Bi-Weekly Paychecks

Discussion in 'Teacher Time Out' started by futuremathsprof, Sep 15, 2018.

?

Which payment method would you rather have?

  1. Monthly (10-month contract)

    11.1%
  2. Monthly (12-month contract)

    22.2%
  3. Semi-monthly (10-month contract)

    11.1%
  4. Semi-monthly (12-month contract)

    22.2%
  5. Biweekly

    33.3%
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  1. futuremathsprof

    futuremathsprof Aficionado

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    So my private school had a meeting today and we all voted on how we wanted our paychecks to be dispersed. I voted no change since I was satisfied with the current distribution method (semi-monthly). Well, a simple majority of my colleagues decided to vote the opposite and so now the payroll is switching from semi-monthly paychecks to biweekly paychecks...

    NOTE: The admin want teachers to be happy and so we frequently vote on things collectively before changes are made schoolwide. In instances such as these, it’s majority rules.

    Personally speaking, I’d rather get paid once a month all up front, but that wasn’t an option. FYI, I make $62,000/year at the moment.

    Why would anyone prefer $2384.62 twice a month (or $4,769.23 a month) and then $7,135.85 for March and August, when you could just make $2,583.33 twice a month (or $5,166.66 a month)? I’m now making about $400 less a month for 10 months in the year!!!

    Apparently, they’d rather have three paychecks for two months a year and diminished paychecks throughout the rest of the year. That just seems silly to me.

    Frankly speaking, I’m pissed.
     
    Last edited: Sep 15, 2018
  2.  
  3. Ima Teacher

    Ima Teacher Maven

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    My DH gets paid twice a month, and gets June, July, and August checks in June. He gets his first paycheck of the new year on Tuesday.

    I get paid monthly with June, July, and August checks deposited in June.

    It’s no big deal. I always paid everyth8ng when I got paid, and then the leftover money was for whatever else came up. DH had a whole other system of bill paying because he was used to twice monthly checks. It all works fine. He has an Excel document with all the expenses, and we dump money to that account. We schedule all payments automatically.
     
  4. futuremathsprof

    futuremathsprof Aficionado

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    Cool! I wish I got paid like you. And getting 3 months all in one lump sum (that would be $15,500 for me)?! That would be delightful. And in a like manner, I use an excel app every month for budgeting purposes. It’s mightily useful.

    I’m going to pass this by accounting and the principal to see if I can individually have this plan. I will keep my fingers crossed and thanks for this!
     
    Last edited: Sep 15, 2018
  5. Ima Teacher

    Ima Teacher Maven

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    We have the option to get summer checks in a lump sum or monthly. I can budget, so I get the lump sum.

    Our salaries are nearly identical even though we work in different districts.
     
  6. TrademarkTer

    TrademarkTer Groupie

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    The word "bi-weekly" is the worst word in the dictionary. It makes me so angry. I tell my students this regularly.

    bi-weekly is defined as
    "appearing or taking place every two weeks or twice a week."

    Obviously in this context you mean every two weeks, but it's a miserable excuse for a word.
     
  7. swansong1

    swansong1 Virtuoso

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    Here's what I figure...it's the same amount of money regardless of how often I am paid, so all I have to do is budget when my bills are paid.
     
  8. rpan

    rpan Cohort

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    I get paid fortnightly and I love that. In my previous job I got paid once a month and it was awful for me. I hate waiting a whole month to get paid and the week before pay week was always quite rough.
     
  9. futuremathsprof

    futuremathsprof Aficionado

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    Yes, it’s the same amount of money, but the distribution is very different. If you are used to having a certain amount of money every month, it sucks having $400 less each month for 10 of those months *just* to have more two months in the year.
     
  10. futuremathsprof

    futuremathsprof Aficionado

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    But you already received all of your money for the month that you would have received if you were paid on a semi-monthly basis? Wouldn’t your bills still be approximately the same?

    Like what Ima Teacher says, you just pay all of your bills and live off of whatever is left. Easy.
     
