It costs a lot of money to live
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It costs a lot of money to live
Posted by MaesterMullen on 2/1 at 11:48 am
I'm not really seeking any advice or an answer to a question, I guess I am just venting a little.

It takes a lot of money to live. My wife and I don't make that much, but we keep our expenses pretty low to. We don't have to pay for daycare for our 2 year old (my mother owns the daycare), she has no car payment and mine is only 163 a month, and our mortgage is real afordable at $750. Even still, after we pay all of the bills we are left with $150-200 to spend each until the next pay day.

There is no point to this story, I guess I'm just fed up with living check to check. Might check into getting a second job.



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Posted by Fat Bastard on 2/1 at 12:03 pm to MaesterMullen
quote:

I guess I'm just fed up with living check to check.


how old are you? You have to get mad and get determined. Control as much as you can control.

quote:

Might check into getting a second job.


nothing wrong with that but you need a plan long term. what type of degree do you have? professional certifications? courses taken? experience? Are you at the top of the ladder in your profession? Sometimes you also just have to go where the money is. i have had to do it. Lots of people had to work long hours most of their lives , but that is one thing that has helped me. Not some 40 hour work week just getting by(unless you get a nice fat salary). You have to get after it to get ahead. I still work 70 hour weeks at times. I used to work 98 hour weeks. sure, it is not easy starting out young expecting to make a killing. but you need a plan to move up and keep moving up. I did not make jack (by my standards and probably others) until i was 34. Yes, I got by but was nowhere near where i wanted to be. part of that was getting the experience, education, and working my way up the ladder. takes time.

Also, do you have any retirement accounts set up? Do you do any investing at all? if so, what vehicles do you use?


This post was edited on 2/1 at 12:10 pm

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Posted by Waffle House on 2/1 at 12:07 pm to MaesterMullen
Sounds tough man. It seems like you've done a pretty good job trying to live within your means but do you have some excess that is resulting in huge bills or something (Cable, phone, etc.) that you could scale back to free up some cash?

How are the promotion/ raise prospects at your respective jobs?



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Posted by MaesterMullen on 2/1 at 12:24 pm to Fat Bastard
quote:

how old are you? You have to get mad and get determined. Control as much as you can control.


I'll be 28 next month, been at my current job for about 2 years. There is plenty of room for promotion, just not sure I would be happy further up the chain.

I have a business degree with emphasis in risk management, insurance, and financial planning. I'm in banking right now though. Not many jobs in insurance right now unless you want to be an agent, which I do NOT want to do. Not much of a salesmen.

quote:

Also, do you have any retirement accounts set up? Do you do any investing at all? if so, what vehicles do you use?


I have 401k with my current job, and a Roth with a small balance, but I haven't put any in the Roth in a while because I can't spare it right now. No investments other than that


eta: I might just go ahead and cash out the roth. I need to knock out some credit card debt


This post was edited on 2/1 at 12:26 pm

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Posted by southernelite on 2/1 at 12:31 pm to MaesterMullen
I'm guessing you're a personal/relationship banker making about 30k/year?

with a degree and 2 yrs, you should be pretty damn close to moving up to branch manager unless you pretty much suck at your job.

my sister has a degree in fashion merchandising, and made it to branch manager in a year and a half and has moved to some bigger branches. with bonuses/incentives she's in the 50k range.



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Posted by MaesterMullen on 2/1 at 12:50 pm to southernelite
quote:

I'm guessing you're a personal/relationship banker making about 30k/year?


good guess

quote:

with a degree and 2 yrs, you should be pretty damn close to moving up to branch manager unless you pretty much suck at your job.


I've been with the bank for about 2 and half years, in my current position for about 6 months. I don't suck at my job, but advancement will still be hard because in this line of work it's more about who you know. My social graces are a hindrance for me sometimes.



