Posted on by Sean Merron

2FD 017: Random Money

Getting random money is awesome!

But deciding on how to use that money can be tough. The two options basically boil down to spending or saving it.

It’s best to just brainstorm the different ways to use the money and then sit on it before the right mix comes to you. That may be improving your house, paying off debt, going on a vacation or investing. Stick to your plan because sometimes it goes as quickly as it came. CHA-CHING!

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Discussion Points

  • What to do with your tax return.
  • Playing with your tax withholdings to keep the most money in your pocket now.
  • You could put money into your children’s 529 plans.
  • You can fund your Health Savings Accounts (HSA) for medical expenses and retirement.
  • You can contribute to your Individual Retirement Accounts (IRA).
  • You could make extra house payments to knock time off the mortgage.
  • You could upgrade your vehicle or house.
  • Sometimes it’s OK to splurge a little if you’ve been disciplined with your finances.
  • How to divide up your bonus from an employer and take advantage of funding pre-tax accounts like a HSA or 401K.
  • The benefit of maxing out your accounts earlier in the year.
  • Having a plan for the money coming in, not deciding on the fly.
  • Paying for a vacation up front.
  • Donating to charity or giving to church.
  • Dollar Cost Averaging or Lump Sum investing money into the markets.
  • How to deal with a windfall inheritance or winning the lottery.
  • Slowly making choices with your money as you learn your options.

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