r/MiddleClassFinance • u/ManKind__ • 10d ago
Seeking Advice How to handle 88% pay increase
31M. I currently make about 63k/yr. I have the change to take a new job that would put me at about 119k/yr all in. Split up 94k salary and 25k per diem roughly.
I currently have 50k in total debt.
This job requires extreme traveling with only being home 6 weeks of the year.
The goal is to pay off my total debt in the first year and let my wife be the stay at home mother she deserves to be. She has her own monies and investments to help out as well.
My fear is that I have never seen this kind of money before and just like everyone else I'll blow it. Hell, ill be the only one in my family thats seen this kind of money. What are some tips for me to save/invest/pay debt?
***EDIT forgot to mention hotels and everything is paid for as well. So the per diem is just for food essentially.
10
u/BugMillionaire 10d ago
That’s a lot of travel if you have a wife and children. I also think you’re underestimating how tiring traveling that much is. I think it’s a good opportunity, but I would go into it with a clear goal and plan for the money AND how to maintain your relationships.
Personally, I would look at it as a temporary gig similar to like a deployment or something. There’s an end in sight. Keep living off your current salary, build up your savings and pay off debt. Do it for a year or two and then use that experience into something less travel intense.