Categories
Make Money From Home

Received a Bonus? 5 Investments Worth the Splurge – GOBankingRates

Syda Productions / …….

Syda Productions / Shutterstock.com

What should you do if you receive a bonus? Interestingly, the answer to this question is less about purchasing a one-time luxury item and more about doubling down on making this money work for you.

The Future of Finances: Gen Z & How They Relate to Money
Discover: 9 Best Dollar Tree Items for Fall 2022

Put your newly acquired funds to the best use by investing in the following.

Emergency Fund

If you don’t already have an emergency fund, a sizable company bonus could immediately build one for you. Investing in an emergency fund, especially in today’s inflation-heavy economy, matters not just for unexpected expenditures. It also provides peace of mind in knowing you have a backstop calculated in your savings. 

Bonus Offer: Open a new Citi Priority Account by 1/9/23 and earn up to a $2,000 cash bonus after completing required activities.

Those with an existing emergency fund may add the bonus to their fund. If you recently dipped into your fund, a bonus can quickly help replenish it and cover additional months of living expenses.

Take Our Poll: Do You Think Student Loan Debt Should Be Forgiven?

Maxing Out Your IRA

Those with a traditional or Roth IRA may contribute $6,000 to max out their contributions in 2022. (If you are over age 50, you can max out the account to $7,000.) 

Even if you haven’t been able to fully max out your IRA for the 2022 year, there’s still time to contribute to this fund. Put your bonus toward your retirement account to max out total contributions.

High-Quality Mattress

Recently, GOBankingRates asked millennials about some of the best purchases they made for over $1k. Several millennials we spoke to cited a good mattress as one of their best investments.

Purchasing a high-quality mattress can help relax and heal the muscles and ligaments in your back. Mattresses also have a lifecycle that lasts anywhere from eight to 10 years after purchase. If you have been sleeping on the same mattress for more than 10 years and struggle to get a good night’s sleep, your bonus might be best put toward a new, comfortable mattress. 

Bonus Offer: Find a Checking Account that Fits Your Lifestyle. $100 Bonus Offer for New Checking Account Customers.

Sinking Fund

A sinking fund is a special purpose savings account. You can use this money in a sinking fund to pay off debt or replace an asset. 

What makes a sinking fund different from an emergency fund is an emergency fund is designed to …….

Source: https://www.gobankingrates.com/money/wealth/received-a-bonus-5-investments-worth-the-splurge/

Leave a Reply

Your email address will not be published. Required fields are marked *