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re: Just got a 15,000 dollar raise but no life style change, WWYD?
Posted on 12/7/12 at 8:19 am to Shalimar Sid
Posted on 12/7/12 at 8:19 am to Shalimar Sid
It's funny because $15k always feels like such a big bump but the tax man will rock you world and it is always a downer how little of a raise we actually get to keep.
If you don't feel like trying to learn the intricacies of the stock market, in order I would:
1) pay down credit card debt if applicable
2) save up a nest egg/ emergency fund. 6 months of total living expenses is a good start.
3) pay down tax-deductible interest debt (student loans/home loans)
4) invest whatever you don't want to use for #3 in an index fund (S&P 500 etc). Research for one with low fees. Index funds typically have a good long-run return and you can sleep on it and not watch the market daily like the rest of us schmucks.
If you don't feel like trying to learn the intricacies of the stock market, in order I would:
1) pay down credit card debt if applicable
2) save up a nest egg/ emergency fund. 6 months of total living expenses is a good start.
3) pay down tax-deductible interest debt (student loans/home loans)
4) invest whatever you don't want to use for #3 in an index fund (S&P 500 etc). Research for one with low fees. Index funds typically have a good long-run return and you can sleep on it and not watch the market daily like the rest of us schmucks.
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