  11. vickilyn

    vickilyn Magnifico

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    OP, you are the math person living dirt cheap in an expensive to live in state. Be an example of math in action, and get used to this new system. FWIW, I get all of my salary during the school year, and no money over the summer, and I am just as happy with that as my son who has his year's salary doled out over 12 months. It is all in the perspective and willingness to be flexible with what life throws at you. I find it very odd that you think, after this whole school meeting, that you should think that you should have your pay doled out differently than everyone else. What happened to majority rules? You would have been satisfied if things went your way, but you are griping because the majority wanted something different. This is Democracy 101 in action. How lucky you are to be working at a school that gives you mad bonuses AND is responsive to the needs of the many, as demonstrated by a vote. Sorry you are not happy, but I am guessing that change is not your thing? Use your math skills to show how a person can make lemonade out of lemons - then you will be able to lead by example instead of being the one person who wants special treatment and pay schedule just because it "works better for you." Trust me, you will get used to it in no time, and then wonder what the fuss was all about. ;)
     
    Last edited: Sep 15, 2018
  12. mathmagic

    mathmagic Enthusiast

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    In the end, we spend and save wisely enough and our finances are such that this kind of change would have zero affect. I'm paid monthly, she's paid every other week (so some months have three).

    If there was a majority of people wanting that, perhaps seek them out to find out why they want it that way, if you're that curious?

    Likely, it's due to a mindset of planning their finances for the lower months and then having the extra money/windfall on two months out of the year.
     
  13. TrademarkTer

    TrademarkTer Groupie

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    Explosion in 3, 2, .........
     
  14. rpan

    rpan Cohort

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    The problem is when you spend what’s left after paying bills too casually. It’s a personality thing. The “being poor” for the couple weeks before pay day makes me want to spend frivolously when I get paid, a bit like stuffing your face at a buffet after not eating for the whole day. But getting paid per fortnight means I don’t spend frivolously all at once and even if I do, pay day comes round pretty quickly. So even though the amount of money is the same annually, it very much suits my personality to be paid fortnightly,
     
  15. geoteacher

    geoteacher Habitué

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    To this I would say ... relax. It all comes out the same in the end. While I am not one of them, there are people who really like the idea of that third check twice a year. They may be some of the same people who see an income tax refund as extra money. Is that how I see it? No. Does it bother me that others see it that way? No.
     
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  16. vickilyn

    vickilyn Magnifico

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    Well, my vote isn't even listed as a choice! I want a good salary, and I don't care how it is doled out. I believe I am mature enough to deal with whatever life hands me - it all starts with the good salary. I am paid every two weeks, on a 10 month contract at my current job - it's fine. No money in the summer, but I can budget and not "run out" of money to live on. I have been paid once a month on a 10 month contract - it was fine. I have been paid twice a month on a 10 month contract and turned down the option to have that morphed into 24 payments instead of 20. None of it was worth worrying about as long as the salary is adequate. I haven't however, received the mad bonuses that OP receives. They would have made any of the choices even better. :cool:
     
    Last edited: Sep 15, 2018
  17. futuremathsprof

    futuremathsprof Aficionado

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    I normally am for democratic rules, but I am very particular about my money and you know how much I love money. Now that I get less for most of the year I’m furious, though I didn’t say anything as my colleagues seemed happy about this. However, I don’t see why I cannot have my own payroll done differently, especially since accounting wouldn’t have to do it as often (once per month vs every other week).

    All of the math teachers, myself included, kept trying to explain/plead with the other teachers why they would have less except for two months in the year and all they could see was that they would be getting three paychecks in March and August.

    We were getting very frustrated because they didn’t understand the cost of that. I was like, come on non-math people! Why would you want to get paid less per month for 10 months?!

    Yes, I live dirt cheap, but I like living dirt cheap in an expensive state. Outside of school, I am a semi-selfish person and I have no qualms admitting that. I like spending and making money — it gives me great joy.

    When the vote was rallied, I was like, “Oh, hell no!” And though I feel bad for circumventing the rules, I want my money paid all at once per month because I am very good with budgeting and can make more major purchases that way.

    I am NOT happy about this. And I’m not the only one who knows because my colleagues told me I looked like I had sucked on a really sour lemon after the vote. My face was that contorted.
     
    Last edited: Sep 15, 2018
  18. futuremathsprof

    futuremathsprof Aficionado

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    I see. Psychology is an important factor.
     
  19. swansong1

    swansong1 Virtuoso

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    I guess all I can say about that is you say you earn so much money I'm assuming you already have a hefty savings account with which to make large purchases?...and if not (I can't imagine that you wouldn't have lots of money set aside) it shouldn't be a problem for you to buy anything you
    want if you save some from each paycheck, like we mortals who earn average salaries do.
     
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  20. futuremathsprof

    futuremathsprof Aficionado

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    And I am not saying that I deserve special. I just want it, lol! I can’t help to ask.

    And to be fair. I didn’t know know there were other options besides the one I listed besides weekly, but that is very rare for a teacher to be paid like that.
     
