09/11/2020
Its BONUS SEASON!!! If you will be receiving a bonus in the next few weeks, count yourself as extremely lucky!
Not everyone has the privilege or the opportunity this year.
Knowing the responsible person that you are, you will want to use your Bonus as WISELY as possible, right?
Here are some step-by-step guide on how you can MAXIMIZE your Bonus this year so you can be as Financially Free as soon as possible!
STEP 1 - PAY YOUR HIGHEST-INTEREST DEBTS FIRST. 💳
And if you can fully clear all your debts, much better!
It will give you a good head start for the year ahead. Imagine going through 2021 with a fresh start.
STEP 2 - BUILD YOUR EMERGENCY FUND 💰
And if you already have, GREAT! Now is the time to boost it.
Remember, it should be at least 3 months of your salary, and a maximum of 6 months of your salary.
STEP 3 - START INVESTING! 🏛
After you have paid your debts and build your Emergency fund, get a good, solid investment plan preferably with a protection/insurance component - this is called a VUL (Variable Unit Linked Insurance).
If you already have this, Fantastic! Now is the time to increase your investment so you will not have to work for money your entire life.
STEP 4 - START A SIDE HUSTLE 🤑💪
Turn a part of your bonus to finally start that business you have been thinking of!
It might be a buy-and-sell business, learning a new marketable skill, or buying a franchise of a big company.
This will put you in a much better position financially, especially if you are planning to make a SHIFT in your career in the near future.
STEP 5 - PAMPER YOURSELF 🧥👜🥾💄
And lastly, don't forget to reward yourself for a job well done for a whole year!
Go to a spa, go buy that new suit or dress, treat your family to a fancy restaurant.
It will inspire you to perform even better next year!
I hope these step by step guide to WISELY using your bonus helps you in planning your budget moving forward!
- Rai
