Early 50s finance manager making $115K shares VN Pho leftover hack
Local advice on how to earn, spend, and invest money is hard to find. Many cultural barriers exist for talking about money, yet it can be therapeutic to do so.
Money Snacks – People Stories is a anonymous way for people in Hamilton County to share their financial journey with others.
Age
Early 50s
Do you have kids? If so, what’s your #1 most stressful thing right now?
One grown child. Making sure they have been taught well and can manage money correctly out of college.
My child was very lucky. I saved starting at child’s birth and very little debt out of college which I continued to help pay off quickly.
Now making money as an adult will they make good choices? Everything is so expensive including housing while living solo and so much pressure to do and buy things that cost a bundle.
Living Situation
I own a modest home. I’ve lived here 20 years. I financed a 30 year mortgage with 5% down. When I refinanced to get a lower rate I shaved a few years off my mortgage so it will be paid off soon.
Job
Operations Manager in Finance
Salary
$115,000 with bonus up to 20% based on company goal attainment. Reimbursements for gym membership up to $300 per year and reimbursements for 3 5k entry fees a year.
Salary Growth Salary jumps came with more responsibility as progressing through the leadership ladder. Annual raises were slim between 3-5% unless promotion year.
Debt
I pay off credit cards each month. Basically mortgage debt and car lease.
Budgeting
I don’t budget. I just try to keep an eye on how much I spend. If it’s an expensive month I do less eating out and less events the next month.
I max out saving for retirement first so I don’t get used to the extra money each paycheck. I am diligent about where my money goes. I won’t buy things that aren’t on sale or a good buy. I cancel memberships I don’t use. I take back items I’m overcharged on. It’s a daily habit so it seems normal until someone makes a comment that they are surprised I look that close to my receipts etc.
Splurge
Self care. I get Starbucks when I really want it. I get a massage when I feel I deserve one. I make sure I do something that makes me happy every day and try to make healthy choices too.
I buy Flexx nutrition meals some weeks which may be a splurge but it’s also a healthy splurge.
Oh, and I buy multiple memberships for different activities but only keep those I’m using.
Local Hack
- Spend less than you earn.
- Don’t live beyond your means.
Even if you can afford the nicest house, car, new wardrobe etc do you need it? Is it really going to make you happier? Think about every purchase instead of doing it automatically.
Also if you have kids they do not need spring break every year just because everyone else in your town seems to be going. As parents we get caught up in the hype too and you sometimes need to break a cycle. Change it up and do a couple long weekend getaways. I promise if you take pictures your kids will look back at those fond memories just as much if not more.
Favorite Local Restaurant
That changes but currently when it’s cold outside I like Pho VN — the broth is divine.
If you get the large, you can take half home. You can make a second meal at home for only $1 or $2!
Savings and Investments
I have an advisor and the earnings I achieve outweigh the fees by a landslide. Also great at recommending selling to show a loss on your tax return. Max out every year you can. You’ll get used to it and won’t notice you’re living on less if it becomes a habit.
Best Money Decision
When I divorced I sold the big house for a profit and downsized to be able to afford to stay in a good school district. It was tough when my kids’ friends came over. No basement and our house wasn’t always the fun house but it was affordable and I didn’t have the stress over money I would have if I’d stayed.
On Your Mind
How soon can I reasonably retire? Health costs and predicting expenses is challenging.
Hamilton County Wealthy
I think I would be considered that, because I don’t worry every paycheck how bills will get paid and I have enough to do the things that make me happy.
Total Net Worth
$1 million
Anything Else
Credit score is important. Pay everything on time ALWAYS. Mine has always been in the 800s. It’s not hard if you stay diligent. You save money when you take out a home or car loan. I got rid of PMI early. It’s one easy way to make a difference.
