iCrowd Newswire
24 Jun 2022, 05:01 GMT+10
Receiving a raise at work is an exciting time! There is nothing quite as fulfilling as working hard and having it pay off but choosing what to do with the additional funds is just as important. While some might run to the store for an impulse purchase, there are advisable ways to invest your raise.
For those that are looking to put their raise to good use, see how investments in your future and in experiences can go a long way!
The pennies you stack away for retirement today can grow by the time you hit 65. Whether you've been proactively saving for years or are new to saving, putting extra money toward retirement can benefit your future self.
Many people choose to put a set percentage of their salary into their 401(k) or other retirement fund automatically. So if your income goes up after a raise, so will the amount of money going into your retirement accounts. But you can take this one step further and raise the percentage you put toward retirement such that all of that new money goes to your retirement fund. You won't miss the new funds, but your future self will thank you.
While you may consider life insurance to be a "just-in-case" setup, there are many types of life insurance that allow you to build value (and even build a legacy).
If you're only aware of term-life policies, asking, "What is whole life insurance?" can introduce you to policies that offer lifelong coverage as long as you continue to pay premiums. With whole life insurance, your beneficiaries receive a death benefit and your policy will have a cash value component that you can access during your lifetime. Spending your raise on either a whole or term life policy can provide your loved ones with security.
Living with debt can be crippling, especially when trying to get ahead of it. Diverting some funds from a raise to help pay off high-interest debts can be life-changing. Not only can paying off debts put you in a better overall financial position and help build your credit score, it can also significantly improve your peace of mind.
Consider using your raise to pay more than your monthly minimum loan and credit card payments: this not only cuts down on your debt, but it can also reduce interest charges against what you owe by reducing your principal.
If you are confident that your retirement plan, life insurance policy, and debt are all in a healthy place, skip the latest gadget and put your raise toward a great experience.
Whether that puts you in the mountains, another country, or paying a bit more for a VIP experience with your favorite artist, using the money you've earned to build lifelong memories is a great way to spend your money. Consider your interests (and those of your friends and family) and build out an experience to last a lifetime.
A raise is often recognition for your consistent hard work. So think about where you want to use those funds and work hard for yourself by researching long-term security and lifelong experiences that resonate with your life goals. When you put your raise towards bigger goals, you are ultimately investing in yourself - and what better way to celebrate that hard-earned raise?
See Campaign: https://www.iquanti.com
Name: Carolina DarbellesEmail: Carolina.darbellesv@iquanti.comJob Title: PR Specialist
Tags:Google News, Financial Content, ReleaseLive, PR-Wirein, CE, Go Media, IPS, Reportedtimes, iCN Internal Distribution, Extended Distribution, EnglishGet a daily dose of Business Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Business Sun.
More InformationWASHINGTON D.C.: Due to the record high trade deficit and a resurgence in COVID-19 infections that curbed spending on services, ...
NEW YORK, New York - U.S. stocks rebounded on Friday, a day after major across-the-board sell-offs."Consensus estimates for 2022 and ...
SYDNEY, NSW, Australia - Stocks in Asia skidded lower Friday with all the major indices recording solid losses."Capitulation is the ...
WASHINGTON, D.C.: Amidst the rise of "re-fracs" in the U.S. as part of the efforts to boost domestic oil production, ...
SYDNEY, NSW, Australia - Stocks in Asia traded sharply lower on Thursday, following on from major falls on Wall Street ...
NEW YORK, New York - Wall Street struggled to find its footing on Wednesday after Fed chief Jerome Powell vowed ...
Beijing [China], July 2 (ANI): TikTok, a 15-second video platform, has told US senators that it is taking all necessary ...
Washington [US], July 2 (ANI): Search engine Google has decided to delete users' location history when they visit abortion clinics, ...
Washington [US], July 2 (ANI): It has been intriguing to track the shift to Wear OS 3 for smart wearables, ...
Beijing [China], July 1 (ANI): In its latest efforts to shake off the country's reliance on foreign systems such as ...
New Delhi [India], July 1 (ANI): Prime Minister Narendra Modi will visit Bhimavaram in Andhra Pradesh on July 4 during ...
NASA has discovered a double crater made when a rocket of unknown origin hit the MoonA rocket of unknown origin ...