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Started By
Message
Tired Of Pinching Pennies!!
Posted on 8/30/23 at 10:46 am
Posted on 8/30/23 at 10:46 am
Sorry for the rant but I am so sick of being broke. My wife and I both work in careers we love instead of chasing money so we make about 100k a year.
When I say broke I don't mean broke broke. We have some in savings and I try my best to put 10% away in savings every month. But, one vehicle repair, one mini vacation, one minor inconvenience, hits us hard. 10k debt on my wifes SUV is the only debt we have besides the house. We are trying to be wise!!
We budget food, gas, bills, etc... I do not even feel comfortable doing anything for entertainment or buying a new pair of shoes because I know we will probably be pinching pennies at the end of the month before payday. We get paid tomorrow and we dont even have money to put gas in the cars.
I buy and sell golf carts, boats, dirt bikes, etc.. on the side to make some extra cash. I am busting my balls to start up a commercial business but that has been so tough to land contracts. I am going to start a Christmas decorating business this year to try and make 5-10k.
This rate race fricken sucks! I would love for my wife to be a stay at home mom and homeschool our future kids, but that's not looking possible... I cant vent to many other people so I apologize. Just had to get this off mt chest to some intelligent people. Hoping something I do will eventually take off so money does not stress me out as much.
When I say broke I don't mean broke broke. We have some in savings and I try my best to put 10% away in savings every month. But, one vehicle repair, one mini vacation, one minor inconvenience, hits us hard. 10k debt on my wifes SUV is the only debt we have besides the house. We are trying to be wise!!
We budget food, gas, bills, etc... I do not even feel comfortable doing anything for entertainment or buying a new pair of shoes because I know we will probably be pinching pennies at the end of the month before payday. We get paid tomorrow and we dont even have money to put gas in the cars.
I buy and sell golf carts, boats, dirt bikes, etc.. on the side to make some extra cash. I am busting my balls to start up a commercial business but that has been so tough to land contracts. I am going to start a Christmas decorating business this year to try and make 5-10k.
This rate race fricken sucks! I would love for my wife to be a stay at home mom and homeschool our future kids, but that's not looking possible... I cant vent to many other people so I apologize. Just had to get this off mt chest to some intelligent people. Hoping something I do will eventually take off so money does not stress me out as much.
This post was edited on 8/31/23 at 4:55 pm
39
Posted on 8/30/23 at 10:54 am to BayouBengal23
quote:Is there a way to make more money in those careers? What are they?
My wife and I both work in careers we love instead of chasing money
I’ve been in your shoes and hated it. I’m fortunate to be a step beyond that at the moment.
Every situation is different, but if you keep pushing to increase income you’ll most likely get there sooner than you can see right now.
Posted on 8/30/23 at 10:55 am to BayouBengal23
quote:
I buy and sell golf carts, boats, dirt bikes, etc.. on the side to make some extra cash. I am busting my balls to start up a commercial business but that has been so tough to land contracts. I am going to start a Christmas decorating business this year to try and make 5-10k.
I might be reading the whole post incorrectly but you are worried about putting gas in your car yet buying up golf carts, boats, and dirt bikes? What's the turnaround on that type of stuff?
I am just picturing a whole front yard and garage filled with junk.
Posted on 8/30/23 at 10:58 am to WDE24
quote:
Is there a way to make more money in those careers? What are they?
Education so not really without giving up a ton of time coaching or something.
Posted on 8/30/23 at 10:59 am to BayouBengal23
quote:
We have some in savings and I try my best to put 10% away in savings every month.
quote:
10k debt on my wifes SUV is the only debt we have besides the house.
quote:
We budget food, gas, bills, etc
Sounds like you’re doing things right.
quote:
My wife and I both work in careers we love instead of chasing money so we make about 100k a year.
quote:
I buy and sell golf carts, boats, dirt bikes, etc.. on the side to make some extra cash. I am busting my balls to start up a commercial business but that has been so tough to land contracts. I am going to start a Christmas decorating business this year to try and make 5-10k.
You’re spending more hours per week to make the money you could possibly be making at a job you didn’t “love.”
Posted on 8/30/23 at 11:01 am to ShootingsBricks4Life
quote:
I might be reading the whole post incorrectly but you are worried about putting gas in your car yet buying up golf carts, boats, and dirt bikes? What's the turnaround on that type of stuff?
I am just picturing a whole front yard and garage filled with junk.
Great question. I make anywhere from 500-2000 per flip. And I only buy and sell one thing at a time. I have not been active lately in this. Bought a larger home for our growing family and had to drain most of our savings. (Kept previous home as a rental for future planning)
Posted on 8/30/23 at 11:04 am to ShootingsBricks4Life
quote:
I might be reading the whole post incorrectly but you are worried about putting gas in your car yet buying up golf carts, boats, and dirt bikes?
I think that is his business to make extra money on the side. He buys to sell for a profit. I did not get the impression that he is buying and playing. But that type of business would hurt is cash flow. He has to keep cash tied up in inventory unless he is able to turn it around really fast. Maybe do a few less transactions each month to free up some cash for the end of the month.
