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Hi Guys, I am 5.5 years Java Developer and I have offer from JPMorgan Chase and Walmart .
Jpmc: 50% on current fixed + jpmc benefits Walmrat: 50% on current fixed + yearly bonus + stocks.
Please help me choose which will be better, mainly looking for brand value, work life balance and yearly hikes.
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Hi Guys, I am 5.5 years Java Developer and I have offer from JPMorgan Chase and Walmart .
Jpmc: 50% on current fixed + jpmc benefits Walmrat: 50% on current fixed + yearly bonus + stocks.
Please help me choose which will be better, mainly looking for brand value, work life balance and yearly hikes.
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Make a budget and lower your expenses.
$120k is solidly middle class in most places. You can cover all your needs, but there are a lot of luxuries, you can’t afford. You are overspending
You need to move to a place that costs less than 30% of your take home. This might mean living with room-mates
Use the $50k to pay off your credit cards and finish off the other $30k asap. Cut up all your cards and never use them again.
You should be able to do this in 12-18 months, and it will change your life forever.
Lower your living expenses is step 1.
Can you transfer your CC balance to a 15 month 0% APR and 0 balance fee cc and take a second job to pay it off?
I think you should find a way to leverage your degree to get a higher paying position as quickly as possible.
OP, I have to say - the advice you need is different than the question you posted. The specifics do matter because it reads as bad spending habits vs married holding a mortgage with one income. I do think you should see where you can cut even more spending, and definitely work on the jobs (even if it’s just Uber Eats or Starbucks for the good benefits for a bit for your spouse, anything helps right now).
man, how do you get yourself into $80k credit card debt? get rid of that first. cant imagine that being less than 20% interest. cut out all unnecessary things and focus on paying that debt off first.
Spouse lost his job and I was paying for everything including two mortgages which I could not afford so everything else went to cc
Can you get a second job? I waitressed for 4 years 2ish times per week and banked 85k
All good points above. I would also consider behavioral side of how you got into credit card debt. I have a friend who got out of cc debt by only using cash in his wallet.
Easy ideas:
1) Pay cash for everything. This will help you realize where your money is going and help slow down spending.
2) Stop all non essential spending. Shopping only feels good until the next monthly statement/bill arrives.
3) Stop eating out. Learn to cook if you dont already. Eating at home is significantly less expensive than restaurants, especially if youre in a major urban area. Make your own lunches and coffee.
4) As someone already mentioned, get roommates or move back into parents home if possible to save on rent.
All good points above - if you need some podcast recommendations look for Money for Couples with Ramit - he has guests on his podcast in similar situations and provides reccs on how to change way you think about money to get out of CC debt
1) cut up your credit cards
2) read an old blogpost from mr money moustache called "luxury is just another weakness", then slash your expenses
3) keep 2 months of expenses from that liquid for an emergency fund
4) dump the rest of the liquid against your credit card, starting with highest interest cards
5) start watching material from Money Guy Show and Dave Ramsey. They're both flawed but directionally useful for where you are in your financial journey.
In light of the some new info about your situation, I would also consider having some interactive conversation with ChatGPT for ideation and building realistic plan. Before you decide on an approach, it’s also good to do a quick sanity check with Gemini and Claude. This is how I plan and decide some tactical moves for my financial situation with my wife.
Destroy the credit cards immediately so they are not even an option going forward. I’d keep about $10k of the liquid assets in an emergency fund and put the remainder towards the highest interest debt you’re carrying. I’d keep that there so you can cover an emergency without going right back to credit cards.
You need to do a monthly cash flow statement on your personal situation going back about 3 months or so. With your education, this concept should not be foreign to you. Once you have a clear picture where it’s all going, you should be able to identify areas of excessive spending you can cut. Develop a budget that prioritizes debt repayment once basic needs are met. Pay attention to front end and back end ratio.
My guess is you’ll find you are paying way too much for housing and vehicles. $6 lattes didn’t get you where you’re at. If you can remain disciplined and change a few things, there’s no reason you can’t flip it in a couple of years
What do you include in your living expenses? Is that just your mortgage or does that include food etc. Why are there 2 mortgages? Do you need to downsize?
Is your spouse looking for another job? Are those 2 young kids in daycare? Can you pull them? Have your spouse go look for temporary employment if the kids are in school all day.
Be brutal about what you are spending on. Cut what you can. Have your spouse do anything you were outsourcing when you both were working. You need to lower the expenses, stop using credit cards and start using excess to pay those down.
Whose student loan debt? Public or private? Call and do what you need to to get a new months of deferment.
Leave a couple months of expenses and use the excess liquid and dump into the CC debt. Right now the payments you are making are probably only cover interest or part of the interest.
You can do this, but you have to be brutal with your spending cuts and stick to your plan.