Mark is a newly single father looking for a better future. Now that his divorce is over, he must figure out how to restart and budget his finances, which are consistently going into the negatives. Not only is he working off of his sole income now, he must provide for his daughter. Paying his bills, saving for his daughter’s education, getting out of debt, and other living expenses tower over him.
Mark does not receive child support and has a debt of $24,000. He manages a golf course full time at $14/hour.
So what can he do? Besides keeping his head above water and just making ends meet, it’s time for Mark to reconsider his career. As his daughter grows, so will his expenses. A paycheck of $560 a week does not leave much wiggle room. Especially if he wishes to save for the future.
The first step for Mark is to plan a way out. An essential question one must ask himself: Is X worth the time, effort, sacrifice, and does it bring about the right reward?
Mark must gauge how important the golf course to his life. If he would receive $750/week somewhere else, would he take it? What is his dream job and ideal income? What are the actions required to achieve this?
Is the money worth the time? Unless it brings Mark boundless happiness, it’s time for a new game plan. Since he doesn’t live a self-sustainable earthship, he will need more cash flow for the bills.
Usually after divorce, a person is either refreshed and ready to start anew, or disheveled and confused. Whichever category a person may fall into, remember that this is an opportunity. It’s usually never easy at first, but life provides many ups and downs. So ride it out.
“An investment in knowledge pays the best interest.” -Benjamin Franklin
For Mark’s situation, he needs a little inspiration. A famous wealth consultant advises to start reading. Forget the television, and dive into books. The average millionaire reads one nonfiction book a month. Whether nonfiction or educational self-help, let your mind wander, grow and open. Learn and be introduced to new ideas, and then funnel that creativity into your next endeavor. Certainly this is not an answer to life’s problems, but it’s a great place to start.
Develop the knowledge that you have tomorrow– that you didn’t have today– and apply it. Get from $14/hour to $34/hour. Take any leftover money and pay off that $24,000. Once it’s gone, Mark can breathe much easier. Then his wealth building can begin, and from there, it’s only up.