  21. futuremathsprof

    futuremathsprof Aficionado

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    Yes, but I try to avoid spending that at all costs because that is my down payment for a house and/or for extreme emergencies. I currently rent for $550/month, which is phenomenal, but I want to own my house. It is a big dream of mine — to me, it means that I’ve achieved the American Dream. No on in my family has ever owned their own home.

    And I’d wager that many of you earn more than I do — I read about teachers making in the 80k-100k+ range on here and I’ve seen many public school teacher salary schedules and the teachers in some districts make *way* make more than my current teaching salary. The only reason I make more than them is because I run a successful private tutoring business. Otherwise, I would make an average salary, too, as mere “mortals” do.
     
  22. MrsC

    MrsC Multitudinous

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    I'm paid every second Friday during the school year; at the end of June, we receive the pay for July and August in a lump sum. I honestly can't imagine that it would have any sort of lasting impact on me if this was changed. I also can't imagine expecting my school to make an exception for me on any decision that had been put to, and decided by, a vote by staff.
     
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  23. Ms.Holyoke

    Ms.Holyoke Connoisseur

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    I get paid weekly but we get a lump sum for June, July, and August.
     
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  24. vickilyn

    vickilyn Magnifico

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    OP, I think it is the height of conceit to think that your school will personalize every pay period for every individual teacher, which is what they will be agreeing to if they bend the rules for you. Be grateful for your lucrative tutoring business, and more gracious in defeat since the majority went another way in the vote. I would also suggest staying out of politics, since you can't always sway the masses no matter how clear the "obvious point" is to you. Be grateful for the income you have. There are posters on this forum who would give almost anything to make anything close to your salary.
     
  25. futuremathsprof

    futuremathsprof Aficionado

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    I am not expecting my school to make an exception for me only, but I will try anyway. It can’t hurt. The worse they can say is no and then I’ll just simmer and deal with it.
     
  26. futuremathsprof

    futuremathsprof Aficionado

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    Do you like getting paid weekly? IMO, I would not like getting paid every week because I am so used to being able to spending more than $1,192.31/week ($62,000/52), so that just wouldn’t cut it for me.

    I envy you for the lump sum... Aw, man.
     
  27. vickilyn

    vickilyn Magnifico

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    After a couple of weeks where you didn't spend it all, and I am reasonably certain that would happen, because of the tutoring, what difference would it make? You would be back to where you are now.
     
  28. futuremathsprof

    futuremathsprof Aficionado

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    I think it’s mainly psychological. Getting $1,192.31 at once is not as great as getting $2,384.62 at once, is not as great as getting $4,769.23 at once.

    My bills are about $1,500-$1,800/month in total. I like paying ALL my bills at once because I hate owing anyone money — my brain keeps excessively thinking about them until they get paid. I don’t know why.

    Next, I put money into savings, retirement (Roth IRA), and stocks and have fun with the rest. Getting paid weekly would not allow me to pay all my bills at once and make me think about them every day until they are paid in the following week. Then, after paying them off in week 2, for example, I wouldn’t be able to do much until weeks 3 and 4, not including tutoring.

    With the system I had before, I would pay off all my bills at once and then use the portion that remained and tutoring money to do the aforementioned things such that my second paycheck was entirely for fun. I don’t like it that I will have to adjust my spending habits.
     
  29. TrademarkTer

    TrademarkTer Groupie

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    What in the?!?!? Who still pays bills this way? I have all my bills on autopay. I don't think about them EVER. They just get paid right about of my checking account. You make it sound like you are living pay check to pay check here, but I've seen you paint a very different portrait of your finances in other places.
     
  30. Always__Learning

    Always__Learning Comrade

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    Personally, I think asking for a different pay schedule does have a down side. I think where I work, HR and Payroll would think very poorly of me if I approached them with such a question and that memory would hold. I know without asking that the answer from Payroll would be no because I've had a few situations over my career where something has happened with my pay (mine or a colleague) and I know how payroll responded to those requests, so asking them to provide a completely different pay schedule forever would absolutely be a no. So, asking has no upside. Asking has a very big downside when it comes to reputation.

    As for the 400$ less and 2 big checks. What is your actual paycheck? Are the numbers you put up pre or post deductions? Because if those are post-deduction numbers than you are probably making as much as any teacher I've ever met (even with 20+ years experience).

    Either way, the way you talk about money it sounds like you make so much, you don't know what to do with it all. You are constantly sharing how you make a ton and spend none. So why would 400$ less a month (pre or post deductions) matter?

