2 Things You Should Do (and 1 You Shouldn’t) When You Increase Your Income
Money is nothing more than the means to an end.
Whether you’re looking to make a career move, change companies, start a business, or simply move up in your current situation, making more money is likely one of the major factors in your job decisions. Here are 2 things you should do when you increase your income.
1. Pay off Debt
We know we play this tune like a broken record, but paying off your debt as fast as you can is one of the most effective ways of having Money Earned through Money Saved. In fact, paying off debt is second only to not accruing debt in the first place!
2. Invest
Along with paying off outstanding debt, the other thing you should do if you increase your income is to invest it. Many people make the mistake of waiting to invest. They usually have many expenses (lots of debt), little savings, and things they’d rather spend their money on.
The 1 Thing You SHOULD NOT Do
Yep, the 1 thing you SHOULD NOT do when you begin making more money is accrue more unnecessary debt. Again, we get it. You have more money and the impulse is to spend it. We live in a consumerist world. That is what we are trained and encouraged to do.
Moral of the Story
Most of us will come to a point in our lives where we are making more money. Maybe we changed careers, took a different job, or got a big raise. Whatever the circumstances, it’s important to know how you should handle your newfound income to give your current and future-self maximum financial freedom and flexibility.
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Money Saved Is Money Earned!