I’ve always been the kind of person who believed in taking hold of my happiness—a conviction that led me to leave a comfortable career for more artistic pursuits.
Three years ago I quit my $87,000-a-year job at an educational nonprofit in San Francisco to pursue the theater life.
I’d dreamed of writing and acting in plays since I was in high school, and with 30 fast approaching, I felt like the time was right to make my move.
So I applied to an MFA program on the East Coast, and once I got in, I made it official by announcing it on social media.
If only Facebook “likes” equaled dollars—because, unfortunately, I didn’t have too many of those.
Despite my high salary I’d never made saving a priority, so within two months of starting school, I bulldozed through what little I had stashed away.
On top of food and rent, there were school-related expenses I hadn’t factored in, like networking events, audition travel, and developing an online portfolio.
And it didn’t help that I still spent as if I had a salary. Old habits, such as dining out when I was stressed, telling myself I needed those shoes, and splurging on a daily Oprah Chai tea latte from Starbucks—how does one channel her inner greatness without it?—were hard to shake.
As a result, I racked up $10,000 of credit card debt—and that was on top of my $30,000 in student loans.
Who knew pursuing your dreams could be so expensive?
The good news is that I graduated in December and landed a gig as a production assistant in New York quickly, so I didn’t have to go for long without income.
But my debt weighs on me heavily. That’s why I called up Timothy M. Hayes, a Certified Financial Planner (CFP®) with Landmark Financial Advisory Services in Pittsford, N.Y., for help.
Given my current budget, I wanted to know if it would be possible to pay off that $10,000—ideally, within a year—so I can start digging out from the financial mess I feel like I’m in.
What I Think About My Debt …
Since my grad school days, I’ve basically cut out frivolous spending—my current budget is about as bare bones as I’ve ever lived.
I really felt the toll my debt had taken on my finances a couple of months ago, when I realized I couldn’t afford to be in a friend’s wedding. It was hard to tell her no because of my money situation. After all, what’s the point of working if you can’t enjoy life’s moments?
My hope is that discipline now will lead to greater happiness later, although I’m at a loss as to how my…
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