by Hope
For the first time in over two years, your girl is bringing in full time income again!!! I have officially accepted a full time offer as a contractor increasing my hours, compensation, and giving me a modicum of security with my current role. There is no timeframe in my current contract (meaning there is no term, we are expecting this to be a long term relationship) AND I did get a 6 week notice built in should we agree to terminate. So I have a full time job for the foreseeable future!
I’ve got plans upon plans upon plans. All of them focused on getting completely out of debt while building a hefty savings account. That’s really all there is with this update. I just wanted to jump on and share.
My monthly income from this role is $12,000, before taxes, of course. However, I am paying $50 of that before I receive it back into the company for a software subscription that I plan to use to build a passive source of income for my existing business. Not sure what that looks like yet, but do know that this is the platform I wanted.
So income to my account will be $11,950. Then I’ve got to figure taxes, etc. in the next month or so. But phew, I am so grateful for this role. I love what I’m doing. I’m really good at what I’m doing. And frankly, the owner has been a wonderful client for 6ish years so I trust him and we have a great working relationship.
Let’s go!
Hope is a creative, solutions-focused business manager helping clients grow their business and work more efficiently by leveraging expertise in project management, digital marketing, & tech solutions. She’s recently become an empty nester as her 5 foster/adoptive kids have spread their wings. She lives with her 3 dogs in a small town in NE Georgia and prefers the mountains to the beaches any day. She struggles with the travel bug and is doing her best to help each of her kids as their finish schooling and become independent (but it’s hard!) She has run her own consulting company for almost twenty years! Hope began sharing her journey with the BAD community in the Spring of 2015 and feels like she has finally in a place to really focus on making wise financial decisions.
Wow. I am really happy to see that income number. I really think you should be trying to live on a bare bones budget, so more than half of this should go to debt/ saving – pretend it really is not there!! Will you keep the other part time gig?
Yes, that’s the plan as long as it is feasible. I do genuinely enjoy having a reason to get out of the house occassionally.
Why are you paying $50 a month for something that you don’t yet have a use for? Wait until you know what you’re doing and then start the subscription.
This is a really big shovel, Hope. If you just dig your heels in for the rest of the year, you could have some massive peace of mind going into 2025. Try not to let lifestyle inflation kick in – continue to work to establish a lifestyle that doesn’t need big dollars to sustain. Take pride in your growing savings accounts while permanently eliminating high interest debt from your life.
Yes, I most definitely am. This blog is definitely a good accountability partner.
Was really exciting as I was playing with my numbers once we settled on agreement to be able to add in my student loan and watch it just drop. (After the consumer debt is gone, that is.)
Coming soon!
I am happy that you have a job you enjoy doing. You, however, need to bring those monthly spends down( and yes I read $1500 is going to savings although technically it’s $1000 to savings and $500 to family travel.) There needs to be a happy medium between $2500 barebones budget and $9000+ a month budget. Now is the time to get those financial ducks in a row.
Yes, the big spends are all debt payments versus inflated lifestyle.
By planning out my spending and paying all the bills at the beginning of each month, it really helps me control any extra spend.
Congratulations! Hopefully you can pay down all your debt in just a short time and start stockpiling savings so you’ll be in a good spot when this contract ends. Don’t let this big win get you off track.
YES! Definitely agree and laser focused on this.
Congratulations!
Thank you!
Wonderful news Hope!!! So happy for you!!
So happy to read this! Congrats Hope. Keep your barebones budget, stay current with your new tax liability, and rip through your debt! Can’t wait to read about your progress. I’d also like to see you start saving for retirement. You’ve got this!!
Thank you and that is definitely the plan!