Hello, I have no idea where to place my savings and I’m having anxiety because I feel like my career is going to be downhill from here. I feel stuck, used to manage people and had a bright future but anxiety kicked in on 2020 and quit my job at the begging of the pandemic, after a year of (f)unemployment I joined intuit but the work is not fulfilling, coworkers with a lot less experience than me underestimate me, I’m not growing in this role, and don’t think I have the energy to find a better one in this environment. 10 years of experience as UX Designers in the Bay Area. Assets: $130k on 401k $120 on mutual funds $20k IRA $25k company stocks $100k on foreign real state making $700/mo $40k on toys for my hobby Debt: -$20k on credit card because my pet got cancer and insurance didn’t cover Income: $150k base salary. but seems like I live paycheck to paycheck at $7k/mo net pay Expenses /mo: $1800 rent $1000 in my hobby $200 insurance $200 cat food $1000 restaurants + bars + going out $400 groceries $200 utilities $240 gym Is there a way that I can put this money to work for me? Should I distribute money in a different way? Or my only way to secure future is to cut expenses? Thanks for the advice
That’s a huge credit card bill
Pay that credit card off ASAP.
Dave Ramsey would tell you to sell the car and the CAT!! Cmon people!!! RICE AND BEANS!! /s
You need to cut expenses. Def pay off that credit card. Stop eating out so much. Why does your hobby cost $1k/mo? You’re definitely living paycheck to paycheck because of your lifestyle spending choices. You don’t have enough net worth to reallocate to make a difference.
Couldn't say this any better ^. Spot on. Overspending and too much $ spent on a pet medical, especially if putting it on a CC with high interest. CC needs to be paid off immediately and also need to save $1500 more per month at minimum by cutting your hobby, restaurant, and gym spending. That will put you into a position to grow net worth quickly. Also, hard but worth it, earn more to expedite how fast your net worth grows. But it all depends on spending habits and most importantly savings and investment habits.
I’m going to cut restaurants for sure. But not in hobbies or gym. My physical health and happiness is what makes life enjoyable. If I cut in that, I’m afraid I would turn into a man antisocial and resentful potato.
Pay the credit card off ASAP even if it means selling company stocks or mutual fund. Assuming the interest is pretty high on that. Also, I’d not eat out so much.
The credit card debt came this month, but I will pay it right away.
Credit card goes first. Sell some of your after-tax investments to kill them, the returns you might get are lower than credit card interest. Your expenses are stupid fucking high. I have a family of 4, and we maybe do $300/mon in restaurants, usually much less. $1000/month on your "hobby"? Is it seeing escorts or something?
First off, breathe. You’ll be fine. $400k is no small amount. You’re far ahead of most people in the US. Pay off your debt. That will reduce stress. Then start reading every value investing book you can. Take your time. Live in the present. Fall in love with the journey, not the result.
0 for loans? That’s amazing
This post is the Bat Signal to all the second hand 2007 Camry driving Dave Ramsey suburban dads out there.
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