So... how do you improve your financial worth?

[gardenmom5]

Improving your net worth doesn't involve traveling to Thailand, buying another car, and getting Lasik. This goes double if the salary your family is earning is not very high. 

 

The above statement of "I had no motivation to earn extra income..." is also not a way to improve financial net worth. Improving one's financial situation, unless an inheritance is coming your way, involves careful planning and lots of hard work and plenty of motivation. It almost always requires education or a skill that is in demand. 

even then, the money needs to be invested, not blown on some want.  while there is a minimum amount of income required upon which to live (which varies according to location and specific needs)  - it's what you do with the rest of it that determines financial worth, and that means investing every penny you can.  one of the biggest challenges people have towards increasing their worth- is their attitude towards "needs vs wants".  there is a difference.

 

I forgot to quote the PP who said something about a shirt and tie - unfortunately, DH is not in a field of work where that is even an option.  He has a uniform lol.  :)

he can still make sure he is well-groomed, and presents himself well and in a professional manner.

[PeacefulChaos]

even then, the money needs to be invested, not blown on some want.  while there is a minimum amount of income required upon which to live (which varies according to location and specific needs)  - it's what you do with the rest of it that determines financial worth, and that means investing every penny you can.  one of the biggest challenges people have towards increasing their worth- is their attitude towards "needs vs wants".  there is a difference.

 

he can still make sure he is well-groomed, and presents himself well and in a professional manner.

I assure you, he is and does.  :)  Because of his demeanor and attitude, He's very well-liked at work.  when i started my job there, the lady I was training with would say, 'This is Kara.'  and people would say, 'Oh, hi.'  and then she'd add, 'She's ____'s wife' and their whole demeanor would change lol.  :)  He's the 'nice one' of the two of us.  ;)  Because of these things, and his prior experience, I'm pretty sure that if a promotion came open he would be at the top of the list for it.  The problem is, there are no promotions to be had in the forseeable future. 

[2squared]

We're concerned about the reliability of our car.  My first one (which we still had when we got married) died on the side of Interstate 64 close to VA beach during rush hour in August of 2005, when Link was 18 months old and I was pregnant with Astro.  Literally, died.  It was done.  It probably had -- idk--- 125-150,000 miles on it?  I have no idea.  But we never even brought it back home.  It was done and wasn't worth anything.

That's part of what we're worried about - should we go ahead and beat it dying on us, trade it in for a decent amount and get something decent in the meantime?  I don't care about the year - 2005 or whatever.  I care that it's the make/model it is with the mileage it has.  We drive to Missouri to visit family every other year.  We do always take care of our vehicles, but I want something reliable.  

We wouldn't be getting anything new.  I'd love to keep having no car payment.  I just worry about the feasibility of that, or me getting stranded in the city with the kids one day with no way to get home.

 

Any age car can die on you or leave you stranded.  Flat tires, as an example, happen to every vehicle on the road.  The smart financial choice, if this is your worry, is to have AAA or add a rider to your auto insurance rather than buying a different vehicle. 

 

If you are particularly concerned about an annual trip, the better financial choice would be to rent a vehicle for your trip rather than borrowing to buy a different vehicle.

 

I have five kids, and they are driven around daily in a 2004 Dodge Grand Caravan with 120K miles on it.  We have no fear of being stranded just b/c of the age of our vehicle.  I take my kids on annual trips to visit family - just like you do. 

[2squared]

  the money part (paying for school, etc) is something that doesn't concern me as much because we'll figure all that out if we have the opportunity, but right now we can't even figure out how to get the opportunity.  :)  But, like I said, the suggestions for online and other things are very helpful - Thank you for those! 

 

Here's the problem - you need money to make opportunities happen.  Opportunities don't usually fall in your lap.

[Aelwydd]

Thanks, everyone, for your input!

I know that the two things that I'm planning on may seem strange or even inappropriate to some (Lasik and Thailand - the car is something I'm not sure we can get away from), and that's fine. Everyone is different. Everyone has differen priorities. :)

I have every intention of using the money I make toward us as a family starting in October, minus the 150ish/month for Lasik and some that I'

ll set aside for spending money for the trip. And I may end up paying that off early, so really this is a very small span of time during which all of my income has gone toward my trip to Thailand (started babysitting in May and working my other job in July, trip will be paid off the end of September).

I'm particularly thankful for the posts about the logistics of it (as opposed to judgment of our current situation and my financial choices. :)

No judgment intended in my post. As I said, I can't speak to your decisions about expenses; I was only speaking to the basic math. Not so long ago, my family was subsisting on about $30K a year. We still chose a trip to Disney World.

 

However, it came at a steep cost for us. Right before I graduated dh was laid off. We struggled to catch upon for a good 6 months after I found work. That money saved up would have prevented a LOT of stress.

 

Because you know your housing depends on factors outside your control, is the reason I emphasize doing what you must to shore up your situation. I'd move for a good job offer or go full time. I'd investigate other avenues too like starting my own pet sitting service or other business.

 

None of this is meant as an indictment of your choices but more as a "consider all aspects" and go from there.

[Aelwydd]

Here's the problem - you need money to make opportunities happen. Opportunities don't usually fall in your lap.

Exactly.