    Wouldn't it make you happy. You can live on 400$ less a month and twice a year you can throw a huge paycheck into your savings?

    I suspect the reason many of your colleagues want this is for exactly that. They won't spend money they don't have so if they take home 400$ less a month, they adjust and then they can use those big checks for big things.
     
  31. vickilyn

    vickilyn Magnifico

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    With that said, I would recommend "rethinking" the way you think of money flow. Again, once you save half or more of the first couple of paychecks, it is a moot point. I would like to think that I am smart enough that I don't have to use tricks to fool my mind about cash flow. From what you have written elsewhere, I believe you pride yourself on your intellect. Simply change the way you look at things and find a way to be content. You can still save for a house, invest, and not be broke with only small changes in the mindset. That will impress more than asking to be the exception to the norm. You are so lucky to have more than one income source, and that makes your arguments about how you are paid sound silly. Just something for you to think about.
     
  32. futuremathsprof

    futuremathsprof Aficionado

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    I didn’t say I was living paycheck to paycheck. I said I would be if I was paid weekly. Did you read my post thoroughly?

    I have auto pay for some bills, but not all because I manually pay the others off early due to my psychological anxiety of not paying things early. Autopay is not fast enough for me.

    To demonstrate how my brain thinks about bills, when I was paying off my car loan this year, I would make multiple payments of $500 to $2,000 within days of each other because I kept thinking, “Well, I could lay a little bit more and be that much closer to finishing.” And now it’s paid off — only took 1.3 years. Woot woot!
     
    Last edited: Sep 15, 2018
  33. futuremathsprof

    futuremathsprof Aficionado

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    The point is that my tutoring business revenue stream is variable and fluctuates, whereas my teaching salary is fixed and constant. I don’t base my purchasing power on my tutoring money because thousands of that go into savings each month for my down payment — I have since decided to save for a 50% down payment and so the additional funds are untouchable. As such, I don’t consider that money as it is “not available.”

    For example, I made over $5,000 last month for tutoring and put $4,000 of that in savings. I only used $700 of the remaining amount for entertainment and $300 for a bill. I don’t consider the majority of tutoring income as regular income. Yes, I will make six figures (~$120k-$130k) this year, but I primarily use the second half of my teaching salary for fun stuff and the first half for bills.

    Lastly, I will be content when my life’s goals are met; that is, when my house is paid in full and my bills are paid for for the entire year.
     
    Last edited: Sep 15, 2018
  34. waterfall

    waterfall Maven

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    As a teacher I've always gotten paid once per month, including in the summer. I like it. I pay off all of my bills on the 1st, even the ones that aren't due until the 15th, and then I know what's left for the rest of the month. I wouldn't like having to keep track of paying different bills at different times of the month if I only got paid biweekly. I like having everything done on the 1st. I also would hate to have to calculate everything and set aside money for the summer if I were on a 10 month pay scale. Yes, I'm financially responsible enough to do so, but it would be another big hassle to deal with.

    I've had a couple of mistakes on bills over the years, so I would never sign up for auto-pay. If I'm paying the bill myself, I can make sure they're not getting my money until they fix it. Last year, someone hacked my AT&T account and bought themselves a new i phone. Even after I thought everything was resolved, my next bill from them was almost $200 because they'd already tacked on the taxes and fees for "my" new phone.

    That said, if my district were to suddenly decide that they were going to switch to biweekly payments, it wouldn't even occur to me to go ask for special treatment because I prefer getting paid monthly. That's just asking for problems, IMO. Like a pp said, they won't forget you or the request.
     
    Last edited: Sep 15, 2018
  35. futuremathsprof

    futuremathsprof Aficionado

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    My school wouldn’t hold it against you for asking questions like the one I proposed. I’ve asked many questions that my colleagues did not recommend and nothing has ever happened. If fact, I’ve been told by administrators that they were surprised someone didn’t ask sooner.

    If you never ask, you’ll never know.
     