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Posted by BROffshoreTigerFan on 2/1 at 12:51 pm to MaesterMullen
Look into ways of cutting down your grocery bill. If you're in Louisiana, there's about 220 frost free days there. Plant a small back yard garden. $10 in seeds and some good soil and you can cut veggies out of your grocery list. Start a compost pile so next year you won't need to buy new soil.

Besides getting better produce, it can also be used as a bonding point with your child. Kids love playing with dirt.



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Posted by Dead Mike on 2/1 at 1:40 pm to southernelite
quote:

with a degree and 2 yrs, you should be pretty damn close to moving up to branch manager unless you pretty much suck at your job.


All depends on available openings and personal connections within your bank though, doesn't it?



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Posted by RonFNSwanson on 2/1 at 2:08 pm to MaesterMullen
Kids are a money-suck.



If you didn't have the kid you would probably have 1000 extra a month



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Posted by Cholo on 2/1 at 2:15 pm to RonFNSwanson
Join the military.


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Posted by MaesterMullen on 2/1 at 2:20 pm to RonFNSwanson
quote:

If you didn't have the kid you would probably have 1000 extra a month


yeah, he was an accident.


wouldnt trade him for all the money in the world, though



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Posted by RonFNSwanson on 2/1 at 2:28 pm to MaesterMullen
quote:

wouldnt trade him for all the money in the world, though


well that's good at least



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Posted by PurpleAndGold86 on 2/1 at 2:30 pm to MaesterMullen
quote:

eta: I might just go ahead and cash out the roth. I need to knock out some credit card debt




Don't do this.



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Posted by OTIS2 on 2/1 at 2:51 pm to MaesterMullen
I remember being where you are. Work hard, make the best decisions you can regarding business and finances, and you'll get ahead. But, for most it takes time...sure as hell did me. Best of luck...that helps a bit, too.


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Posted by MaesterMullen on 2/1 at 3:00 pm to Waffle House
quote:

but do you have some excess that is resulting in huge bills or something (Cable, phone, etc.) that you could scale back to free up some cash?


currently under contract with directTv, so can't cut it off, not yet at least. We watch a lot of movies though, and dvr disney flicks for the little one. Kicking back and watching a good show is one of the few things that is keeping me sane




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Posted by Bill Parker? on 2/1 at 3:10 pm to MaesterMullen
Come up with a long-term plan. I made a career change (my second one) at age 36. Excellent move.

The cost of kids is high. When I had both kids in daycare, we were pumping $12,000 a year to those jokers. Tell your wife it is time step up to the plate. My wife saves a ton of money (clothes, toys, etc) shopping consignments a just being a cheap biotch.



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Posted by foshizzle on 2/1 at 4:04 pm to PurpleAndGold86
quote:

I might just go ahead and cash out the roth. I need to knock out some credit card debt


PurpleAndGold86
quote:

Don't do this.


Why shouldn't he? Your ROI on paying off credit card debt is almost certainly much higher than the ROI you can get in a Roth.

I think he should do this in a heartbeat. There's no fees or penalties involved and it's better in the long run.



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Posted by Teddy Ruxpin on 2/1 at 4:20 pm to foshizzle
quote:

I think he should do this in a heartbeat. There's no fees or penalties involved and it's better in the long run.


I agree he should certainly do this as part of an overall financially savvy plan.

Of course, if he had money elsewhere (he would have stated so he doesn't) taking it out would probably be a bad idea.

Again, though, he should definitely use the Roth money to take out CC debt, but not rack up that CC debt again, because you are then actually screwing up your retirement future, but that goes without saying.



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Posted by OTIS2 on 2/1 at 4:40 pm to foshizzle
Agreed...but then abstain from running a credit balance.


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Posted by Fat Bastard on 2/1 at 4:52 pm to MaesterMullen
quote:

MaesterMullen



and I do realize in your field more hours does not automatically= more money. and even if it did not all employers allow it. At any rate, hang in there, get a plan and stick to it. improve, improve, improve! good luck!



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