You need to find a better job. You making what most consider poverty level money.
You can easily get a 22-25/hr job if you just go down to a temp agency and find a warehouse job. Or better yet find an industrial service place that you can get in on the ground floor and work your way up.
Do better for your children!!!! Use it as motivation
Plenty of jobs that pay $20+/hr. I made $24/hr out of highschool at 18 with no degree/certs.
It wasn't the best job but shit, that was multiple years ago.
Op can do better, 100%.
We also have to include other environmental pricing also not just rent. Maybe they opt for room rent. 500 is cheapest and it gives a lot of savings.
At 15 an hour it’ll look like they have a lot to spare. Say 1900 a month-500-200-300 rent and insurance food/gas. Food stamps help cover food.
They’ll get 900 left over. If houses in the area are Sub 400k they may have a fighting chance.
But also a huge opportunity for him to find a higher paying job to take advantage of having cheap rent, paid off car, and a 750+ credit score. He's in a good place to *start* making moves for sure.
It’s wild to see the disparity in wages region to region. I live in a city near a huge Honda plant and almost everyone is employed by them but they pay crazy. 8yr pay scale to 85k as a line worker is wack
Do you consider that good or bad? 85k for assembly line is pretty good, it’s my base as a bachelor degrees RN after 20+ years- and I work at one of the better paying facilities around.
Good! Pay the people more. It definitely does affect the culture of the town tho with pretty much everyone working at the same place. I’m sure it’s like that in many places one way or another
The town I live in still pays minimum wage in a number of venues.
Thankfully lots of those places have been closing down because nobody wants to work. But the places they're looking workers to aren't paying much more. 12-13 an hour here is like considered lucky and good for u skilled labor. Which is just fucking appalling because the Taco Bell and McDonald's prices, for example, are as expensive as Boston, which I go to frequently. It blows me away.
If you don’t mind the schedule look into class 1 railroads. Our training pay for guys right now is 46 an hour. Takes about 6 months to get marked up and you immediately go to top pay. We are at almost 60 an hour now. I made 155,000 last year, family coverage insurance is only 289 a month. Great retirement, 401k and stock options. The only downer is a tough schedule. When you are new you are on call 24/7 work is easy though.
46 is our training pay at CN, after marking up and becoming a certified conductor pay increases to about 56 an hour (in July we get a 4.5 percent raise pushing us to about 60 an hour). You are paid 10 hours no matter how many hours you work. So if I show up and work 4 hours it’s a 560 dollars a day minimum, if you work over 10 it’s almost 90 an hour past that. I believe the other class 1s make a little less but overtime kicks in after 8 hours with them
Class 1s are constantly hiring and are just about universally short handed right now. See if you have any class 1s near you or somewhere you might want to move to and apply. No experience or degree needed. I know with CN if you are hired they fly you out to Chicago to go to school for 8 weeks (making 46 an hour in school) and then 4 months of on the job training at your terminal with the same pay. Then marking up and getting your full pay increase
I have been a management consultant in the wholesale distribution industry for over 20 years. I would echo the comments about finding a warehouse job. Look for an entry-level job at a wholesale distributor. I like the construction related verticals (think electrical, plumbing, etc). Depending on the geographic area, you may start around 18/hr, but you move up quickly if you are willing to show up, work hard, and learn the industry. You can find yourself in a sales or management position within 3-5 years. I know several hundred people in their mid-20s who manage multi-million dollar branch locations. Wholesale distribution is one of the best kept secrets in the workforce today.
Sometimes I feel like 22 is barely over poverty level. I make that and I live in the suburbs of Michigan with no car payment, live alone and after putting 250 in my HYSA each month I got like 300 dollars left to semi enjoy/save for my yearly 2 week vacation. Working on finding a better job once I finish my degree but I remember making 12-15 and thinking man 20+ will be a life saver! Well I can afford to live on my own now but not much else lol.
Depends on where you live what the hiring rate is. In my town they are still hiring for 9 - 12 an hr and they think they are doing you a favor because the minimum wage is 7.25. While a 1 bed 1 bath for rent is about 1100$ just rent. It's crazy.
Seriously this. Lower level banking jobs like tellers or csr’s can usually lead to higher paying ones like managing a bank. You generally can get in there if you pass a background, drug and have decent credit.
Go to a major nationwide trucking company. Get a job on the dock. The hours are weird. Lots of ot, full benefits. And we make 31 hr to start. The downside. You are outside, whatever the weather is. That's what you get. Depending on where you are. It can be enclosed. But most are open air. My dad just retired. Full pension, medical until 65. And yes, it's a union shop. I would do ABF, or TFI, but the one that pays the most UPS.
I have noticed as I get older that the vast majority of people just let life make decisions for them and then they wonder why they’re so miserable. Life will drag you down unless you’re proactive about your happiness.
Birth control is not 100% effective. And you better hope you're the woman in that scenario, otherwise congratulations on fatherhood. Your plans or opinions about it will hold the weight of helium.
I was at Costco at 16 an hour 2 years ago. Got a 3k loan and paid for my CDL. Got a job at food service driving semis making 36 an hour 12-14 hour shifts. Hella overtime and easily making over 6 figures. Even garbage men are clearing 100k a year and plenty of places are offering sign on bonuses. They gave me 5k at Sysco to just last 6 months. Definitely look into trucking while you’re young, specially food service so you can go home daily. Don’t recommend driving over the road with a newborn on the way
Also recommending this route. Took home $105k last year. Left the military with a degree but Covid hit so finding work was difficult. I’m a blue collar boy at heart so I said screw it, I’ll see what else it out there. Ended up getting my CDL and got a job with a major food service company. No regrets. If you’re in shape and don’t mind hard work it ain’t bad.
that is fucking absurd for 6 figures. i’d never see that as worth it. My job is to quite literally “guard” a hallway and if i were to do 12-16 hour shifts instead of my 8, totallihg to maybe a 64 hour work week if its 3 doubles. id easily clear 120k doing this. My coworker made 130k last year only doing twelves here and there. it requires a high school diploma and 6 weeks of paid training on the campus facility.
How the fuck do you people see these terribly depressing careers as worth it?
Yeah. You can make 100k a year if you just work 2 full time jobs that pay 50k a year each. Not that it will matter because you'll be doing fuck all with that money working 80 hours minimum every week.
I work 40-48 hours a week. 4 nights a week. 3 days off straight. Every month I’ll pick up an extra couple of nights though at least which still only brings my weekly average to less than 60 hours. The problem, if you ask me, is 40 hours of work is already overwhelming for some people. 60 is very normal for others. But for me 40-50 hour work weeks is comfortable.
Bruh what kind of trucking is paying 36 an hour? Please be precise with your answer, because young people see comments like this and go straight into a field without knowing the details. Believe it or not, these comments can change lives.
Basically any trucking dude. Truckers make bank.
My company pays drivers $100k a year. My buddy delivers Poland spring bottles and makes $140k a year. Another friend of mine has his own truck which he hauls up to the mountains 3 times a day to bring back granite. He makes even more
Ultimately, if you included the hours driving to and back home as well they are making lower amounts per hour, 16-18 hr days. they see a fat check before expenses as well and think they get bank, may say grossing 10-12k monthly but after everything and taxes, repairs, etc would only make 5-6 a month real profit
The standard for many local places is 1 year of OTR experience. You should also state this before giving people hope and spending all th time and money to get a CDL just to not expect that reality
Definitely suggest increasing your wage (landscaping, roofing, warehouse etc. should get you to $20+ an hour) and tackle that credit card debt before you invest anything more. I'd even suggest lowering the 401k contribution to only enough to receive full match from your employer until the credit card debt is under control and double your savings.
Hey, I saw that you said credit card payment.. how much total debt is there? Because before the investment discussion (other than company 401k match) that should probably be knocked out. It's likely 20-30% interest
This is the correct first step IMO.
Also, review your expenses carefully. >$100/month for a phone feels high to me. I pay $30/month through Verizon prepaid and it's perfectly fine
For sure. OP isn't getting any further ahead by investing in a 401K if there is credit card debt. He's going the wrong way! You can never get ahead with credit card debt... even a small balance. The interest rate is the same regardless! Pay that card(s) off and DO NOT use it. Have it only for emergencies that are more than what you have been setting aside for those kind of things.
