Navigating Single Parenthood
Wondering if there are any other HENRY single parents who can share their experiences. For background I genuinely grew up rural below the poverty line, got married and had kids before 20. Now I’m 30, 2-years divorced and have doubled my income since then by focusing on career progression intensely.
Most recent promotion will place me towards $185k. I’ll be paying about $15k child support despite being 50/50, but still have more money than I had ever had coming in. My income now exceeds what household income ever was while married. But with 2 kids (7 and 9), paying Sydney rents and having absolutely no assets, it still feels like I’m behind and I’m not sure where to start.
I’d say I’m well below my ceiling and goal is to be towards $275k in about 5 years if I keep playing my cards right, and family expenses will much be less of a factor by the time I’m 40. If anybody is in a similar situation or has been - where have you focused your money moves at this point while costs feel high and options feel somewhat more limited. PPOR in Sydney that would accommodate my two kids feels truly out of reach.