48 and l only have close to 10k in my bank account after this year.

have you ever considered a career in directing virtual races?

Gonna chime in before the financial gurus ruin this thread.

Many are in way worse situations.

If you have a roof , some food and clothes that is all you NEED. Don’t worry about what others have. Most of the time it’s an illusion anyways.

Most of the wealthy I know are miserable as they are spiritually bankrupt. You can’t take any possessions with you in the end and just be grateful you made it through a tough year.

? Happy New Year man.

Better than 98% of inner cities. Give yourself a break!

I find some of these threads hard to believe sometimes. I'm not saying that you're not telling the truth but it seems hard to understand. I only make around $55K per year, am age 46, have a 2018 car that cost around $20K and I paid it off in one year ($10K down payment), and I have around $45K in my bank account and $82K in a Thrift Saving Program account. I am single with no child support so that helps but it seems like you should have a lot more saved unless you have traditionally spent a large portion of your take home pay throughout your life.

I honestly feel like I am in financial trouble and plan on working full time until at least 70 so I can get 100% for Social Security and and no penalties for my TSP withdrawals. I am hoping to have enough saved so that I can retire COMPLETELY at 70, but I feel like I may need to work a little part time until about 75 or so to be sure I am good.

I have kids and had to spend a lot in court and other things, basically l lost a lot to get my kids. At one point l had 200k in the bank saved in 2 years when l was raking in good money. Back in 2007 l was saving 12k-15 a month, yes saving, not making, but life changes. Does that answer your question?

700 car payment? I never bought a car that cost for more than 5k until my house was paid off.

Everydog wrote:

700 car payment? I never bought a car that cost for more than 5k until my house was paid off.

Ok Dave Ramsey.

You described an after-tax income of probably at least 60k and then expenses of less than 30k.

If you have 10k left then you wasted 20k on something you're not admitting. Stop doing that and you'll be fine.

bryan evans wrote:

Everydog wrote:

700 car payment? I never bought a car that cost for more than 5k until my house was paid off.

Ok Dave Ramsey.

Not at all. All I said was that cars were a low priority.

Bad Wigins wrote:

You described an after-tax income of probably at least 60k and then expenses of less than 30k.

If you have 10k left then you wasted 20k on something you're not admitting. Stop doing that and you'll be fine.

Yeah...like food or electricity or medical bills. Good grief. He only listed the major recurring expenses in his post. Everyone still needs to buy food, take sick kids to doctor, gas for their car, phone/internet...etc

OP, you lost your job and it’s stressful. You will find another job. You’re not too old to find work. I know a guy who started a whole new CAREER at 55. He was laid off from his accounting job/took early retirement whatever you want to call it, and decided to become a real estate agent. He’s 63 now and loves his life. You may not make as much money as before, you may need to sharpen some skills, but you will find a way to earn money. Once you have a new job, budget from there and try to live frugally.

Life is like a chess game. No matter how the board looks, keep improving your position. You have 10k and no credit card debt. It’s not *that* bad

Dude its simple, just cut your costs and then get a good job and save money. Why are you wasting 700/month on a car lol. Get a Prius and stack cash son.

Kids, kids, court, lawyers, and yes kids. They cost a lot.

If your wife works 40 hours per week, that means she makes $10 per hour? Good God, thats below minimum wage in a lot of areas.

Anyway, sorry to hear things are tough. Hope they come around sooner than later.

bryan evans wrote:

Everydog wrote:

700 car payment? I never bought a car that cost for more than 5k until my house was paid off.

Ok Dave Ramsey.

Actually, OP is perfect candidate for Dave’s baby steps. OP, go to library and get his book.

1. Get out from under that car note.

2. Budget. Don’t spend on anything but necessities. As Dave says, the only time you should see the inside of a restaurant is if you’re working there.

3. Beans and rice, rice and beans.

Good luck on the job search. In a year or two you can totally turn things around, so stay strong.

That's 10k more than 95% of the world's population.

48 in in trouble wrote:

I made more in my life, like 200k, but last year 2019, l made about 75 to 80k before taxes. I rent a condo

1,200 a month and have 2 kids that l share custody with. I still pay child support because we share custody in the amount of $500 a month, so that means l still have to take care of the kids because they are with me 1/2 the time too. 2020 has been a nightmare as l lost my job. My only other bill is my car ($700 dollars a month). My wife takes in the only income for the house of 20k. My wife's car is paid off.

Do you want time with your kids, yes or no? You do not have to have parenting time. Unless your ex-wife is severely mentally ill, or an alcoholic/drug addict in and out of jail &/or prison and in and out of rehab, tell your wife to take care of the kids, 100% and you then pay her about $2000 or $3000 a month if you do not want parenting time. There are men who get ruined in family court during divorce. Family court did not ruin you. Stop whining.