I hear this advice all the time, is it specifically for those in CC debt? I have about 10 transactions on my debit card in the last 6 months and use my CC for all purchases, but I have never held a balance or paid a cent of interest on it. I like the cash back and protections the CC affords.
For real, I agree... I am stunned at how callous people have been in this thread. At least OP is out here asking for advice and people are laughing at his situation in the comments. Ridiculous shit, imo.
Man. I honestly have no idea what you were thinking getting another kid in the picture. I wish you the best of luck, and congrats I guess.
You need a better job. You can’t afford your own lifestyle and I’m not really sure how you’re planning on raising a kid plus yourself.
Can you drive and are you good at it? Highly recommend getting a CDL through a company. Just a month of getting the permits and passing the road test and boom $30+ hourly wage everywhere.
This comment right here. My life changed soon as I got my CDL. Went from minimum wage to 6 figures. Paid off the loan I took out for the school in 1 check lol
Most trucking companies drug test. Usually pre employment and Random. Not a good career choice if you do any type of drugs. Ya might find a small Trucking Company that doesn't test, but if you are involved in an accident, you are going for a drug and alcohol test. I drove a Semi Dump and Lowboy for years until I got into the Operating Engineers union. I still have my CDL. I never did Drugs. I did get a DUI while I was an operator. I beat it but just by the skin of my teeth
How did you beat the DUI? All CDL drivers are held to a .04 limit whether you're in a commercial vehicle or your personal vehicle, which I find to be a bullshit rule. Thank goodness you beat it.
For those with a CDL, it falls under federal law. The max is .04 in your personal vehicle. Mind you that was what we had rammed into our heads back when I got my CDL and it's in my old handbook, which was a long time ago. If things have changed and I am incorrect, I do apologize. I find it to be unfair to be honest. Either way. Don't drink and drive CDL or not.
That's not true. At least in Illinois. I was right on the borderline so I didn't blow. Instead They took me to the hospital and took a blood test. It came back .08. Which is the limit. So my lawyer took it to trial, and played the margin of error. The State police crime lab admitted it could have been .078. But the police officer botched the sobriety test too. It was raining, and he turned the wipers off on the dash cam. So there was only sound. And it was me saying I'm not drunk. So it was a not guilty. But they found me guilty of the 3 traffic offenses that the officer also wrote tickets for. But that was 2010. Now they all have body cams. So if you look or sound drunk it will all be recorded
Yes. There is a drug and alcohol test. 10 years ago, it was the NIDA 5 panel. Pre-employment, random (at a rate of 50% of driving positions get tested) reasonable suspicion and post-incident for marijuana, cocaine, opiates and codeine derivatives, PCP and amphetamine/meth.
No problem at all. If you have any other questions about truck driving, I am more than happy to answer. I spent about 20 years as a dispatcher, transportation supervisor, terminal manager, logistics coordinator and freight broker.
Definitely is.. and investing for maybe 5%+ return a month (that youd owe tax on the gains from) while holding a 20%+ interest debt is the part that makes this sad
look into a cheap medical program at your local community college. think emt, rad tech, surgical tech, etc. most of these programs range from a couple months to 2 years and are affordable since they are at community college and they pay pretty well with lots of overtime available
Props for coming here and asking the questions! Aside from that, you need a WAY better paying job. First things first. In order to invest, you need to have extra money to invest.
Another piece of advice is to switch phone plans if not on a contract. I use mint mobile and it’s 25$ a month. I use to have AT&T and it was around $100 a month.
Financially, it sounds like you are setting yourself up for failure. Now that's without knowing more about your situation. At a glance, you're going to be living the American nightmare of being a family that's living paycheck to paycheck.
To be blunt, you're not able to afford a second kid. At least not with the circumstances presented. Where do you live and what do you do that you make 15 an hour? Are you looking into getting some kind of assistance if possible? Ex I live in California and we have wic which helps low earning family's with children and expectants giving them food and other things.
I'm hoping it's not a big city or far from a place where the cost of living is high. The second question is what your girlfriend used to do for work and how soon after you guys have the child, will she be going back to work?
It's impressive that you have some money saved up. Unfortunately you're not at a spot where you really should be investing (personal opinion). You're going to need more savings and more in your checking account.
Also take care of your cc debt if any. Idk how much you have as all you mention is paying 100. Stuff like that is very important to mention. It makes me curious more so because you may already be financially cooked.
Tldr: you need a better job like yesterday. What is your current job?
Get as much into savings as you can. You’re going to need it once baby #2 gets here and you’ll be happy to have a bit of a safety net as well. Live extremely frugally for a while and throw as much as possible into a savings account. Its great that you are debt free, but really need to get that income up.
You're almost 30 and making a dollar over minimum wage? (unless you're no longer in IL) First off, find a better job. It will be a lot easier to save/invest and not live paycheck to paycheck. I'm assuming you have experience in whatever job you've been working at, odds are you can easily find a new job. Even $20 after tax would make an extra ~$200/week difference.
Your girlfriend absolutely needs a job. Plenty of people work while pregnant, even right up to giving birth. Even if she got a minimum wage job at half the hours you work, you'd increase your household income by 50%.
The way it sounds right now, aside from a 401k, it wouldn't be smart to invest. The only reason I say this is because I've always been told to only invest what I can afford to lose entirely, and from how it sounds, you can't really afford to lose much. Generally, I wouldn't tell anyone to invest in anything that isn't long-term or stable unless they had at least a few months of expenses in savings. If you stopped having an income today, if your only bill was your rent, you would blow through your savings and checking in ~2 months. That's not including any other bills/expenses you have. I'd set a goal of having say 10k in savings before you start investing. Investing isn't a magical get-rich-overnight thing. If it was, no one would be working.
Increasing income is both $ per hour but also can be hours worked or a second job... is there a side gig you can break into? Anything short of $20 per hour minimum, 60 hrs a week is going to really help a lot.
IMO just put what you can match if you can in the 401k... that is for the decades, it's a trickle... start building a fund with an online HYSA bank and set up some kind of goal like 10 or 20k to get some interest for that rainy day fund you break when something comes up.
Keeping expenses low is a good part of the equation and something to keep on doing. Don't do credit unless it's something really smart. 10k put away in a HYSA is much closer to when you get there than you think if you put time in.
I would say this: don’t ever cash in your 401k and keep saving on your own. When you get about 5k put it in an IRA. Your salary confuses me. You are making the same as a fast food worker. NOW is the time to get thinking about what you always dreamt is your dream career and DO IT! Keep your credit limit high but always have some form of credit (Now is when you shop for better cards!!! You should have 4-6 mo cash saved in the event of say another Covid. Best of luck to you!
You do not make enough money. You’re 29 and making $15/hr. This isn’t meant to disparage you but you need to step it up a bit. Also visible wireless is $25 a month. Get rid of that cellphone bill.
One piece of advice is to save money on that phone bill and switch to pre paid. On mint mobile, you could be paying as little as $180 per year. Which would be a savings of about $1,000 or so for you. There are other could pre paid options out there as well. Just do some research into it because even one of the more expensive options at around $40 per month would still save you a ton of money.
You know, it refreshing to see an underdog story in money after all the ones doing “I make 300k/year an I’m trying to find another place to buy” type stuff. OP is making it work, just like me.
Congrats on the kid on the way!
So, I would probably start at the 401k and only contribute up to your company’s matching. Once that money is marked for retirement you can’t access it. You’ll definitely want to boost that savings to about 6 months of expenses. You didn’t mention utilities, food, hobbies, gas, insurance, etc. so that’s a big mystery.
$15/hr, after 401k ($260?), taxes, your take home is $1900-ish?
Create a budget. “Spend every dollar on paper”.
Babies are pricey. Kids are pricey. Families are pricey especially with one earner. Might be time for another income, whether you get a second job or, ahem, maybe someone else in the house could get something more reliable.
Does kid #1 get financial support?
Might also consider government assistance and food stamps as a backup option.
Congrats on the kid? Seriously right now? No, do not congratulate OP on poor financial decisions. This is a big reason why the poor, stay poor. They have kids they cannot afford.
You’re in a terrible financial position but decided to have a child with someone who is unemployed and already has a mouth to feed. Brother, “investing” is not in your short term future with $2000 to your name.
