Getting a Bonus
Money growing on trees?
A bonus may not be the mythical money tree, but it is a nice addition to your wallet.
What are you planning to do with that money? Buy a big screen TV? Go on a vacation? Hit the mall and buy a bunch of new shoes? If these are the things that come to mind when you hear the word “bonus,” you may not be making the most of your extra money.
Instead of spending all of your bonus money, consider using at least some of the cash to improve your financial future. Consider the following tips and then contact a COUNTRY Financial® representative to put our experience and financial strength to work for you.
- Pay Off Credit Card Debt
First and foremost, if you’re paying interest on credit card debt, pay it off. Think about this . . . if you have a credit card with a balance of $7,000 and you apply a lump sum of $1,200 to that debt, you’ll reduce your debt a whopping 17%!
- Save for College
Do you have a budding scholar in your household? Do you know how much you should be saving for your child’s future college education? Show them how smart you are by investing some of your bonus in an education savings account. As an extra perk, you might enjoy some tax advantages by doing so.
- Bulk up Your 401(k)
If you’re not contributing the maximum amount to your employer-sponsored retirement plan – such as a 401(k) – you may want to increase this year’s contribution by the amount of your bonus, especially if you’re contributing less than the maximum amount matched by your employer. If your employer matches contributions, you could potentially double your money.
- Take advantage of the markets
You might want to consider investing your bonus money for a long-term goal. Mutual funds and professional management of your money could prove beneficial to you in the long run. Our Journey Series of investment management services offers management of your money by our experienced portfolio managers.
Count on COUNTRY
Your COUNTRY Financial representative is backed by a team of experts. Put that expertise to work for you with a tangible plan that clearly shows you how we’ll help you get from where you are today to where you want to be in the future. Contact a COUNTRY Financial representative today to learn more.
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