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A $5,000 bonus?!
What would you do with a $5,000 bonus? Maybe it’s a tax refund, bonus from work or check from your Aunt Mable. Maybe listen to this Queer Money®, then get this useful free tool 7-Step Credit Card Debt Slasher here.
What would we do with a $5,000 bonus:
The $5,000 question
Without a plan, you may be tempted to spend the unexpected windfall on something frivolous, like a trip to Vegas. So, let’s think it through. What would you do with, say, an extra $5,000 surprise?
On this episode of Queer Money®, we’re sharing the top answers to this question from the Queer Money Facebook group. We applaud the responses focused on financial improvement (like paying off debt, investing and saving for an emergency) and discuss how to incorporate spending on self-care without going overboard.
We talk about setting milestone rewards as you pay off debt and explain what we would do with an unexpected $5,000 bonus. Learn why the queer community struggles financially and how making day-to-day money-conscious micro-decisions is key to improving your financial situation—whether you get a $5K bonus or not!
We’ve all been fed this bullshit fantasy that somebody is going to come along and save us … but what saves us is that we save ourselves. – David Auten of Debt Free GuysClick To TweetTopics covered about a $5,000 bonus
Top 5 answers to the $5,000 bonus question
- Pay off debt
- Invest
- Save for emergency
- Travel
- Fix up home
The idea of setting milestone rewards
- An incentive to reach goals as pay off debt
- Maintain joy in the journey
What we would do with an extra $5,000 bonus
- Go to a nice dinner, invest in a business
- Some in Roth IRA + some to travel
Why the LGBTQ+ community struggles financially
- Don’t talk about finance but focus on 3 Ps
- Make less money (pay gap, jobs we choose)
Why you have to take action to improve your financial situation
- No one coming to save you
- Make better decisions when money conscious
Resources for a $5,000 bonus
- How to Pay Off Credit Card Debt in 2021
- Queer Money Facebook Group
- Queer Money® on Instagram
- Subscribe to Queer Money® on iTunes
- Email [email protected]
Great question!
It’s a great question because it really happens, doesn’t it?
Back when the two of us were paying off our mountain of debt, every penny of windfall money got applied to reduce that debt.
And then after that debt was gone, we began handling windfalls using a guideline of ONE/THIRDS:
– ONE THIRD transferred into retirement investments
– ONE THIRD transferred into savings for a future spending goal (new car, for example)
– and ONE THIRD for enjoyment now.
The two of us are glad to acknowledge the value in the work being done by David & John (the debt free guys)…. glad to add our voices to their encouraging message how GOOD it is to break away from lifestyle debt.
I think if I get $5,000 Bonus then I will invest ion myself some in my health and others in buying good books and courses from the best person in my industry..because investing in yourself is the best investment all the time.
Ajeet, some great choices!