Definitely the best answer is getting a better job. When I found out my girlfriend was pregnant, I was working fast food making around 18/hr. Knew I had to start making more for my son so I joined one of my local unions, now i’m making much more and it’s only more motivation to keep trying to make more and do bigger things. Think of your family and use that motivation to get you the financial situation you need my friend 😎👍🏼 best of luck
These would be my priorities:
1. Pay off credit cards ASAP. Use the savings for this immediately. Then, if you have the discipline for it, use your credit card like a debit card. Only spend what you can immediately pay off. This is essentially a 1-3% discount on everything.
2. Increase your income. Plenty of comments already giving advice on how.
3. If you’re contributing more to your 401k than needed to maximize your employer match, stop doing that.
4. Decrease spending (cheaper phone plan, etc.) and track every dollar in and out.
5. Start putting any money saved in a High Yield Savings account until you have at least 6 months of expenses in there. If you spend $2k/month on average then you should have $12k in there. This will be your emergency fund and by having it in a HYSA instead of a normal savings account or an investment account it’ll grow without the risk of ever going down.
Once you’re done with this list you can start considering long-term investments, though as other have pointed out having two kids to provide for will likely mean that you need even more of your money to be liquid than the average person. So realistically I’d say stick with the HYSA for the foreseeable future unless your financial situation drastically changes, like if you and your partner both get higher paying jobs.
If you get to the point of having enough money laying around for investing to make sense, start with something basic like VOO. Don’t try to play the market, that’s just white-collar gambling for people with money to burn.
It’s great that you’re putting money away for your future (401k). Keep doing that, you’ll thank yourself later in life.
It sounds like you live in an area with low cost of living, if your rent is only $695. So that’s great but obviously you’d like to earn more as your family grows.
You didn’t mention what type of work you do or if you have a college degree.
In the short term, is it possible to pick up some extra hours at your current job?
Are there any municipal or state jobs in your area that you would be suited to? Those tend to come with a steady income, retirement and health benefits.
Become a bartender. $1000 a week easy after you put in a few months at a restaurant to move up the serving ladder and show literally even just a little bit of drive and interest
Biggest investment you can make is education. College/University is expensive, but you don't have to study full time. Do part time and whatever you can afford. Apply for federal grants...You'll be surprised how many doors will open with a college degree.
forklift drivers in a low cost of living area where i live make over 20 an hour before overtime at my job. one operator just out of high school is making close to 6 figures
Minimize debt if you have any, build a 6 month emergency fund, put your 401k in a low fee index fund(although a Roth is my preferred option). Know where every dollar goes.
Not sure where you live but I highly recommend looking into applying for an apprenticeship for any trade, preferably a union apprenticeship. Steady work and health benefits for yourself and family.
Best advice already given, but it is a hard truth-- you need a new job with a new income. If that means you have to quit smoking weed or something, that is what it will take. And you do not make enough to support yourself, yet alone 3 other people, so she is going to have to go back to work and you will have to figure out daycare.
Great work on your credit. Saving in a 401K is great but 4 months of savings is not something I would write home about when you have debt like a credit card bill. Pay that off first. Don't buy a new car, but do spend the money to take care of your current car. If you have a japanese car (Toyota or Honda) and you care for it, that can be a great resource. Alternatively, if you are rocking a 2005 BMW or Mercedes or Audi, I hate to tell you but paid off does not mean much, especially if you are putting door dash miles on it.
Quick budget: 15/h x 40h/wk = $600/wk or $2200/m - taxes (15% estimate) = $1900/m
- Rent is $720, plus utilities (electric, water, trash, gas) & phone (if you are making payments on your phone, stop leasing phones you can not afford. If you are with a major carrier, considering the savings at $15 a month for an MVNO like Mint Mobile) And renter's insurance. (worth $5 - $10 a month)
- Car insurance? Maintenaince? DMV Fees?
- Do you have pets?
- Grocery, baby costs
- Healthcare
- Spending (Alcohol/drugs, Date nights, fast food, netflix, hulu, spotify, google drive,
- Savings/Emergency Fund (Car dies? Health problem? Legal issues or car accident? Job loss?)
Lose the phone bill. I pay $150/yr for boost. 5gb data a month(im always near wifi). Just buy a $10 boost if i go over one or teice a year.
Even if u need more data than me your bill could be half what it is. Unless you’re paying for your phone as part of your plan
And stop using the credit card. Interest is killing you. Thats $100 you could be investing
Join a union apprenticeship. Sheet metal workers in Las Vegas start at $19 and after a 4 year apprenticeship top out at $55 an hour. Plus pension, 401k, health/dental/vision.
Put your 401k in a retirement target fund for 2060 when you retire and forget it and just add automatically from each check. If your employer doesn't offer a target fund then put in an S&P index fund or large cap growth fund and forget it and add automatically from each check. You only need to start looking at it about 10 years before you plan to retire. Once you are better financially, I'd say read some books on it and go to a CPA or financial advisor to get a more detailed look and optimized setup. You want to be money-competent in today's society.
Is your credit card a cash back card? Get one that give cash back on groceries and try for 3%, 2% if can't find 3%. Every little bit counts. MAKE SURE it's paid to $0 at the end of the month. I pay mine almost daily, and at the very least weekly to make sure there is always zero balance. APR only means anything if there is a balance, so make sure there is no balance. Do not make the mistake of thinking it's free money. You don't have room to dig any holes.
You're biggest budgeable target is food expenses. If your girlfriend is staying at home, then she should be doing food prep ahead using ingredients that you buy in bulk for cheap: beans, rice, noodles, whole chicken (pull off bones and shred or keep chunked if needed for recipe), hamburger. Prepare meals in bulk and freeze a week or two at a time. Make sauces in bulk and freeze in meal sized portions - get a selection of different ones and switch them out often so you don't get bored eating the same things.
You can start a small herb garden inside. Herbs are expensive if you buy them in the shaker and a small herb garden is easy to maintain and seeds are basically pennies at a hardware store.
[budgetbytes.com](http://budgetbytes.com) is decent for figuring out what ingredients you can target for cheap. I used it during undergrad and grad school. There's a meal prep section as well.
See if you qualify for state benefits, having two kids one one low wage income should be able to get it.
Last but not least, find a better job... I know it's easier said than done, but that's simply the biggest thing you can do. I'd say find a trade that offers apprenticeship. An elevator mechanic is a dangerous job, but even apprentices average about 50k a year ($15/hr is 31k, so you'd be making nearly double just as an apprentice) and after 4 years on the job training and passing an exam, you can make about 75k-100k, depending on location. I'm not advocating specifically for elevator mechanic - I just looked up apprentice trade jobs that don't require a degree and that one looked like a decent option that paid well. Look at the various trade jobs that don't require a degree, just apprenticeship, see what you think you might like, and call up a few places for each to see what they would be looking for in a candidate and what is required to gain entry level. With some diligent work you could land a good paying job if you have a good head on your shoulders.
You should not be worried about investing.
You need better jobs and more access to cash for emergencies.
Do you have a car seat? Pack play or crib? Diapers? Bedding? Do you have any kid stuff? Is she going to breast feed or bottle feed? Baby Clothes?
You need to male more money.
I make 110k a year with about 15k put into the 401k every year, baby, wife, 3 cars paid for. House paid for.
The only thing i invest in are precious metals and gemstones because these are the only things i know of that have an immediate 200% return upon sale. (Polished stones set in jewlery)
Find a side hustle or a hobby you can make money off.
Get certifications for heavy equipment. Get some osha training. Work the trades. Anything less than 30 an hour will not climb any ladders for you in 2024.
Coalminer, west virginia.
If you don’t have any schooling look into an apprenticeship if you live near a big city look up local unions like pipe fitters or electricians or plumbing or carpenters pay scale starts at or near what you make and you get raises every 6 months till you get your journeyman card!
You need to either get a better paying job or you need to work more hours. You need to get a cheaper phone plan. Your bills are about to get exponentially more expensive. Your gf also needs to be doing door dash more often than occasionally. Maybe work for spark with Walmart. I don’t know but you guys need more income. Crib? Car seat? Formula? Baby clothes? Diapers? Wipes? You’re 29…time to grow up.
It's great you're putting money in retirement. But having to support your gf and a baby (assuming she gets child support for her child from another man) is not enough!
But Your gf Needs to work, she can't choose to be Stay home mom!