All else, remember, life is a marathon not a sprint. The cost of living is out of control under the current administration, hopefully it will get better soon.
This post was edited on 8/30/23 at 11:06 am
Posted on 8/30/23 at 11:17 am to BayouBengal23
quote:
We get paid tomorrow and we dont even have money to put gas in the cars.
Without knowing your circumstances most people in this situation live in too expensive a house.
Posted on 8/30/23 at 11:20 am to BayouBengal23
quote:
Kept previous home as a rental for future planning
Are you still paying a mortgage on this? Any idea on your loan to value here?
Unless you already have a solid renter in place, this may be something you have to give up now, sell the house to have a nest egg, and possibly circle back to rental properties later in life.
Posted on 8/30/23 at 11:30 am to Weekend Warrior79
quote:
Are you still paying a mortgage on this? Any idea on your loan to value here?
Unless you already have a solid renter in place, this may be something you have to give up now, sell the house to have a nest egg, and possibly circle back to rental properties later in life.
Cash flowing about $700/mo BUT all the profits are going into a business account that does not get touched. Builds up for rainy day.
Posted on 8/30/23 at 11:30 am to BayouBengal23
quote:
both work in careers we love instead of chasing money
That's great, but not always practical. There are a few careers I would love, but between money or time, just aren't practical
Posted on 8/30/23 at 11:38 am to BayouBengal23
I didn’t catch your age, but I know (remember) how tough it was for me in the early years. So I just want to offer a word of encouragement: make a good plan and work that plan… even though, in the moment, you may not feel like you’re making the progress you’d like to be making.
Keep on trucking’, brother. It sounds to me like you’re doing the right things to be successful. It just takes time.
Keep on trucking’, brother. It sounds to me like you’re doing the right things to be successful. It just takes time.
Posted on 8/30/23 at 11:46 am to BayouBengal23
So no kids. You and your wife make a combined $100k. You live in Baton Rouge? You have a rental that nets $700/mo. Only debt is a $10k car note.
It sounds like you are pinching pennies because you are living above your means. You aren’t giving the full story.
It sounds like you are pinching pennies because you are living above your means. You aren’t giving the full story.
This post was edited on 8/30/23 at 11:47 am
Posted on 8/30/23 at 11:46 am to BayouBengal23
quote:
I buy and sell golf carts, boats, dirt bikes, etc.. on the side to make some extra cash.
Step up your side hustle. Do like antiquetiger and hit garage sales, estates sales, thrift stores, etc. You can make serious extra money with a side hustle.
I don't know what the potential is in your primary job. Of course making money there would be the number 1 goal.
Posted on 8/30/23 at 11:54 am to Artificial Intel
quote:
So no kids. You and your wife make a combined $100k. You live in Baton Rouge? You have a rental that nets $700/mo. Only debt is a $10k car note.
It sounds like you are pinching pennies because you are living above your means. You aren’t giving the full story.
1. We have one baby thats in daycare right now but would love to have more kids and homeschool them.
2. The rental income does not get touched. We bought a larger house thats about 30% of our net income so used our own cash for that
3. We do not have anything above our means honestly. Money just does not stretch that far after putting money away in savings and giving to our church (non negotiable priority for us)
Posted on 8/30/23 at 11:55 am to BayouBengal23
Sell the rental... Use that extra money to build yourself a cushion. You will feel a relief immediately, and then can really focus on bringing in additional money. No need to be worrying about how to replace a roof or HVAC system on the rental house. It WILL happen.
Posted on 8/30/23 at 11:59 am to BayouBengal23
It's very hard to make enough on W2 jobs to really get ahead. Being in sales or owning a business is truly the main way most make a lot of coin.
100k doesn't go as far as it used to. 100k today is about 50-60k of 15-20 years ago.
We looked at our budget last year and the amount of money we spent eating out was staggering.
100k doesn't go as far as it used to. 100k today is about 50-60k of 15-20 years ago.
We looked at our budget last year and the amount of money we spent eating out was staggering.
Posted on 8/30/23 at 12:00 pm to BayouBengal23
quote:
My wife and I both work in careers we love instead of chasing money
Very few people do what they love and make a lot of money. Most have to make a choice one way or another. This is a concept the younger generation needs to learn.
This post was edited on 8/30/23 at 12:03 pm
Posted on 8/30/23 at 12:00 pm to BayouBengal23
quote:
This rat race fricken sucks!
It does. And now, with an economy that is getting worse, and everything you do costing more, even basics, it's very discouraging.
I wish I had a better answer than do the best you can and let's hope we get some govt change and some business minded people back in charge in the near future.
Posted on 8/30/23 at 12:01 pm to BayouBengal23
quote:
giving to our church (non negotiable priority for us)
How much are you paying them?
quote:
We bought a larger house thats about 30% of our net income so used our own cash for that
That's good chunk for sure. What are your balances and rates on each?
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