Use Your Year-End Bonus (or Gift) Wisely

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If you’re getting a year-end bonus from your employer, or possibly a substantial cash gift for the holidays, how can you best use the money?

For starters, you could use it to pay down some debts. The lower your debt load, the more you’ll have to invest for your future.

Also, you could start an emergency fund, with the money kept in a low-risk, liquid account. With such a fund in place, you can avoid dipping into long-term investments to pay for unexpected costs, such as a major car repair.

Here’s another suggestion: use your bonus or monetary gift to help fund your IRA for the 2019 tax year.

Or, you could use the money to help fund a college savings account, such as a 529 plan, for your children or grandchildren. A 529 plan offers possible tax benefits and allows you to control the money until it’s used.

To achieve all your financial goals, you’ll need to take advantage of your opportunities—and your year-end bonus or monetary gift can certainly be one of them.

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Dylan Hales
I'm a native North Carolinian, who grew up in the eastern part of the state. My folks exhibited and instilled many of the values that I still hold close to today. I had the opportunity to earn a bachelors from NC State, which is where I met my wife. We married shortly after she graduated in 2016. She grew up in this area, so we moved back to the Wesley Chapel area so we could be close to her family. Folks here have been more than welcoming and have made it feel just like home (minus the eastern NC BBQ).

People often ask what I like to do when I'm not at the office. That mostly depends on what time of year it is. During the spring and summer I like to work on my garden. During the fall and winter I love keeping up with NC State football and basketball. We also have two rescue dogs who like to explore the state with us.

Since I've been in Wesley Chapel, I've noticed that most folks just like me. We're all from somewhere and we've all come here following the things we love. I want to understand what those things are for you, and help get you there.