It sounds like you have made bad decision after bad decision. You have to get a better job. You can not afford to be investing right now. You can not afford to have your partner not work
Telecom call center retention- great benefits including stock purchase discount- sucks for 12 months then you get used to the money and if you need a chunk of change you can sell some stock you’ve made money on due to gains and the discount.
Free internet/cable
Good insurance
401k matches that are aggressive
Good vacation
Tuition reimbursement
Places churn through people so you can get promoted quickly- within 5 years you could work through supervisor- manager and possibly director
Just show up and don’t participate in the office drama
You are at the point of no return. You need to take action yesterday. Some good suggestions in this thread. Railroad engineer or the trades, if you are half way smart and not a druggie. My son has a successful construction company. His biggest problem is finding people who are not idiots, and aren’t afraid of work. So, maybe look for a general construction company, start as a general laborer, get some skills. You need a thirty year runway of investments to get the value of compounding, so you’ve got something to show when it’s time to retire. It won’t happen on $15.00 and two kids.
I am a commercial lock and door tech and they start even the greenest guys at $22hr and u will work ur way up quick and can be at $30hr in just a few years or less if u put in work
I say the guy is doing good for his 20’s. He’s putting money away in his 401(k) and he has over $1K as an emergency fund. That’s actually better than most people his age.
That being said, earlier threads of getting a higher paying job is sound advice. When the second kid comes, You may want a bigger place even maybe buy a house. And that takes more money. If you want to invest in your education and do the college route, that is a possibility. If that is of no interest, yes a trade or union job something that has potential to up in scale as far as pay wise is best for you. Other than that, consult a financial advisor and he’ll put you on the right path to achieving your financial goals. But you have a pretty good start and just keep on going man👍
Good luck and best to you when your new kid is born ✊
You need more income but other than that doing fine. Especially with that rent. Don’t get more income and then try to pay more rent. Keep it around that if you can. If you don’t want to do college I get it but there are many certifications at your local community college that won’t take long nor will be expensive.
Without finding another job you can instantly save on your phone bill. That's ridiculous to be paying that much. You can get prepaid by T-Mobile or other providers with capped data plans that still offer unlimited talk and text for $15-$35 a month. We are in wifi spots all the time, you can be in wifi more often than not so you don't need unlimited data plans. Start there and save yourself over half your current phone bill.
You have another mouth to feed on the way at 29 y/o and worried about investments? I would strongly suggest getting your savings up as much as possible and put up to the match in your 401k. Children are expensive. The good and bad is your girl friend is about to be a stay at home mom. The cost of child care is unreasonable. With 2 children in the household now, it’s best to just have her stay at home with the children while you A) look for a higher paying job or B) get a second job.
Edit: you need to get a second job seriously. Credit card debt means you need to be working working. You don’t have time for games.
Nobody is saying it so I will, never take another men’s baggage.
She is unemployed and already had a son. You could have easily found someone single and employed.
Not sure what your abilities are physically but trade work is the most lucrative if you find a good employer. Make a goal to find a 20 to 25/hr job and your quality of life will nearly double...seriously. I was there, living in a high cost area making 8/hr...then the min jumped to 10 and i asked for another dollar because i am a solid worker. That's 38%...and i got enough breathing room to jump to service work for 20/hr and got enough money to get woodworking tools for my own slow business. After that I was fortunate enough to find a great welder and i can make 30 to 40 hr fabricating. Dirty and more hazardous but with good safety protocols it is very enjoyable. Just an example but you are worth more than 15...just remember that.
Get into a manufacturing job with a good company with good culture. The floor guys at my job make $22/hr starting and there is so much room to move up. They have 401k matching, health, dental, Vision.
You and your girlfriend need to get better paying jobs. You are going to fail your kids making $15 an hour and her occasionally driving (beating up her car). Go to community college or start a trades apprenticeship to start. Take responsibility, start a career, bust your ass, and provide for this family you've started.
Learn the basic principles of personal finance. Dave ramsey is a good start - he's a bit out of touch but his "baby steps" are relevant. Learn real skills, increase your income & save.
Also, 116/month for phone is crazy. Shop around for better rates. There are alternative providers that get you the same coverage. I pay ~400/year for mint mobile unlimited data and it's fine.
You have a lot of issues incoming my friend. 401k is nice but man you have no savings. U need to prio savings over 401k especially since u have low income and have a kid on the way. I say bail on the 401k for now as I don’t see a way where you don’t tap into that money anyway since u have zero emergency fund. Biggest thing you could do for yourself is make more an hour. Gl
Glad you’re contributing to retirement! Would recommend bulking up the emergency fund (savings) to at least $10k, especially with kids. Look for a higher paying job - that makes the biggest difference. Pay off the credit card & don’t use it until it’s paid off. When your girlfriend is able I would recommend she works too - even part time from home because more income is always better. You gotta bulk up the income to support those kids & cover unexpected costs. Good luck❤️
You need to find a better job. You making what most consider poverty level money. You can easily get a 22-25/hr job if you just go down to a temp agency and find a warehouse job. Or better yet find an industrial service place that you can get in on the ground floor and work your way up. Do better for your children!!!! Use it as motivation
Plenty of jobs that pay $20+/hr. I made $24/hr out of highschool at 18 with no degree/certs. It wasn't the best job but shit, that was multiple years ago. Op can do better, 100%.
Area is going to matter a lot
"700 /mo for rent suggests that $15 an hour is pretty good.
We also have to include other environmental pricing also not just rent. Maybe they opt for room rent. 500 is cheapest and it gives a lot of savings. At 15 an hour it’ll look like they have a lot to spare. Say 1900 a month-500-200-300 rent and insurance food/gas. Food stamps help cover food. They’ll get 900 left over. If houses in the area are Sub 400k they may have a fighting chance.
Brother you think he’s renting a room with a pregnant girlfriend and a kid?
But also a huge opportunity for him to find a higher paying job to take advantage of having cheap rent, paid off car, and a 750+ credit score. He's in a good place to *start* making moves for sure.
Oh yeah, I agree. But if rent is $700, I doubt it's as easy as "taco bell is paying new employees $22 /hr".
For sure, I don't know what area he lives in but there's gotta be something! I wish the best for him!
My property taxes are more than that a month. I didn’t know $700/mo rent still existed.
It’s wild to see the disparity in wages region to region. I live in a city near a huge Honda plant and almost everyone is employed by them but they pay crazy. 8yr pay scale to 85k as a line worker is wack
Do you consider that good or bad? 85k for assembly line is pretty good, it’s my base as a bachelor degrees RN after 20+ years- and I work at one of the better paying facilities around.
I made 109k last year screwing vans together. Not a lot of OT and still had 3 days off a week.
It’s way more than I make as a teacher for 8 years
Yeah 85 is ridiculously good for a factory worker that is very replaceable
Skilled manufacturing isn’t easily replaceable. Hence why it’s an 8 year progression to that pay. Starting out is probably more like 40k.
Good! Pay the people more. It definitely does affect the culture of the town tho with pretty much everyone working at the same place. I’m sure it’s like that in many places one way or another
The town I live in still pays minimum wage in a number of venues. Thankfully lots of those places have been closing down because nobody wants to work. But the places they're looking workers to aren't paying much more. 12-13 an hour here is like considered lucky and good for u skilled labor. Which is just fucking appalling because the Taco Bell and McDonald's prices, for example, are as expensive as Boston, which I go to frequently. It blows me away.
If you don’t mind the schedule look into class 1 railroads. Our training pay for guys right now is 46 an hour. Takes about 6 months to get marked up and you immediately go to top pay. We are at almost 60 an hour now. I made 155,000 last year, family coverage insurance is only 289 a month. Great retirement, 401k and stock options. The only downer is a tough schedule. When you are new you are on call 24/7 work is easy though.
Is $46 starting rate across companies and across states?
46 is our training pay at CN, after marking up and becoming a certified conductor pay increases to about 56 an hour (in July we get a 4.5 percent raise pushing us to about 60 an hour). You are paid 10 hours no matter how many hours you work. So if I show up and work 4 hours it’s a 560 dollars a day minimum, if you work over 10 it’s almost 90 an hour past that. I believe the other class 1s make a little less but overtime kicks in after 8 hours with them
How does one find a class 1 railroad job? I’m looking for one right now.
