Here's how this 28-year-old supports his family of 3 on $90,000 in Florida. via CNBCMakeIt
This story is part of CNBC Make It's Millennial Money series, which profiles people across the U.S. and details how they earn, spend and give away their money.The 28-year-old husband and father works hard to support himself, his wife Jimena, and their two-year-old daughter, Valentina, on the $90,000 income he earns as the bar manager at his family's Mexican restaurant in South Florida.
Throughout this period, Dominguez held numerous catering positions throughout New York City and then ran his own catering company for a year. In 2016, he left Quinnipiac a few credits short of his degree and returned to South Florida to start a construction business with a friend and to be closer to family, because he and Jimena found out they had a baby on the way."I've always had the restaurant business and my family's business to fall back on," he says.
Luckily, he enjoys what he does and is thankful for the team he works with."Our restaurant is not just a job for us," he says."It's our business, it's our livelihood, our lifestyle." Plus,"we just found out that my wife was pregnant, my student loans were going to be due, I had a credit card debt." In total, he started with $30,000 in student loans and $17,000 in credit card debt, which he has since worked to pay down.
That means that when Dominguez traded in his previous car, the amount he still owed was more than the vehicle itself was worth. So when he makes his car payments now, he's not only paying for his current car but working off his previous balance as well. Dominguez and his wife are on a family phone plan with his mother, which she covers. When the family moved back to Florida,"she was actually on my plan," he says."Then to get new phones, we switched services and it was easier to put it in her name for a slew of reasons."CNBC Make It asked Andrew Westlin, a certified financial planner at Betterment, to comment on what Dominguez is doing well and how he could improve. Here are his thoughts.
First and foremost, Dominguez should work to pay down any high-interest debt, which may include his credit card balance, even if it means putting other financial goals on hold, Westlin says. Dominguez should make sure he's properly covered."Generally speaking, he should have total life insurance coverage around 10 times their gross income," he says."If his gross income is about $90,000, that's life insurance coverage of about $900,000."
Dominguez and his wife should then look at their other financial goals, such as saving for retirement or contributing to a college fund for their daughter, and decide how much they'll need to put away each month for those. That, combined with their fixed expenses, will give them a sense of how much they'll have left to put toward a mortgage payment and other housing costs.
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