At this point youve got some options: Pay down the mortgage This can save you thousands down the road.
Move the Money asap.
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You absolutely need clarity on that in order to make the best choices with your money.There is a universal law that says, The more you, give the more you get.Im sure that Im no different than most people who get largest casino in southern california a bonus as part of their pay.Get a custom report based on your unique strengths, and discover how to start making extra money in as little as an hour.You buy your ticket and hope and pray that you are the one in a billion to have chosen the right numbers.Sign up for Flows Monthly Newsletter to stay on top of my blog posts (and the occasional video and also receive my guide How to Start a New Job (and Impress Yourself and Everyone Else) for free!Now you get a 12k bonus, and overnight you squeeze a years extra saving towards your goal.Policies are simply a list of rules that dictate how you behave in a specific financial situation.
This article was originally published on January 24,2017.
Do you get an annual or semi-annual bonus at your job?
The next thing I would do is set a part of it for yourself; you might as well reward yourself for your hard work.
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Expecting it to last longer than you think Because you have it doesnt mean you need to spend.It was a challenge not to take a trip with that money but by doing this I increased my cash flow for those 12 months, which made my life easier since I was living paycheck to paycheck at the time.Visions of big screen TVs and vacations swim through your head.Do you know your actual earning potential?That said, I have yet to see this being a problem for my clients: 25 is within shouting distance, and it all comes out in the wash.Actually, getting a bonus is nothing like winning the lottery.Regardless of bonus size, I encourage you to use your bonus money intentionally and thoughtfully, which means you need to start your work well before you actually get the bonus money!Spend 10 now on whatever you want (to avoid a sense of deprivation).Sometimes mental accounting can make us do stupid things with our money, but in this case, it can make saving money a heck of a lot easier.You get a 401(k) match.And to avoid making the decision in the heat of the moment, when your lap is covered with dollar bills or youre standing in a Williams Sonoma or staring.This is what all financial decisions should be rooted in, not shooting straight to what do I do with my bonus?Actually doing the right thing when you receive the bonus money.
Invest the money Aside from retirement investment this could be a great way to start an investment portfolio.
Extra money comes into our lives from time to time and there are both things that we should do with it and things we shouldnt.
Let me tell you, people get a lot more excited about boring sh*t like savings rates when theyre able to visualize a life theyve always wanted, and now see a path to get there.