r/personalfinance • u/WhiskeySauer ​ • Dec 07 '16

My 6-Year Journey from $60K College Debt to $115K Net Worth & 816 Credit Score [OC] Other

Getting a good job, paying off your debts, living cheaply, and saving as much as you can is straightforward advice, but it has always been hard for to me follow it without having something to visualize. So I started doing all of my budgeting on my own in MS excel and I’m using it to help me visualize my financial decisions and plan out my strategy to retire early. Here’s the total breakdown of how I have spent every dollar I’ve earned over the last 6 years. By keeping my expenses super low I was able to pay off my debts pretty quickly and my credit score spiked to over 800.

http://imgur.com/WEPAfry

Another great thing about budgeting on my own is that I can plan out the future easier. Here’s my projected spending into year 2030.

http://imgur.com/HRhyANF

If you're interested, here’s how I gather the data to make these spreadsheets:

http://imgur.com/a/zbWa2

And here is a link to my spreadsheet template if you want to start your own budget for 2017:

https://drive.google.com/file/d/0/view

Disclaimer: This is a cross-post from /r/financialindependence that I'm bringing here based off the attention the post received on my budget/chart layout.

edit: grammar

8.1k Upvotes

84% Upvoted

View all comments

Show parent comments

4

u/sabin357 ​ Dec 08 '16

I left $55k per year to finish college for Comp Sci degree. Worked hard, great internship, top of my class. Market got worse while in school & no jobs in my field when I finished. The entry level openings were being filled by veterans. Moving is not an option.

I ended up unemployed for about a year, then took a job that doesn't use my skills which forced me to be a contractor for $20k for over a year, before getting a bump to $30k with great benefits. This is a very common story in my area unfortunately.

Working hard is a small portion of the equation, but luck is a much bigger portion.

5

u/ImFriendsWithThatGuy ​ Dec 08 '16

You left 55k a year. I'm not an expert on the field but I would say luck wasn't the factor. You willingly gave up a position which could have easily taken you to more pay without needing the degree.

1

u/sabin357 ​ Dec 08 '16

That $55k was already maxed out pay, with no chance for growth. I left a field that was seeing more & more government regulation that had no long term future. I was trying to get out while still young enough to change careers.

It was also a very physical job that very few are able to work to retirement age. It was the smart move until after my first year, when the job market changed significantly.

My state also made a change to education funding that has flooded the market with 2 year degrees. All new graduates can get 2 years community college for free. Sounds great on paper, but you just get more people with degrees working in retail.

1

u/ImFriendsWithThatGuy ​ Dec 08 '16

My bad! Totally thought you were already working IT industry and left to go get further education in that same field. Makes a lot more sense and I probably would have done the same.

1

u/sabin357 ​ Dec 08 '16

Yeah, I was trying to turn my side hustle & passion into a future. The gamble didn't pay off unfortunately.

I am teaching myself a programming language in my free time to make myself a better candidate. Hopefully my luck will turn with time.

1

u/[deleted] Dec 08 '16

This is a very common story in my area unfortunately.

Can't you leave?

1

u/sabin357 ​ Dec 08 '16

As I said, moving is not an option. Can't afford it after 2.5 years of no/minimal income & all family is here.