live on crackers until retirement. Can you help me figure out how to save up or where to invest?
I’m working on kicking my credit card debt to the curb, and I should be debt-free in 2 years.
I could use some advice and hear about what other people do. I always feel like I’m way behind and wonder how people can afford all these things. I know I shouldn’t compare, but it’s tough.
I’m a 36-year-old guy, the main breadwinner for my family. I have a good job, making $105k with a 15% bonus at the end of the year.
I did 10 years in the Marines, got out as a Captain, and I’m starting my MBA online next week at a college in Kentucky, where we just moved.
How can I bring in some extra cash or find new opportunities? We have a mortgage on a house in an up-and-coming area, and in 5 years, we might turn it into a rental property, depending on our work situation. Should I be on the lookout for other job options outside my current gig as a project manager in construction?
As for the debt, we just consolidated around $30k into a personal loan, and I’ll use the extra GI Bill money to hustle that away.
Hoping you have some bright ideas, Money Minder!
Cheers,
Financial Explorer
Response from THE MONEY MINDER:
Hello There,
Congratulations on taking the initiative to address your financial situation and work towards becoming debt-free. It’s important to acknowledge the challenge of comparing yourself to others, but remember that everyone’s financial journey is unique. Focusing on your own goals and progress is key.
With your solid income of $105k plus bonus, there is definitely room for growth and opportunities for additional income streams. As you are about to start your MBA, this could open up new doors for career advancement or even entrepreneurial endeavors in the future. Networking within your field and exploring job opportunities outside your current employment could also be beneficial in expanding your income potential.
Since you have a plan to pay off your debt within 2 years using the extra money from the GI Bill, it’s crucial to stick to this plan and prioritize debt repayment. Once you are debt-free, you can redirect those funds towards investments or savings for your future goals like purchasing rental property or retirement planning.
Considering your background in project management and experience in the Marine Corps, you could look into consulting opportunities or freelance project management gigs to supplement your income. Identifying your strengths and exploring ways to leverage them for additional income could be a valuable strategy.
Overall, taking a proactive approach to your finances, continuously seeking opportunities for growth and learning, and staying committed to your goals will help you achieve financial stability and set yourself up for future success. Best of luck on your journey towards financial well-being!
Farewell from THE MONEY MINDER.
