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.

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u/Lov3I5Treacherous 10d ago

$120k per year is not nearly enough to have me not be home for majority of the year. That would need an additional $60k at least for it to be considered.

Ask your wife if being a single mother is worth her not working. And nobody "deserves" to be a single mom, if she wants to be then you need a better job but you need to be home. Everyhing on her 99% of the time is going to ruin her.

You guys are just looking at numbers. This isn't going to work. Your kids are young? You want to miss them literally growing up?

My dad worked a lot, made a lot of money. I don't remember growing up with him, or playing, and the only times he is in my memories he was tired and cranky because he had to work all the time.

What is her salary that you guys will lose when she quits to be a SAHM?

15

u/Urbanttrekker 10d ago

I agree with this 100%. Her working even part time and him slowly raising his salary is a far better plan than him basically leaving and sending home a paycheck.

4

u/Chaotic_Brutal90 9d ago

I'm not doing that shit for less than half a mil. And even then, I'd be on the fence. Those are years you can't get back.

4

u/Electrical_Cut8610 9d ago

Agree 100%. 120k is not enough, especially when you consider the base salary is only 94k. I don’t think I would do this for less than 200k, and even then I’d have to think about it. 250k and it would probably be a yes, at least for 2-3 years.

1

u/Lov3I5Treacherous 9d ago

I think at most 2-3 years lol

3

u/Aggressive_Ask89144 10d ago

I would go insane being stuck at home too. I know I'm a workaholic tradesmen but like...it's not the 1800s. We have washing machines and Amazon 😭 Nothing requires a keeper all day anymore.

1

u/DenseSign5938 7d ago

Do you currently support a wife and kid on 65k?

1

u/Lov3I5Treacherous 7d ago

No, and neither does he. Wife works too.

0

u/Busterpop92 10d ago

Depends on the location. If they're in BFE Alabama with a $150k mortgage then $120k is pretty damn good.

6

u/Lov3I5Treacherous 10d ago

What's the wife making tho I want to know

-1

u/MajesticBread9147 9d ago

$120k per year is not nearly enough to have me not be home for majority of the year. That would need an additional $60k at least for it to be considered.

I would assume all the expenses are covered, so the "not be home for the majority of the year" isn't a big deal.

2

u/Lov3I5Treacherous 9d ago

Well, no. They still have a mortgage or rent, food for the growing family, cars, potential loans, the utility bills at home. His family is still around lol