What To Do With Your Bonus
ABC = Always be Contributing.
If you didn’t max out your retirement plan – try to. If you did (kudos to you, girl!) then add to your investment plan. Always pay yourself first. You will hear this over and over again.
Clean the slate of any debt – or make a dent.
Add to college funds for your children or grandchildren.
Toys are great but an education is the best gift. They’ll remember that over some sticky plastic toy that ends up in the garbage in six months.
Save for a short-term goal.
If you save, you can make that horizons-expanding vacation happen. As for me, I already have a statement couture piece in mind that I’m going to make my move on as soon as a little serendipity hits my bank account.
Invest in a financial plan if you haven’t done so already
This entails hiring a financial advisor to work on a strategic, customized plan just for you. It’s like hiring the travel agent to plan your exotic overseas trip except the advisor is helping you plan the biggest vacation of your life – the financial independence that you will enjoy when you stop working.