Now looking at the unthinkable, if I were to become disabled today, I would get an estimated $900/month. Again, certainly not a number I could really live on.
Below is a chart of my earnings from the time I begin working at age 19 (my 1st job, I was self employed).
| Year | Earnings |
| 1988 | $327 |
| 1989 | $3,353 |
| 1990 | $4,365 |
| 1991 | $8,611 |
| 1992 | $10, 708 |
| 1993 | $10,878 |
| 1994 | $12,972 |
| 1995 | $802 |
| 1996 | $3,503 |
| 1997 | $12,857 |
| 1998 | $14,202 |
| 1999 | $14,793 |
| 2000 | $17,839 |
| 2001 | $15,103 |
| 2002 | $13,295 |
| 2003 | $17,734 |
| 2004 | $17,984 |
| 2005 | $12,960 |
| 2006 | $19,559 |
| 2007 | $18,542 |
As you can see on the chart, my income took a drastic dip in 1995. That was the year I spent as a missionary (or full-time volunteer if you will). In 1996 I returned from the mission field in June and didn't find a job until September. Other highs are brought about by selling stock, with another huge drop in 2005, when I took a demotion (and pay cut) at work.
All in all I have paid $14,270 in social security taxes and $3,328 Medicare taxes.
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go ahead share your thoughts with me now.
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Kev, you have to look ahead to the next 20 years. Have you thought about going back to college and doing something that will be in demand in the next 20 years? nursing? estate lawyer? accountant? I know many people graduating from college in May and they already have jobs paying 60k, this is with no experience, just a college degree.
ReplyDeleteIf I was you I would quit work and become a full time student. Based on your income you can probably get a lot of free money and you can always add some debt. Remember there's good debt and bad debt and investing in your future is good debt.
If you go full time and really concentrate you could be out of there in 3 years or less.
You are very young, If you don't take some drastic measure to change your life you can always keep doing what you've been doing since 1988.
I do not know how you live on your limited income, if it were me I would find a better job, be working 2 jobs, or go back to school to better myself and get a better salary. Anyone can do it - I did it...worked a 40 hour a week job making what you make now, and went to school at night, took me many years, but finally got my AS degree in my very ealry 30's after 10 years of burning the candle at both ends, and then found a job that tripled my salary. It can be done, but you have to want it.
ReplyDeleteI agree with the above post you HAVE to increase your income. You need to have clearer goals. What do you want in life? A family? Children? Travel? Help others? Pay off your debt ASAP? You need to focus on what you really want.
ReplyDeleteHS -
ReplyDeleteYes, I have looked into it, but last year was told that all I qualified for was student loans. Not exactly what I wanted to hear. As for good and bad debt, I have to disagree. All debt is bad. However, once I am out of debt and am finally able to save, I can revisit the student loan option.
Being debt free is even more important, if I am going to be a full time student. Especially considering I would still have to pay for my utilities, food and would have to pay a larger health insurance premium (with no income).
Cheryl -
ReplyDeleteIt can be a struggle sometimes. I have considered another job, in fact the post just previous of this one dealt with just that, as I went to a job interview. Of course, I was sidetracked on another issue, before I finally got to the details of the interview.
As for a 2nd job, that would be preferable, but with my hours at work I never know for sure when I will be working, to take up a 2nd one. Increasing my income is certainly something, I would like to do, and am hopeful might happen within the next month. One way or another.
The good debt creates value, for example a mortgage is good debt, if you borrow 150k to purchase a home and 5 years down the road you sell it for 300k, that's good debt.
ReplyDeleteEducation and student loans are also good debt, if you borrow 30k and come out making 90k every year, that's good debt!