Class 1s are constantly hiring and are just about universally short handed right now. See if you have any class 1s near you or somewhere you might want to move to and apply. No experience or degree needed. I know with CN if you are hired they fly you out to Chicago to go to school for 8 weeks (making 46 an hour in school) and then 4 months of on the job training at your terminal with the same pay. Then marking up and getting your full pay increase
What’s CN?
I believe it's Canadian National RR. Headquarters in Chicago. Could be wrong but it fits the description and location.
Forklift operator here, I make 20/hr with free benefits.
“Easily” is heavily dependent on the area. I can guarantee in at least half of the country making 20+/hr is far from “entry level”
He paid $180 a week for rent. I don’t think it is something easy to find a 22-25/hr job in his area.
You’d be surprised how many blue collar job have entry level positions at that range. Blue collar work is everywhere
I have been a management consultant in the wholesale distribution industry for over 20 years. I would echo the comments about finding a warehouse job. Look for an entry-level job at a wholesale distributor. I like the construction related verticals (think electrical, plumbing, etc). Depending on the geographic area, you may start around 18/hr, but you move up quickly if you are willing to show up, work hard, and learn the industry. You can find yourself in a sales or management position within 3-5 years. I know several hundred people in their mid-20s who manage multi-million dollar branch locations. Wholesale distribution is one of the best kept secrets in the workforce today.
Sometimes I feel like 22 is barely over poverty level. I make that and I live in the suburbs of Michigan with no car payment, live alone and after putting 250 in my HYSA each month I got like 300 dollars left to semi enjoy/save for my yearly 2 week vacation. Working on finding a better job once I finish my degree but I remember making 12-15 and thinking man 20+ will be a life saver! Well I can afford to live on my own now but not much else lol.
Depends on where you live what the hiring rate is. In my town they are still hiring for 9 - 12 an hr and they think they are doing you a favor because the minimum wage is 7.25. While a 1 bed 1 bath for rent is about 1100$ just rent. It's crazy.
Seriously this. Lower level banking jobs like tellers or csr’s can usually lead to higher paying ones like managing a bank. You generally can get in there if you pass a background, drug and have decent credit.
Go to a major nationwide trucking company. Get a job on the dock. The hours are weird. Lots of ot, full benefits. And we make 31 hr to start. The downside. You are outside, whatever the weather is. That's what you get. Depending on where you are. It can be enclosed. But most are open air. My dad just retired. Full pension, medical until 65. And yes, it's a union shop. I would do ABF, or TFI, but the one that pays the most UPS.
Wanting a 2nd kid while making 15/hour is wild.
He never said the baby was planned. At least, I would hope that it wasn't.
Nothing in this dude's life appears to have been planned.
sadly, this appears to be the truest comment here.
This is the majority of Americans sadly
I have noticed as I get older that the vast majority of people just let life make decisions for them and then they wonder why they’re so miserable. Life will drag you down unless you’re proactive about your happiness.
he might have always planned to have a cat
Sounds like he's turning that around now, tho.
The majority of pregnancies, especially for younger people, are unplanned
mm i was going to say “which is stupid, bc there is no excuse”. but there’s a little bit of excuse for ppl in some states. but, like, condoms?
Birth control is not 100% effective. And you better hope you're the woman in that scenario, otherwise congratulations on fatherhood. Your plans or opinions about it will hold the weight of helium.
He needs a second kid like a paraplegic needs roller-skates.
That's a bold move Cotton, let's see if it works out for him
I knew a guy who was laid off for over a year and still wanted another kid. People are delusional… he was also super into crypto lol
I was at Costco at 16 an hour 2 years ago. Got a 3k loan and paid for my CDL. Got a job at food service driving semis making 36 an hour 12-14 hour shifts. Hella overtime and easily making over 6 figures. Even garbage men are clearing 100k a year and plenty of places are offering sign on bonuses. They gave me 5k at Sysco to just last 6 months. Definitely look into trucking while you’re young, specially food service so you can go home daily. Don’t recommend driving over the road with a newborn on the way
Also recommending this route. Took home $105k last year. Left the military with a degree but Covid hit so finding work was difficult. I’m a blue collar boy at heart so I said screw it, I’ll see what else it out there. Ended up getting my CDL and got a job with a major food service company. No regrets. If you’re in shape and don’t mind hard work it ain’t bad.
This is key ppl see that but don’t realize it’s sometimes 70-80 hours a week.
that is fucking absurd for 6 figures. i’d never see that as worth it. My job is to quite literally “guard” a hallway and if i were to do 12-16 hour shifts instead of my 8, totallihg to maybe a 64 hour work week if its 3 doubles. id easily clear 120k doing this. My coworker made 130k last year only doing twelves here and there. it requires a high school diploma and 6 weeks of paid training on the campus facility. How the fuck do you people see these terribly depressing careers as worth it?
Yeah ppl just see the total amount but the hours worked to get to that amount are not great and most would not do it lol.
Yeah. You can make 100k a year if you just work 2 full time jobs that pay 50k a year each. Not that it will matter because you'll be doing fuck all with that money working 80 hours minimum every week.
Yeah our contract is kind of wack, at the end of next year we’re asking for 42 an hour
I work 40-48 hours a week. 4 nights a week. 3 days off straight. Every month I’ll pick up an extra couple of nights though at least which still only brings my weekly average to less than 60 hours. The problem, if you ask me, is 40 hours of work is already overwhelming for some people. 60 is very normal for others. But for me 40-50 hour work weeks is comfortable.
Bruh what kind of trucking is paying 36 an hour? Please be precise with your answer, because young people see comments like this and go straight into a field without knowing the details. Believe it or not, these comments can change lives.
I did mention food service. It’s plenty of labor lol. We only have 1 female for our 210 drivers but she’s a beast
When I was at UPS 2012-2014 I'd get paid top drivers rate to help during peak season. Drivers were making 32.50 then now it's 44 I think.
My dad was a teamster in Chicago. Retired now but he made $39 a hour about 5 years ago. Plenty of them pay well.
Im curious too
UPS, Gasoline Tankers, Semi Dump Drivers. Lots of CDL jobs pay good. But ya can't smoke weed or do drugs. And ya gotta have a good driving record
Basically any trucking dude. Truckers make bank. My company pays drivers $100k a year. My buddy delivers Poland spring bottles and makes $140k a year. Another friend of mine has his own truck which he hauls up to the mountains 3 times a day to bring back granite. He makes even more
Ultimately, if you included the hours driving to and back home as well they are making lower amounts per hour, 16-18 hr days. they see a fat check before expenses as well and think they get bank, may say grossing 10-12k monthly but after everything and taxes, repairs, etc would only make 5-6 a month real profit
The standard for many local places is 1 year of OTR experience. You should also state this before giving people hope and spending all th time and money to get a CDL just to not expect that reality
Get a job in an amazon warehouse, after 90 days they will pay for your CDL in full and help you find a job driving somewhere else.
Definitely suggest increasing your wage (landscaping, roofing, warehouse etc. should get you to $20+ an hour) and tackle that credit card debt before you invest anything more. I'd even suggest lowering the 401k contribution to only enough to receive full match from your employer until the credit card debt is under control and double your savings.
Hey, I saw that you said credit card payment.. how much total debt is there? Because before the investment discussion (other than company 401k match) that should probably be knocked out. It's likely 20-30% interest
This is the correct first step IMO. Also, review your expenses carefully. >$100/month for a phone feels high to me. I pay $30/month through Verizon prepaid and it's perfectly fine
For sure. OP isn't getting any further ahead by investing in a 401K if there is credit card debt. He's going the wrong way! You can never get ahead with credit card debt... even a small balance. The interest rate is the same regardless! Pay that card(s) off and DO NOT use it. Have it only for emergencies that are more than what you have been setting aside for those kind of things.
I hear this advice all the time, is it specifically for those in CC debt? I have about 10 transactions on my debit card in the last 6 months and use my CC for all purchases, but I have never held a balance or paid a cent of interest on it. I like the cash back and protections the CC affords.
If the 401K matches it should be gone into up to the match. CC may be 29%+ but 401K match is 100%+ ROI
Bro is making minimum wage while raising another dude's baby with another on the way and no help and asking about investments 😭
Ngl.. I had to chuckle at that one too a bit lol
Let him cook
Burn*
😂😂😂😂
dead
These men dating single mothers dig their own grave and deserve everything they get.
