What to Do with Bonus Money

Money Guy Show

Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors

Investing, Education, Business

4.7 • 3.1K Ratings

🗓️ 13 January 2025

⏱️ 33 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

"With bonus season coming up, what is the best use of bonus money? Should you use your bonus to pay off debt and build your 6 months savings? Or should it go to remodeling or down payment for car?" We'll walk you through that question and more in today's Q&A episode! Jump start your journey with our FREE financial resources Reach your goals faster with our products Take the relationship to the next level: become a client Subscribe on YouTube for early access and go beyond the podcast Connect with us on social media for more content Bring confidence to your wealth building with simplified strategies from The Money Guy. Learn how to apply financial tactics that go beyond common sense and help you reach your money goals faster. Make your assets do the heavy lifting so you can quit worrying and start living a more fulfilled life. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	All right. Next up is a question from The Second Rush.
0:10.0	He says, Hi, Money Guy Team. My wife and I are 30 and have nearly $500,000 between our retirement
0:17.0	and brokerage accounts.
0:18.0	Wow.
0:19.0	Doing really well.
0:20.0	Aboutcom.com. Go ahead.. Aboutw.com.com.
0:20.8	Work with us.
0:21.4	Go ahead.
0:23.1	I want to buy a small business to operate in three to five years.
0:27.3	Can I pull back on 401K contributions to fund the acquisition?
0:31.7	And also, I think for most of the money guy audience, like knowing when it's time to take
0:35.9	that next step into other investment projects. How do you know that you're ready? Well, okay, so this is where,
0:43.1	to answer this question, the second rush, we've got to go back to like the very base fundamental
0:48.6	of a belief that we have. And our belief is that money is nothing more than a tool that allows you to
0:57.7	accomplish the goals that you have and so for a lot of people one of their goals is financial
1:02.3	independence i want to be able to retire i want to be able to live off my money i want to be able to
1:06.0	work because i want to not because i have to but for other people, one of their goals might be entrepreneurship.
1:12.1	And it might be being able to be your own boss and do your own thing. And you and your spouse,
1:17.9	what you have to do is you have to sit down and you have to list out, hey, these are our
1:21.1	goals. Our goal. We have a goal of financial independence and a goal of entrepreneurship and
1:24.7	a goal of starting a family and a goal of buying a house and a goal of
1:27.9	you know fill in the blank and then you have to prioritize those goals and as you prioritize the goals
	...

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