23 M, just quit my job, $45k savings, but just found out she’s pregnant.
Hello,
I just put in my 2 weeks in after I had my first $50k profit month in my new business.
Girlfriend calls me today and tells me she might be pregnant.
I just want some tips/pointers on what I should do given this situation.
——————————————————————————————
Debt:
$12k personal loan (22% interest)
$35,000 student loan (2%)
$3k credit card debt (20%)
My current expenses are
Rent: $1696 ( after everything)
Car: 574
Insurance:584
Full self driving: 200
Food: 300
Gas: 150
Personal loan: 475
Student loan: 275
Hair cut: 80
Gym: 20
Medication/therapy: $50-100
($4-5k) total a month
——————————————————————————————
Savings: $45,000 in a high yield account (4% interest)
——————————————————————————————
Credit lines:
$11k credit available
-$3k in debt
——————————————————————————————
Explanation/plan:
My income is dependent on how my business performs… In short I manage trading capital at a couple of institutions.
Over the past 3 months I’ve averaged $20-50k a month.
It’s relativity new, and cost to run the business is very low, but it’s high risk.
Figured that’s why I should build an emergency fund (1 year of savings) before I embark on the journey of quitting my job and going full time.
I’ve also realized any month I’m not performing up to par, I can doordash/Uber eats to offset the $4k cost.
——————————————————————————————
FYI
“How did you make $110k in 3 months but only have $45k savings” -
Most of my money went to paying down my debts/expenses…
Oh yeah and a new car- I know it wasn’t smart but makes me happy
Also to note:
The job I left was paying me $2600/ mo.
In short I want a good idea of my financial situation, and how to balance it considering girlfriend w/ no income (school/pregnant) and that I just quit my job.
Just really stressing right now and have a meeting w/ a financial advisor and accountant later in the week
Any advice would be greatly appreciated!
Update:
You downvoters hate honesty. It does the opposite of the intention of this post, which is to have a discourse to get on the right path. That’s all I’m doing. Trying to see what’s the best thing to do for my new family.
Some people are literally downvoting me even when I say I agree with the prior commenter, but then give my initial rationale behind my decision.
I’m 23 now and have made so many mistakes, I’m not perfect, and am self aware enough to see I have a lot to prepare myself for… hence why I made this post in the first place.
Hello,
I just put in my 2 weeks in after I had my first $50k profit month in my new business.
Girlfriend calls me today and tells me she might be pregnant.
I just want some tips/pointers on what I should do given this situation.
——————————————————————————————
Debt:
$12k personal loan (22% interest)
$35,000 student loan (2%)
$3k credit card debt (20%)
My current expenses are
Rent: $1696 ( after everything)
Car: 574
Insurance:584
Full self driving: 200
Food: 300
Gas: 150
Personal loan: 475
Student loan: 275
Hair cut: 80
Gym: 20
Medication/therapy: $50-100
($4-5k) total a month
——————————————————————————————
Savings: $45,000 in a high yield account (4% interest)
——————————————————————————————
Credit lines:
$11k credit available
-$3k in debt
——————————————————————————————
Explanation/plan:
My income is dependent on how my business performs… In short I manage trading capital at a couple of institutions.
Over the past 3 months I’ve averaged $20-50k a month.
It’s relativity new, and cost to run the business is very low, but it’s high risk.
Figured that’s why I should build an emergency fund (1 year of savings) before I embark on the journey of quitting my job and going full time.
I’ve also realized any month I’m not performing up to par, I can doordash/Uber eats to offset the $4k cost.
——————————————————————————————
FYI
“How did you make $110k in 3 months but only have $45k savings” -
Most of my money went to paying down my debts/expenses…
Oh yeah and a new car- I know it wasn’t smart but makes me happy
Also to note:
The job I left was paying me $2600/ mo.
In short I want a good idea of my financial situation, and how to balance it considering girlfriend w/ no income (school/pregnant) and that I just quit my job.
Just really stressing right now and have a meeting w/ a financial advisor and accountant later in the week
Any advice would be greatly appreciated!
Update:
You downvoters hate honesty. It does the opposite of the intention of this post, which is to have a discourse to get on the right path. That’s all I’m doing. Trying to see what’s the best thing to do for my new family.
Some people are literally downvoting me even when I say I agree with the prior commenter, but then give my initial rationale behind my decision.
I’m 23 now and have made so many mistakes, I’m not perfect, and am self aware enough to see I have a lot to prepare myself for… hence why I made this post in the first place.