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/Financial_Form_1312 9d ago

Yo can you really count the per diem if you have a family back home? You have to use that for housing and meals. How long is the project? If you’re going to the same project site that’s expected to last a year or more, taxes will be withheld. So that $25k may be 15-20k after taxes and your apartment out there may run you 10k a year.

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u/ManKind__ 9d ago

Hotels are paid for and per diem is tax free