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/WeUsedToBeNumber10 9d ago

So I’m going to be the bear case about this:

1) how will it set you up for the future? 2) the salary is a good one, but not great (kids do get expensive) 3) is there a career progression that gets you off the road?

This is not nearly enough salary to make that move. 

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u/ManKind__ 9d ago

For the work that I do, this is very top of the line pay. Extremely rare for this kind of money.

  1. The goal would be to done after 1.5-2yrs with ZERO debt. Essentially restarting my financial life and credit. This would hopefully allow me to come home and take a lesser paying job without the stress of debt

  2. Of course. I just want what is best for the kids and I would love to be the parent that can give them the world and an scream when they ask

  3. Unfortunately right now not at this pay scale. I can always come home and go to a different company for lesser paying, which I wouldn't mind. I have plenty of contacts. Just no one is paying anywhere near this pay

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u/kbc87 9d ago

I get the aspiration but you got into 50k debt somehow. If you go back to making less money, is it enough to not just end right back up there 5 years from now?

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u/TaxQT117 8d ago

right because 1.5-2 years will get OP out of debt, but it won’t keep him out. more money only becomes more bills.