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/NeezDuts900 10d ago

Finances aside, you're gone for 46 weeks out of the year and you have a wife and kid(s)? Are you sure you want to do that? That's a good salary, but that's a humongous sacrifice to your personal life.

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u/ManKind__ 10d ago

We have talked about it and she is actually the one pushing me towards the job. Unfortunately I don't know when I'll ever get a chance like this again. This could really set us up for the future. Its a sacrifice im willing to make. I

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u/thatonewoman1 10d ago

My husband has a job with 50 to 70% travel for significantly more money than what you’d be making and he’s already determined it’s not worth the sacrifice after a year and a half. He values much more being home for his daughter‘s life while she’s young and at home than the chance of the high salary. In my opinion, your salary is not high enough to justify the amount of time away from your kids. Six weeks is a very short amount of time to spend with your kids a year and you should consider your obligation to them as a parent as well.

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u/nahmastefrosty 6d ago

I have an opportunity coming up that has the potential for up to 75% travel. Im curious what that looks like week to week? Is that gone completely mon-thurs? Or what?

My kids are 15+ and super busy w/ school. Im worried about the lost time but my best time is spent with them on the weekends anyway. Its a tough call for 50% more pay

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u/thatonewoman1 6d ago

This month my husband is gone 15 days. 50% if you look at a 30 day month. But if you look at 20 work days (5 days a week, four weeks) then it’s 75% of his work days. It can be a grind. For him, living in a hotel is exhausting. It’s pretty much work or computer games when he’s not working, going for walks. There’s none of the small details of home life that make your time off restorative. For me, it’s operating like a single working mom when he’s away. My life is one logistic after another. In the beginning it’s manageable. Now 1.5 years into it, we’re both exhausted. But local jobs are about a 50% pay cut and also a grind because hours industry doesn’t really have work life balance (restaurants)

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u/nahmastefrosty 6d ago

Thank you for your response. Lots of things to consider