Panicking - mid life(?) crises - buying a home first time (good)

[Blondebaerde]

Originally Posted by firehawk

LOL! If only. I actually don't make much at all because the bill rate is < $80/hr! That's how the market is and sadly saturated with offshore recruiters who make the big bucks and us make very little. We have to suck it up and accept it - it's a job. Even if I get a direct client, the rate is a little more but they prefer to work with agencies than direct for whatever reason.

Trust me, if I had around that billing rate you state, I would for sure have a good chunk down for a down payment.

I only live by my means and never outside of it. Seriously.

Alright. I know this is C-D and some "score points" by telling everyone how wonderful they are; I am NOT doing that when I say that "perhaps" you should be up to $195-230/hr for IT consulting at a senior level. Foreigners cannot do what I do, at this time, from offshore for various reasons. "Cannot" is a big word and I'm mindful of it, btw! I do not compete with those offshore body shops, whom I find despicable btw. But it is what it is these days.

Also goes to my comments about leveling up the skills and education, if applicable. I'll not humblebrag further about mine, other than to say they're "pretty good," frankly, because I want(ed) to make more money and so far that's gone well

If I can, you can?

[firehawk]

yeah, i understand Thank you

[firehawk]

Blondebaerde: I am a senior! Nothing to do with skills but rather the saturated market and competition. I have achieved a lot publicly in my field but ... offshore... grrrr

[Kayela]

Alright. I know this is C-D and some "score points" by telling everyone how wonderful they are; I am NOT doing that when I say that "perhaps" you should be up to $195-230/hr for IT consulting at a senior level. Foreigners cannot do what I do, at this time, from offshore for various reasons. "Cannot" is a big word and I'm mindful of it, btw! I do not compete with those offshore body shops, whom I find despicable btw. But it is what it is these days.

This is something we focused on as well - skillsets that aren't easily automated or off-shored.

Most people are going to save money by either spending less, or making more. If you get in the habit of the first, when the later happens, you can save much more quickly.

We had a debt burn down spreadsheet in the early years, and after we worked through our student debt, that changed into a savings goals spreadsheet. Visiting that weekly really helps to keep your goals in focus. If you don't already have something similar, highly recommend it.

[flyingsaucermom]

Your income is part of the equation, but also is coming up with a down payment/savings.. do you have any money set aside for your future home purchase?

I know people that save for 5 years to buy their first home. If you put aside $1000 a month for 5 years, maybe invest it conservatively, you'll have something.... and if you work on your spending (I'm confident you can live on less than you do right now) you'll have even more.

As Paula Pant says, "You can afford anything, just not everything... what's it going to be?"

For us it has been --and continues to be-- assets over lifestyle since I was in college (I am now 41).

-So it's Value Village and Goodwill for clothing, shoes and home goods. I've even bought bras and underwear from both.
-This year on free/gifting sites I've picked up: 3 chairs, sleeper sofa, 2 beanbags, lots of food, table and chairs, etc..
-When I'm feeling really splurgy... I go to IKEA.
-Going out for coffee is permissible, but not out to eat. (Although with the pandemic we go to counter service places more often)
-I keep the house just a little too cold
-There is a saying, "if it's yellow let it mellow, if it's brown flush it down"
-We don't drink alcohol
-I use BudgeBytes for most of our cooking...
-and I cook nearly every night

This is just off the top of my head. There are a lot more (stranger, bolder, yuckier too!)...

Check out Mr. Money Mustache in addition to Paula Pant.

[firehawk]

I dont drink or smoke. I dont splurge. I never treat myself... not even clothes. Last time I bought pants was recently and the time before was 4 years ago.
This should give you an idea on my spending. Trust me when I say I barely have wiggle room and earn little even though I'm senior in my field...

[flyingsaucermom]

Originally Posted by firehawk

I dont drink or smoke. I dont splurge. I never treat myself... not even clothes. Last time I bought pants was recently and the time before was 4 years ago.
This should give you an idea on my spending. Trust me when I say I barely have wiggle room and earn little even though I'm senior in my field...

But your income is $100k and you barely save $1000.

Until this year we were a family of 4 living on $65k...

Clearly you've got bills that the four of us together don't have.............

Also... being "senior" has nothing to do with spending habits.

[firehawk]

that is correct

[flyingsaucermom]

Originally Posted by firehawk

that is correct

The point is, if we can live off of $65k so should you.

My husband is a "senior" too.

[firehawk]

if only but trust me, not so much