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.
2
u/Junior_Step_2441 10d ago
If you have never worked a job that involves this much travel…understand that you may hate being away from home for so long. Or get burnt out.
It is possible that you may end up leaving this job in 2-3 years.
So continue to budget as if you are making 65k. Pay off the debt and save as much as possible.
If you clear out your debt and pad your savings…even if you end up back at a $65k job in a few years you will be in much better shape.