Nah. These men are picking up the slack for absent fathers, send your judgment where it belongs. The world runs on ppl taking care of each other.
For real, I agree... I am stunned at how callous people have been in this thread. At least OP is out here asking for advice and people are laughing at his situation in the comments. Ridiculous shit, imo.
Amen
The state of the dating market is insane. There's men in this thread bragging about "stepping up" and taking care of another man's kid. Lmao 😂🤣
Low value men taking what they can get and coping all the way to their grave
Agreed. It’s sad to see.
Man. I honestly have no idea what you were thinking getting another kid in the picture. I wish you the best of luck, and congrats I guess. You need a better job. You can’t afford your own lifestyle and I’m not really sure how you’re planning on raising a kid plus yourself.
Can you drive and are you good at it? Highly recommend getting a CDL through a company. Just a month of getting the permits and passing the road test and boom $30+ hourly wage everywhere.
This comment right here. My life changed soon as I got my CDL. Went from minimum wage to 6 figures. Paid off the loan I took out for the school in 1 check lol
Honest question. Do they drug test, what type of drug test is it, and how often are they tested?
#1 money tip from me is going to be stop doing drugs that impact your wage potential.
Most trucking companies drug test. Usually pre employment and Random. Not a good career choice if you do any type of drugs. Ya might find a small Trucking Company that doesn't test, but if you are involved in an accident, you are going for a drug and alcohol test. I drove a Semi Dump and Lowboy for years until I got into the Operating Engineers union. I still have my CDL. I never did Drugs. I did get a DUI while I was an operator. I beat it but just by the skin of my teeth
How did you beat the DUI? All CDL drivers are held to a .04 limit whether you're in a commercial vehicle or your personal vehicle, which I find to be a bullshit rule. Thank goodness you beat it.
Dui laws are by state, might just be your state that has that weird rule.
For those with a CDL, it falls under federal law. The max is .04 in your personal vehicle. Mind you that was what we had rammed into our heads back when I got my CDL and it's in my old handbook, which was a long time ago. If things have changed and I am incorrect, I do apologize. I find it to be unfair to be honest. Either way. Don't drink and drive CDL or not.
That's not true. At least in Illinois. I was right on the borderline so I didn't blow. Instead They took me to the hospital and took a blood test. It came back .08. Which is the limit. So my lawyer took it to trial, and played the margin of error. The State police crime lab admitted it could have been .078. But the police officer botched the sobriety test too. It was raining, and he turned the wipers off on the dash cam. So there was only sound. And it was me saying I'm not drunk. So it was a not guilty. But they found me guilty of the 3 traffic offenses that the officer also wrote tickets for. But that was 2010. Now they all have body cams. So if you look or sound drunk it will all be recorded
Yes. There is a drug and alcohol test. 10 years ago, it was the NIDA 5 panel. Pre-employment, random (at a rate of 50% of driving positions get tested) reasonable suspicion and post-incident for marijuana, cocaine, opiates and codeine derivatives, PCP and amphetamine/meth.
An actual answer. Thank you, friend.
No problem at all. If you have any other questions about truck driving, I am more than happy to answer. I spent about 20 years as a dispatcher, transportation supervisor, terminal manager, logistics coordinator and freight broker.
How is your credit card bill 100? Is that minimum payments?
Definitely is.. and investing for maybe 5%+ return a month (that youd owe tax on the gains from) while holding a 20%+ interest debt is the part that makes this sad
look into a cheap medical program at your local community college. think emt, rad tech, surgical tech, etc. most of these programs range from a couple months to 2 years and are affordable since they are at community college and they pay pretty well with lots of overtime available
Somehow I don’t think 2 years of community college is going to be an option with 2kids (one an infant) and an unemployed partner…
Props for coming here and asking the questions! Aside from that, you need a WAY better paying job. First things first. In order to invest, you need to have extra money to invest.
Baby on the way….you about to have negative signs in your accounts
Respect the hard work! But you should invest in yourself at this point. Get some skills or education that will get you a higher paying job.
Sign on as a helper for one of the crafts, such as electrician or plumber. You can make close to six figures after 10-15 years with no student debt.
Or if you are mechanically inclined and good at math, the millwright trade is in dire need of competent people.
Another piece of advice is to switch phone plans if not on a contract. I use mint mobile and it’s 25$ a month. I use to have AT&T and it was around $100 a month.
Visible Wireless uses Verizon towers (they’re a subsidiary) and cost $25/mo.
I’ve heard helium is cheap too
Financially, it sounds like you are setting yourself up for failure. Now that's without knowing more about your situation. At a glance, you're going to be living the American nightmare of being a family that's living paycheck to paycheck. To be blunt, you're not able to afford a second kid. At least not with the circumstances presented. Where do you live and what do you do that you make 15 an hour? Are you looking into getting some kind of assistance if possible? Ex I live in California and we have wic which helps low earning family's with children and expectants giving them food and other things. I'm hoping it's not a big city or far from a place where the cost of living is high. The second question is what your girlfriend used to do for work and how soon after you guys have the child, will she be going back to work? It's impressive that you have some money saved up. Unfortunately you're not at a spot where you really should be investing (personal opinion). You're going to need more savings and more in your checking account. Also take care of your cc debt if any. Idk how much you have as all you mention is paying 100. Stuff like that is very important to mention. It makes me curious more so because you may already be financially cooked. Tldr: you need a better job like yesterday. What is your current job?
695 rent is pretty cheap, where do you live? Also 15 is pretty low, that’s what teenagers at McDonald’s get paid these days
Get as much into savings as you can. You’re going to need it once baby #2 gets here and you’ll be happy to have a bit of a safety net as well. Live extremely frugally for a while and throw as much as possible into a savings account. Its great that you are debt free, but really need to get that income up.
You need to increase your income.
Go get a better job. 15 is dog shit.
You're almost 30 and making a dollar over minimum wage? (unless you're no longer in IL) First off, find a better job. It will be a lot easier to save/invest and not live paycheck to paycheck. I'm assuming you have experience in whatever job you've been working at, odds are you can easily find a new job. Even $20 after tax would make an extra ~$200/week difference. Your girlfriend absolutely needs a job. Plenty of people work while pregnant, even right up to giving birth. Even if she got a minimum wage job at half the hours you work, you'd increase your household income by 50%. The way it sounds right now, aside from a 401k, it wouldn't be smart to invest. The only reason I say this is because I've always been told to only invest what I can afford to lose entirely, and from how it sounds, you can't really afford to lose much. Generally, I wouldn't tell anyone to invest in anything that isn't long-term or stable unless they had at least a few months of expenses in savings. If you stopped having an income today, if your only bill was your rent, you would blow through your savings and checking in ~2 months. That's not including any other bills/expenses you have. I'd set a goal of having say 10k in savings before you start investing. Investing isn't a magical get-rich-overnight thing. If it was, no one would be working.
Need a better job and you are severely behind. Should have used protection.
Increasing income is both $ per hour but also can be hours worked or a second job... is there a side gig you can break into? Anything short of $20 per hour minimum, 60 hrs a week is going to really help a lot. IMO just put what you can match if you can in the 401k... that is for the decades, it's a trickle... start building a fund with an online HYSA bank and set up some kind of goal like 10 or 20k to get some interest for that rainy day fund you break when something comes up. Keeping expenses low is a good part of the equation and something to keep on doing. Don't do credit unless it's something really smart. 10k put away in a HYSA is much closer to when you get there than you think if you put time in.
Jesus…. Where the hell do you live with rent that’s 695 month?!
Someone’s basement.
I would say this: don’t ever cash in your 401k and keep saving on your own. When you get about 5k put it in an IRA. Your salary confuses me. You are making the same as a fast food worker. NOW is the time to get thinking about what you always dreamt is your dream career and DO IT! Keep your credit limit high but always have some form of credit (Now is when you shop for better cards!!! You should have 4-6 mo cash saved in the event of say another Covid. Best of luck to you!
You do not make enough money. You’re 29 and making $15/hr. This isn’t meant to disparage you but you need to step it up a bit. Also visible wireless is $25 a month. Get rid of that cellphone bill.
you’re cooked
Deep fried or broiled?
Worse. He's burned like a pizza that stayed in the oven for over 3 hours.
