- May 23, 2024
- Posted by: legaleseblogger
- Category: Related News
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Financial Stability and Growth: Seeking Perspective
Hello!
I am a teacher, and my wife manages a high-end Inn and restaurant in Charleston, SC. I also run a successful tutoring business.
All in all, we bring in roughly 150k a year. We have no debt except a small house payment of $1000 monthly. We are putting money away for retirement and children’s college. I have shrinking funds that pay for all expenses and an emergency fund. Over the past year, we got serious about our finances, got rid of all our debt, and started saving more.
I know I am doing well, but I feel stuck! I want to earn more, do things for my house, some more vacations. I do not want to change jobs; my wife also loves her job.
I feel like I need some perspective. Do I start another side hustle and grow the tutoring business? Does my wife ask for ownership in her company? I am at a loss because I feel like I live that middle-class mentality, and maybe I am missing something; maybe I am not. I feel stuck and looking for advice and perspective.
Thank you all for your time!
-Matt
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Hi Matt, what is your goal? Money is simply a tool to let you live the life you want. Are you and wife trying to retire early? Travel? There are always ways to hustle and make more money, but I would argue it may not be worth the extra time and stress!
Similar situation. Teacher with similar house payment and household income in a moderate cost of living area.
What are your goals? Why work more if you have everything you need with money left over? I’m focused on maximizing myself on the teacher pay scale so I can work the same amount while making more money. 2 kids in daycare and still plenty for a nice vacation each year, a couple nice meals out each month, and hobbies.
Biggest thing that allows our lifestyle is driving functional cars and staggering purchases so we only have one $300 to $400 car payment at a time.
Have you read Tim Ferris’ *The Four Hour Workweek*?
The narration by Ray Porter is good, if you want to borrow the audiobook from your local library.
It’s not a panacea, but has relevant discussion that will help you decide for yourself how best to apply your time to achieve a more abundant lifestyle.
Here’s a thought. Maybe you could scale up the tutoring business. I assume it’s just you now, but maybe you hire others and take a cut of what they make.
Good luck either way.
As a fellow teacher I also feel your frustration. Stay the course, you are doing all the right things. You probably are never going to be super wealthy sans a windfall.
Stay disciplined, find things that make you happy do those. If there’s a way to cut any more spending do that and divert it to the things you want to do more. For us we bought less “things” and chose to have more experiences as a family.
You should be saving $100,000 per year. Mutual funds are a nice place to start. 1 1/2 vacations per year. Used cars. Don’t invest in your house except basic repairs, same with furniture. Get back to me when you have saved a million. Psst…don’t discuss your finances with anyone. You are not stuck…but you aren’t motivated.
I have a “top ten” list that I work towards. It helps if I put a time frame on it, so then I know to save X amount each month for whatever goal. Seeing the list helps me organize which is really important to me, and how achievable each goal is. I have short, middle and long range goals.
With your cost of living and your income, sounds like you can save a lot. I don’t see why extra money is needed. I would have guessed you can save an extra $5000-10,000 for some travel to other countries or internally. You can maybe gauge what amount you can defer to retirement and kids college. College shouldn’t be too expensive if you maybe only have 2 kids.