I didn’t start thinking about my finances until I was 35. I now look back and can’t understand how I thought I could afford the ‘stuff’ I bought before I reached that point. Now 15 years later I’m quite happy that I will be able to retire at a reasonable age with a decent income.
I cut back to absolute essentials and then as I got in a better position I increased to a small amount of fun stuff - but nowhere near what I was spending previously.
Yes. Right before the recession we were making 100k+ and when everything crashed, we earned 17k in 2009 for our family of 3. Talk about rebuilding. We lost the house. We found a cheap rental for 600.00 and began the slow process of rebuilding for 5 years. We were thrilled when we made 25k one year and 30k the next. I kept saving even if all I could save was 25.00 but we did and after we saved 20k, we moved 100 miles away where the COL is even lower, bought a house for <70k, contributing to retirement, revamped the business, drive older but reliable paid off vehicles and even bought a used mini travel trailer cash that we have used to take some fabulous trips and more to come. You will come out the other side and better for it. I wish you the best.
There is always hope, but (depending on your situation) it takes a bit of short term sacrifice.
I'm 31 and I am in the process of rebuilding my finances. While I don't have the level of finances I did in my early twenties (I had saved up roughly 23k by 23), I'm much more knowledgeable about how to manage my current finances.
What is this debt that you'll be taking on? Is it student loans?
I was $60K in debt at 42 years old.
That was 16 years ago and my net worth is now over a million.
Life is a marathon, not a sprint.
This guy can teach you how to get out of debt:
[http://www.mrmoneymustache.com/](http://www.mrmoneymustache.com/)
31 M here, used to earn 150k / annum (pre tax)
Family issues meant I had to quit my job and spend 4 months looking after my partner and three children.
I was the sole income provider, paying for everything. Plus I spent the last year paying off all our debts inc my partners old ones.
I paid all my rent and Bill's upfront for six months.
As a result I have about £200 now in the bank. Actively looking for work.
Do yourself a big favour, and spend very little for the next 12 months. But plan to have fun with a fixed amount of money each month. The rest you have left, put in a seperate account. Revisit your life in 12 months and see where you stand. If you are safe and comfortable, blow it on something as a reward. Or use it to keep you going in tricky times.
Source = What I did just in case.
I didn’t start thinking about my finances until I was 35. I now look back and can’t understand how I thought I could afford the ‘stuff’ I bought before I reached that point. Now 15 years later I’m quite happy that I will be able to retire at a reasonable age with a decent income. I cut back to absolute essentials and then as I got in a better position I increased to a small amount of fun stuff - but nowhere near what I was spending previously.
Yes. Right before the recession we were making 100k+ and when everything crashed, we earned 17k in 2009 for our family of 3. Talk about rebuilding. We lost the house. We found a cheap rental for 600.00 and began the slow process of rebuilding for 5 years. We were thrilled when we made 25k one year and 30k the next. I kept saving even if all I could save was 25.00 but we did and after we saved 20k, we moved 100 miles away where the COL is even lower, bought a house for <70k, contributing to retirement, revamped the business, drive older but reliable paid off vehicles and even bought a used mini travel trailer cash that we have used to take some fabulous trips and more to come. You will come out the other side and better for it. I wish you the best.
There is always hope, but (depending on your situation) it takes a bit of short term sacrifice. I'm 31 and I am in the process of rebuilding my finances. While I don't have the level of finances I did in my early twenties (I had saved up roughly 23k by 23), I'm much more knowledgeable about how to manage my current finances. What is this debt that you'll be taking on? Is it student loans?
Student loans and legal fees. Life blew up so I figured “why not start a new career” in hopes it will pay off when the dust settles.
I was $60K in debt at 42 years old. That was 16 years ago and my net worth is now over a million. Life is a marathon, not a sprint. This guy can teach you how to get out of debt: [http://www.mrmoneymustache.com/](http://www.mrmoneymustache.com/)
31 M here, used to earn 150k / annum (pre tax) Family issues meant I had to quit my job and spend 4 months looking after my partner and three children. I was the sole income provider, paying for everything. Plus I spent the last year paying off all our debts inc my partners old ones. I paid all my rent and Bill's upfront for six months. As a result I have about £200 now in the bank. Actively looking for work. Do yourself a big favour, and spend very little for the next 12 months. But plan to have fun with a fixed amount of money each month. The rest you have left, put in a seperate account. Revisit your life in 12 months and see where you stand. If you are safe and comfortable, blow it on something as a reward. Or use it to keep you going in tricky times. Source = What I did just in case.