‘Moral of the story – if you have any concerns about your mental health, talk to someone. Don’t wait like I did.’: I hit $350k in retirement, but my A.D.D. diagnosis led to $35k in debt. How can I recover and secure my family’s future?

Hey Money Minder,

So, I’ve hit $350k in retirement savings at 36 years old, with a mortgage, two cars, and two kids. Not bad, right?

I was lucky to get some great profit-sharing bonuses at work, but then I made some not-so-great decisions. Got into credit card debt, ended up in collections, and even took out a $35k 401k loan to pay it off. Now I’m stuck paying $200 a week for the next three years. Ugh, could have been over $380k by now.

Living in a high-cost area doesn’t help either – my house is nothing fancy, just a 1500 square foot ranch, but I’m still looking at almost $6k in property taxes this year.

My wife is dealing with anxiety and depression, which has her stuck in a low-paying job. I’m the breadwinner, making $45.50/hour, and covering all our expenses except for daycare for our youngest.

Lesson learned – take care of your mental health, folks. Don’t be like me and wait too long to get help.

Catch you later!

Seeking Advice

Response from THE MONEY MINDER:

Hello There,

I understand the challenges you’re facing, and I want to commend you for sharing your story and seeking support. It’s not easy to navigate financial responsibilities while dealing with the effects of Adult A.D.D. and supporting a family member with anxiety and depression.

First and foremost, I want to acknowledge your achievement of reaching $350k in your retirement savings at 36. That’s a significant milestone worth celebrating. However, it’s understandable that you feel you could have done better if not for the challenges you’ve faced.

Given your current financial situation, it’s essential to address the credit card debt and the 401k loan repayment. While it may feel overwhelming, creating a detailed budget can help you prioritize paying off the debt and reducing expenses where possible. Consider seeking financial counseling to explore options for managing the debt more effectively and potentially consolidating it for more manageable payments.

Additionally, exploring ways to increase your wife’s income, such as seeking new job opportunities or investing in her education or skill development, could help alleviate some financial strain. It’s crucial to have open and honest communication about financial goals and challenges within your family to work together towards a more stable financial future.

Most importantly, I echo your sentiment about seeking help for mental health concerns. Taking care of your well-being is just as vital as managing your finances. Seeking professional support for both your mental health and financial planning can provide you with the tools and strategies needed to navigate these challenges successfully.

Remember, it’s never too late to make positive changes and take steps towards achieving financial stability and overall well-being. Stay proactive, seek support, and keep moving forward. If you have any further questions or need guidance, feel free to reach out. Take care of yourself and your family.

Sincerely,

THE MONEY MINDER