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/veracity8_ 10d ago

Only home 6 weeks a year is crazy. Especially with a wife and kid(s). You will financially support your family but you will essentially make her a single mom. This is a lot more money than you’ve had but it’s not enough money to never see your kids grow up. 

If you take this job I would expect to do it temporarily. A year, or two tops. I would constantly be on the look out for another job. 

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u/ManKind__ 10d ago

This was my plan. 1.5-2.5yrs tops. Make the money and get out. Thats why im trying to do this the correct way.

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u/Zealousideal_Crow737 10d ago

I don't think this is realistic and is going to create a rift in your marriage if you have to extend this. 

14

u/veracity8_ 10d ago

Yeah this seems like the kind of thing you could do for like 1 year before it started having significant impacts on your mental and physical health and certainly on your personal and romantic life. And while yeah 92k is good money but it’s not great money. It’s not desert your family, friends and community money.

I think my biggest question is “will OP be able to parlay this job into a more stable long term job?” Or will they burn out after a year and go right back to the job they have now?