- April 16, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Seeking Financial Stability as a Family Man
Hello everyone, I am a 38-year-old man married to a 40-year-old woman with two kids aged 3 and 7. We reside in a high cost-of-living area where my income as a handyman, though decent, seems to disappear as quickly as it comes in. It’s a constant struggle to make ends meet, especially when unexpected expenses like a car transmission failure two weeks before Christmas throw us off track.
## Desiring a More Stable Financial Future
I am tired of living in constant anticipation of the next financial setback. The uncertainty and stress have taken a toll on me, and I am determined to change our situation for the better.
## Seeking Financial Guidance and Investment Opportunities
I am reaching out to ask for guidance and resources on ways to secure our financial future. Are there opportunities for earning income passively in the evenings, such as trading Forex or other investments? I am inspired by seeing others achieve financial milestones and want to be one of those success stories. Despite not having a substantial amount for a down payment, I am willing to invest a few hundred dollars to test the waters and potentially increase my funds over time.
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## Embracing the Dream of Financial Success
Despite the challenges we face, I remain optimistic about the future. I am a hard worker and believe that with the right guidance and opportunities, I can achieve financial stability for my family. Thank you for any resources or advice you can provide. Let’s work towards a brighter financial future together!
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Just buy VOO or VTI through a brokerage like Fidelity. You need to set a budget for spending. Also, cut the cord with cable or satellite TV and stream. No new cars every few years. Cook at home and buy less frozen food and eat out less. Use an independent mechanic for car repairs. When we made less money, my wife used to shop at TJ Maxx, Ross, and buy used clothing from eBay and Poshmark. Does your wife work? Paying for daycare in high cost of living could be expensive. Have you looked into becoming a general contractor (GC)? Since you’re a handyman you could make more if you studied or became an apprentice for plumbing or electrical.
There’s only so far a budget can take you with regards to investing. The next level is growing your salary consistently.
You’re not going to fix a spending problem with an earning solution. You and your wife need to make a budget. It needs to be a realistic budget that you will come close to following, not a fantasy budget where you aspire to save $1200 a month and actually save -$73. There should be budget items for things like car repairs on months where you don’t do car repair, many people have a sinking fund for something like that.
After that, probably do a boring 3-fund portfolio. The way to build wealth with a family is not currency speculation, nor is it cryptocurrency specilation. My two cents.
Save as much as you can and invest it in voo or VTI. I personally like VTI but put all your money in thst. It’s the best thing you can do and I’d open a Roth IRA for the first $6500. Your wife can also do one for $6500 as well
As others said, make a realistic budget.
You know how to fix things, that’s a vanishing skill these days. Looking back, a big part of what built wealth for me was buying a multifamily for my first home, fixing it up myself, and holding on to it. Bought and flipped a few SFHs along the way too. Took a while for the property to really cash flow but it’s pretty insane passive income now.
I think the key is to live within your means (Get a budget), find cheap hobbies, get an emergency fund squared away and invest for the future.
I would not recommend something like day trading or options. That’s just a disaster waiting to happen. I second people’s suggestions of investing in the S&P 500 and hold.
Reality check , the way you wrote about replacing a car transmission put you behind then it makes me think you’re struggling financially and probably living near poverty level. We’re in the similar age range as you guys , and my kid got hurt last week, ER trip was $1,200 after insurance , it sucks but doesn’t impact us financially. Not to brag here but to give you some context.
Folks on here with $1M networth or whatever, have their retirement/investing in the index funds such as SPY or QQQ. It takes them 10+ years with yearly contribution of 15 % – 30% of their salary ( plus company match )into those funds and just hold through the ups & downs. It doesn’t happen over night.
As far as forex or day trading , I’d say give it a try , but being smart doesn’t mean anything with day trading. If smart is a factor , then all the dudes with PHDs would quit their jobs to day trade and bring in millions. Source : I’ve been trying to day trade for 3 years now and lost about $5k so far. It’s stupid tough and pretty much impossible for me. I thought I’m a smart/level headed dude but turned out I’m just an average Joe. But I know one guy, I’d categorize him as “dumb/uneducated” but he’s killing it, his source of income is from day trading only. So imo, it’s down to personality and mental.
How do I get this stage financially? I have an average job/income. Started out 12 years ago at $52k and now at $115k a year…….we’re still living like making $70k . I’m not talking about living cheaply or super frugal. But live below your means, track your spending down to the penny so you can save the left over cash for the rainy day and/or invest.
I recommend a book
The Simple Path to Wealth (by JL Collins)
Realistically the most important thing you can do is increase your income. You say you make decent money as a handyman, but would there be a different or additional trade you could train up in that would increase your earning power?
Vote for politicians who will preserve Social Security and the safety net you will need as you age.
Doing any kind of day or swing trading comes with a ‘tuition” especially if you’re relatively new to it, meaning that the odds are stacked against you and you will lose money that you can’t afford to lose.
Like others have said first I would set up a realistic budget and put every dollar coming in to work. I use YNAB for budgeting, used it for a very long time. You can use it to assign money to categories of your choosing, “car repairs” would be one and you can contribute to it on monthly basis until there’s a small emergency fund established in that category. You can do this with other areas that way you can “get ahead” of any issues coming up.
Only when a robust emergency fund is in place I would think about investing and only invest what you can afford to “forget about” for next 5 years. If you need your money back before that I wouldn’t put in the market. As far as actual investment set up a reoccurring transfer to VTI on the same day every month that way you’re “paying yourself first” so no matter what happens you have fixed amount that gets invested monthly.
I’ve been where you are right now. It’s an amazing feeling finally getting ahead of it all and regaining control of your finances.
I don’t know a single day trader who makes money unless they put in 16 hour days at it.
Day trading is a great way to lose money if you’re doing it casually.
Sit down with your wife, figure out where everything is currently going, and we’ll help you get your money flow wrangled.