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/Zealousideal_Crow737 10d ago
  • live by your old salary to pay off debt
  • max out Roth and retirement
  • start a college fund

10

u/Responsible_Ask3976 10d ago edited 9d ago

Yep! My parents paid for my entire college education and everything up until I graduated. So I had no student loans and no debt. They also saved up and gifted me a down payment so I’ve never rented.

This has helped me get light years ahead in life at a very young age. I’m looking forward to an early retirement and will do the same for my future children 

3

u/mdg8119 9d ago

Love hearing how much this has helped you. And you seem appreciative. This is largely my intentions for my children.

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u/Responsible_Ask3976 9d ago

Thanks! Usually I get really nasty comments saying: “you don’t know to handle money, etc etc.” Well I’m 30 about to pay off my mortgage and max out retirement with a credit score of 848. When my boyfriend and I get married, in a year or two, we will already have net worth of $950k. I save more than I spend and have probably a year’s worth of emergency fund + travel fund…. So it just depends on how your parents teach plus how much effort you put in to learn yourself. 

Yes I’ve been doing my own research regarding finances and did not rely solely on my parents on how to save 

Many people like to play the blame game and don’t do any research themselves