  36. Always__Learning

    Always__Learning Comrade

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    This thread has been really interesting in understanding your thinking. Honestly, I do not think what you are describing is a healthy relationship with money. I doubt that anything I will say will have any impact on your thinking but for what it is worth:

    - What I've learned about anxiety (from working with many students with anxiety) is that if we do what anxiety wants, we feed it and it gets more powerful. I would encourage you to put your bills on autopay as the paying them off immediately is going to lead to more and more anxiety about money.
    - I do not for a moment believe you will be content when your house is paid off and your bills are paid for the entire year. Lots of research shows that once we are not in poverty, the amount of money we have does not make us happier. The anxiety you are experiencing and your relationship with money will not suddenly be all good once you pay everything off
    - I would argue that your teaching salary is not fixed and constant. You could get sick. You could get fired. I know you believe none of these things will ever happen but there is no such thing as permanent, guaranteed money.
    - While it is great that you have savings for your house, I would suggest that the way you have this structured is creating a ton of extra unnecessary stress. Why do you not have savings for short-term emergencies? You clearly have enough saved. Why not set it aside for that? Moreover, if you are making 50 thousand dollars a year tutoring, surely you could budget 400$ a month ($5000/yr) as guaranteed, surely your $50 000 doesn't fluctuate so much that you can't be certain of $5000 per year?
    - And again, I know nothing I say will change your mind but because your P said that it's a good question doesn't mean that negative viewpoints about you and your potential haven't been created - no one is ever going to say it to you - it just shows up when you try to get promoted - I had a friend - great teacher but some concerns were present - no one has told him but he eventually gave up on applying to be a P because he knew it wasn't going to happen - its subtle - but it happens - and bugging payroll about things that make you look like you can't see the bigger picture is not good for your career - no one will say this - it just is the way it is - actually I would say being told that its a great question often means its a bad question - I had a colleague who was mad they were passed over for a promotion so they said to our P that they were going to apply for something else - the P said - oh don't do that we'd miss you. She thought this was a great response. But what our P normally said when people applied for things was - awesome, good for you, I have your back. Saying don't apply meant he didn't believe they had a shot at the position - but they read it as a compliment - I could name 10 other people who had our Ps support for an application - because Ps prefer that their strong employees apply for things - it makes the P look good
     
    Last edited: Sep 15, 2018
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  37. futuremathsprof

    futuremathsprof Aficionado

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    It certainly is not a healthy relationship with money. I’m not delusional about that. I *know* it’s not healthy, but because I grew up in poverty it has structured my thinking as an adult now that I’m in the upper middle class. I plan to stay there at all costs.

    My goals in life have always been: 1) Get a good education, 2) get a good paying job, 3) never miss a single payment and pay everything off expeditiously, 4) have fun and have many exciting experiences, 5) buy a house and pay it off in 10 years of less, 6) achieve financial independence so that I can have fun with my income every month (that is, pay off yearly bills so I don’t ever have to worry about splurging), and 7) always have significant savings.

    I’ve already done 1-3, a little of 4, and 7 mostly, so I’m well on my way.

    I’m not saying that my income is guaranteed. When I say my teaching salary is fixed I mean that I’m on a salaried contract and I have full backing by my admin (Head of School, school board members, P and VP’s) as they frequently tell me not to leave the school. I know I am lucky to work where I am.
     
  38. Always__Learning

    Always__Learning Comrade

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    Sep 15, 2018

    Well it is interesting to me that you recognize that it is not a healthy relationship because they way you've spoken about money on every thread I've read up to this one has come across (to me at least) like you think you know better than everyone else how to deal with money and that we all should do what you do in terms of money. So it is honestly surprising to me that you are saying that you realize this isn't healthy.
     
  39. futuremathsprof

    futuremathsprof Aficionado

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    Sep 15, 2018

    Concerning your last point, the $45,000 I have saved right now is for down payment/emergencies only. It is not to be used for any other uses.
     
  40. futuremathsprof

    futuremathsprof Aficionado

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    I still think my methods are better than others because nearly all of my other friends have huge student loan payments, car payments, and credit card bills, plus else, that sap most of their income. I don’t have any of those, can basically do what I want each month, and am much farther ahead of them at this stage in life and I’m only 26. I would not be where I am without my obsession with money and desire to pay things off quickly.
     
  41. Always__Learning

    Always__Learning Comrade

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    Sep 15, 2018

    Well I don't think it can be both "the best way" and "unhealthy." At this point, you are in a good financial position. You now get to decide - are you going to continue to let money run your life or are you going to take a more moderate approach.

    As for the specific issue, if you have 45,000 saved and no debt then I think you could solve this really easily - set aside $500 from your tutoring business each month to pay for the things you are spending money on and take those 2 big pay checks and put them in the bank.

    But my sense is you don't want a solution. You want to complain about how all your non-math colleagues made the wrong decision. I actually think the decision makes sense - it makes it far easier to save money for the average person.
     
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