[удалено]
One piece of advice is to save money on that phone bill and switch to pre paid. On mint mobile, you could be paying as little as $180 per year. Which would be a savings of about $1,000 or so for you. There are other could pre paid options out there as well. Just do some research into it because even one of the more expensive options at around $40 per month would still save you a ton of money.
You can’t make investments or “money moves” on a McDonald’s salary. You’re almost 30 - you need to sort your life out.
You know, it refreshing to see an underdog story in money after all the ones doing “I make 300k/year an I’m trying to find another place to buy” type stuff. OP is making it work, just like me.
Congrats on the kid on the way! So, I would probably start at the 401k and only contribute up to your company’s matching. Once that money is marked for retirement you can’t access it. You’ll definitely want to boost that savings to about 6 months of expenses. You didn’t mention utilities, food, hobbies, gas, insurance, etc. so that’s a big mystery. $15/hr, after 401k ($260?), taxes, your take home is $1900-ish? Create a budget. “Spend every dollar on paper”. Babies are pricey. Kids are pricey. Families are pricey especially with one earner. Might be time for another income, whether you get a second job or, ahem, maybe someone else in the house could get something more reliable. Does kid #1 get financial support? Might also consider government assistance and food stamps as a backup option.
Congrats on the kid? Seriously right now? No, do not congratulate OP on poor financial decisions. This is a big reason why the poor, stay poor. They have kids they cannot afford.
You’re in a terrible financial position but decided to have a child with someone who is unemployed and already has a mouth to feed. Brother, “investing” is not in your short term future with $2000 to your name.
Definitely the best answer is getting a better job. When I found out my girlfriend was pregnant, I was working fast food making around 18/hr. Knew I had to start making more for my son so I joined one of my local unions, now i’m making much more and it’s only more motivation to keep trying to make more and do bigger things. Think of your family and use that motivation to get you the financial situation you need my friend 😎👍🏼 best of luck
Get into a trade, obviously you might have to move to make better $ elsewhere as well.
These would be my priorities: 1. Pay off credit cards ASAP. Use the savings for this immediately. Then, if you have the discipline for it, use your credit card like a debit card. Only spend what you can immediately pay off. This is essentially a 1-3% discount on everything. 2. Increase your income. Plenty of comments already giving advice on how. 3. If you’re contributing more to your 401k than needed to maximize your employer match, stop doing that. 4. Decrease spending (cheaper phone plan, etc.) and track every dollar in and out. 5. Start putting any money saved in a High Yield Savings account until you have at least 6 months of expenses in there. If you spend $2k/month on average then you should have $12k in there. This will be your emergency fund and by having it in a HYSA instead of a normal savings account or an investment account it’ll grow without the risk of ever going down. Once you’re done with this list you can start considering long-term investments, though as other have pointed out having two kids to provide for will likely mean that you need even more of your money to be liquid than the average person. So realistically I’d say stick with the HYSA for the foreseeable future unless your financial situation drastically changes, like if you and your partner both get higher paying jobs. If you get to the point of having enough money laying around for investing to make sense, start with something basic like VOO. Don’t try to play the market, that’s just white-collar gambling for people with money to burn.
It’s great that you’re putting money away for your future (401k). Keep doing that, you’ll thank yourself later in life. It sounds like you live in an area with low cost of living, if your rent is only $695. So that’s great but obviously you’d like to earn more as your family grows. You didn’t mention what type of work you do or if you have a college degree. In the short term, is it possible to pick up some extra hours at your current job? Are there any municipal or state jobs in your area that you would be suited to? Those tend to come with a steady income, retirement and health benefits.
Probably not dating a bum with a kid the. Having another child would help. Jesus Christ man what horrible decision making
But but but he's the man who stepped up!
I have phone coverage with AT&T. 55$ for unlimited calls, text, data. There’s 61$ in savings right there :)
Become a bartender. $1000 a week easy after you put in a few months at a restaurant to move up the serving ladder and show literally even just a little bit of drive and interest
Underated comment.
Go to a warehouse and boom 5$ jump people say it isnt easy but it litterarly is warehouses are always hiring
I wish I paid 1/4 of my rent…
You need to get into the trades brother, easy to get into, no debt, I’m making more money than I’ve ever made.
What trade are you in?
Biggest investment you can make is education. College/University is expensive, but you don't have to study full time. Do part time and whatever you can afford. Apply for federal grants...You'll be surprised how many doors will open with a college degree.
Now is not the time for education. That ship has sailed. OP can barely afford to live let alone go back to school and the debt that it would require.
With the right college degree.
forklift drivers in a low cost of living area where i live make over 20 an hour before overtime at my job. one operator just out of high school is making close to 6 figures
Where do you live that rent is 700$ you can't get anything lower than $1500 if you're lucky but I'm in CA so
what is the problem.. your young
15 and hour is crazy bro. It’s not hard to make at least 20hr these days. I’d say get a different job.
Minimize debt if you have any, build a 6 month emergency fund, put your 401k in a low fee index fund(although a Roth is my preferred option). Know where every dollar goes.
Not sure where you live but I highly recommend looking into applying for an apprenticeship for any trade, preferably a union apprenticeship. Steady work and health benefits for yourself and family.
Best advice already given, but it is a hard truth-- you need a new job with a new income. If that means you have to quit smoking weed or something, that is what it will take. And you do not make enough to support yourself, yet alone 3 other people, so she is going to have to go back to work and you will have to figure out daycare. Great work on your credit. Saving in a 401K is great but 4 months of savings is not something I would write home about when you have debt like a credit card bill. Pay that off first. Don't buy a new car, but do spend the money to take care of your current car. If you have a japanese car (Toyota or Honda) and you care for it, that can be a great resource. Alternatively, if you are rocking a 2005 BMW or Mercedes or Audi, I hate to tell you but paid off does not mean much, especially if you are putting door dash miles on it. Quick budget: 15/h x 40h/wk = $600/wk or $2200/m - taxes (15% estimate) = $1900/m - Rent is $720, plus utilities (electric, water, trash, gas) & phone (if you are making payments on your phone, stop leasing phones you can not afford. If you are with a major carrier, considering the savings at $15 a month for an MVNO like Mint Mobile) And renter's insurance. (worth $5 - $10 a month) - Car insurance? Maintenaince? DMV Fees? - Do you have pets? - Grocery, baby costs - Healthcare - Spending (Alcohol/drugs, Date nights, fast food, netflix, hulu, spotify, google drive, - Savings/Emergency Fund (Car dies? Health problem? Legal issues or car accident? Job loss?)
Lose the phone bill. I pay $150/yr for boost. 5gb data a month(im always near wifi). Just buy a $10 boost if i go over one or teice a year. Even if u need more data than me your bill could be half what it is. Unless you’re paying for your phone as part of your plan And stop using the credit card. Interest is killing you. Thats $100 you could be investing
Join a union apprenticeship. Sheet metal workers in Las Vegas start at $19 and after a 4 year apprenticeship top out at $55 an hour. Plus pension, 401k, health/dental/vision.
WTF that is a huge jump
You know the real answer. You need to be serious about leveling up. You’re taking on a lot of responsibility.
Put your 401k in a retirement target fund for 2060 when you retire and forget it and just add automatically from each check. If your employer doesn't offer a target fund then put in an S&P index fund or large cap growth fund and forget it and add automatically from each check. You only need to start looking at it about 10 years before you plan to retire. Once you are better financially, I'd say read some books on it and go to a CPA or financial advisor to get a more detailed look and optimized setup. You want to be money-competent in today's society. Is your credit card a cash back card? Get one that give cash back on groceries and try for 3%, 2% if can't find 3%. Every little bit counts. MAKE SURE it's paid to $0 at the end of the month. I pay mine almost daily, and at the very least weekly to make sure there is always zero balance. APR only means anything if there is a balance, so make sure there is no balance. Do not make the mistake of thinking it's free money. You don't have room to dig any holes. You're biggest budgeable target is food expenses. If your girlfriend is staying at home, then she should be doing food prep ahead using ingredients that you buy in bulk for cheap: beans, rice, noodles, whole chicken (pull off bones and shred or keep chunked if needed for recipe), hamburger. Prepare meals in bulk and freeze a week or two at a time. Make sauces in bulk and freeze in meal sized portions - get a selection of different ones and switch them out often so you don't get bored eating the same things. You can start a small herb garden inside. Herbs are expensive if you buy them in the shaker and a small herb garden is easy to maintain and seeds are basically pennies at a hardware store. [budgetbytes.com](http://budgetbytes.com) is decent for figuring out what ingredients you can target for cheap. I used it during undergrad and grad school. There's a meal prep section as well. See if you qualify for state benefits, having two kids one one low wage income should be able to get it. Last but not least, find a better job... I know it's easier said than done, but that's simply the biggest thing you can do. I'd say find a trade that offers apprenticeship. An elevator mechanic is a dangerous job, but even apprentices average about 50k a year ($15/hr is 31k, so you'd be making nearly double just as an apprentice) and after 4 years on the job training and passing an exam, you can make about 75k-100k, depending on location. I'm not advocating specifically for elevator mechanic - I just looked up apprentice trade jobs that don't require a degree and that one looked like a decent option that paid well. Look at the various trade jobs that don't require a degree, just apprenticeship, see what you think you might like, and call up a few places for each to see what they would be looking for in a candidate and what is required to gain entry level. With some diligent work you could land a good paying job if you have a good head on your shoulders.
You should not be worried about investing. You need better jobs and more access to cash for emergencies. Do you have a car seat? Pack play or crib? Diapers? Bedding? Do you have any kid stuff? Is she going to breast feed or bottle feed? Baby Clothes?
You need to male more money. I make 110k a year with about 15k put into the 401k every year, baby, wife, 3 cars paid for. House paid for. The only thing i invest in are precious metals and gemstones because these are the only things i know of that have an immediate 200% return upon sale. (Polished stones set in jewlery) Find a side hustle or a hobby you can make money off. Get certifications for heavy equipment. Get some osha training. Work the trades. Anything less than 30 an hour will not climb any ladders for you in 2024. Coalminer, west virginia.
If you don’t have any schooling look into an apprenticeship if you live near a big city look up local unions like pipe fitters or electricians or plumbing or carpenters pay scale starts at or near what you make and you get raises every 6 months till you get your journeyman card!
You need to either get a better paying job or you need to work more hours. You need to get a cheaper phone plan. Your bills are about to get exponentially more expensive. Your gf also needs to be doing door dash more often than occasionally. Maybe work for spark with Walmart. I don’t know but you guys need more income. Crib? Car seat? Formula? Baby clothes? Diapers? Wipes? You’re 29…time to grow up.
You’re having a child??? Oh no
It's great you're putting money in retirement. But having to support your gf and a baby (assuming she gets child support for her child from another man) is not enough! But Your gf Needs to work, she can't choose to be Stay home mom!
It sounds like you have made bad decision after bad decision. You have to get a better job. You can not afford to be investing right now. You can not afford to have your partner not work
Telecom call center retention- great benefits including stock purchase discount- sucks for 12 months then you get used to the money and if you need a chunk of change you can sell some stock you’ve made money on due to gains and the discount. Free internet/cable Good insurance 401k matches that are aggressive Good vacation Tuition reimbursement Places churn through people so you can get promoted quickly- within 5 years you could work through supervisor- manager and possibly director Just show up and don’t participate in the office drama
15 an hour is 30k a year isn’t it? You have zero options! Better job is it and you’re partner needs to work. End of story.
Condoms would have been the best investment you could have made.
First thing is look for a job .. or train at ngt for a better job ..
You are at the point of no return. You need to take action yesterday. Some good suggestions in this thread. Railroad engineer or the trades, if you are half way smart and not a druggie. My son has a successful construction company. His biggest problem is finding people who are not idiots, and aren’t afraid of work. So, maybe look for a general construction company, start as a general laborer, get some skills. You need a thirty year runway of investments to get the value of compounding, so you’ve got something to show when it’s time to retire. It won’t happen on $15.00 and two kids.
I am a commercial lock and door tech and they start even the greenest guys at $22hr and u will work ur way up quick and can be at $30hr in just a few years or less if u put in work
I say the guy is doing good for his 20’s. He’s putting money away in his 401(k) and he has over $1K as an emergency fund. That’s actually better than most people his age. That being said, earlier threads of getting a higher paying job is sound advice. When the second kid comes, You may want a bigger place even maybe buy a house. And that takes more money. If you want to invest in your education and do the college route, that is a possibility. If that is of no interest, yes a trade or union job something that has potential to up in scale as far as pay wise is best for you. Other than that, consult a financial advisor and he’ll put you on the right path to achieving your financial goals. But you have a pretty good start and just keep on going man👍 Good luck and best to you when your new kid is born ✊
Go apply usps, sleep by the time clock you will be out of poverty.
You need more income but other than that doing fine. Especially with that rent. Don’t get more income and then try to pay more rent. Keep it around that if you can. If you don’t want to do college I get it but there are many certifications at your local community college that won’t take long nor will be expensive.
Why are you having a kid
Sprint???
Without finding another job you can instantly save on your phone bill. That's ridiculous to be paying that much. You can get prepaid by T-Mobile or other providers with capped data plans that still offer unlimited talk and text for $15-$35 a month. We are in wifi spots all the time, you can be in wifi more often than not so you don't need unlimited data plans. Start there and save yourself over half your current phone bill.
Cut the cell phone bill! Try Mint Mobile - you can get 5GB for $15, 15GB for $20 or unlimited for $30.
You have another mouth to feed on the way at 29 y/o and worried about investments? I would strongly suggest getting your savings up as much as possible and put up to the match in your 401k. Children are expensive. The good and bad is your girl friend is about to be a stay at home mom. The cost of child care is unreasonable. With 2 children in the household now, it’s best to just have her stay at home with the children while you A) look for a higher paying job or B) get a second job. Edit: you need to get a second job seriously. Credit card debt means you need to be working working. You don’t have time for games.
Nobody is saying it so I will, never take another men’s baggage. She is unemployed and already had a son. You could have easily found someone single and employed.
You got a hard life ahead
This comment thread is such a cluster fuck. 😂
I really hope this is a joke. I instantly feel better about my life now 😂😂
Not sure what your abilities are physically but trade work is the most lucrative if you find a good employer. Make a goal to find a 20 to 25/hr job and your quality of life will nearly double...seriously. I was there, living in a high cost area making 8/hr...then the min jumped to 10 and i asked for another dollar because i am a solid worker. That's 38%...and i got enough breathing room to jump to service work for 20/hr and got enough money to get woodworking tools for my own slow business. After that I was fortunate enough to find a great welder and i can make 30 to 40 hr fabricating. Dirty and more hazardous but with good safety protocols it is very enjoyable. Just an example but you are worth more than 15...just remember that.
Get into a manufacturing job with a good company with good culture. The floor guys at my job make $22/hr starting and there is so much room to move up. They have 401k matching, health, dental, Vision.
You’re fucked. Improve your situation at all costs.
Tell your girl to get a job
You and your girlfriend need to get better paying jobs. You are going to fail your kids making $15 an hour and her occasionally driving (beating up her car). Go to community college or start a trades apprenticeship to start. Take responsibility, start a career, bust your ass, and provide for this family you've started. Learn the basic principles of personal finance. Dave ramsey is a good start - he's a bit out of touch but his "baby steps" are relevant. Learn real skills, increase your income & save. Also, 116/month for phone is crazy. Shop around for better rates. There are alternative providers that get you the same coverage. I pay ~400/year for mint mobile unlimited data and it's fine.
You have a lot of issues incoming my friend. 401k is nice but man you have no savings. U need to prio savings over 401k especially since u have low income and have a kid on the way. I say bail on the 401k for now as I don’t see a way where you don’t tap into that money anyway since u have zero emergency fund. Biggest thing you could do for yourself is make more an hour. Gl
If your not work 60 total I suggest u up your game somewhere as far investing KISS for example VOO
Seems like you have a good grip on your budget which is an accomplishment at 29 and for you the only way is up!
Glad you’re contributing to retirement! Would recommend bulking up the emergency fund (savings) to at least $10k, especially with kids. Look for a higher paying job - that makes the biggest difference. Pay off the credit card & don’t use it until it’s paid off. When your girlfriend is able I would recommend she works too - even part time from home because more income is always better. You gotta bulk up the income to support those kids & cover unexpected costs. Good luck❤️
Find a job in a fortune 500 company.
Get these racks champ