3 things to do with extra cash if you're earning more than you need - Business Insider

allow individuals and couples to contribute $3,500 and $7,000 respectively each year toward healthcare costs. Funds in these accounts may be used to cover healthcare costs either now or in retirement. The IRS also allows a catchup contribution of $1,000 to those over 55 years old. Many employers even offer a matching contribution to encourage employees to save into these plans.

If your company is publicly traded and offers the option to purchase shares of company stock through an employee stock purchase plan , it is worth considering. ESPPs typically offer a 15% discount on all shares purchased, which means that their participants are effectively starting out with a 15% gain in that position. People tend to think only of the stock market or the average percentage yield on their savings account when discussing returns on their money.

However, paying off debt ahead of schedule allows you a guaranteed rate of return. For instance, if you have an annual interest rate of 5% on a loan and you manage to pay that loan off 12 months ahead of schedule, you have just locked in a return of 5% on your money. An investment in a public speaking course, a sales skills workshop, or a coding bootcamp could go a long way to boosting your long-term earnings potential. Or it could simply satisfy your intellectual curiosity.

Though we can easily point to the dollar cost of an executive education program, it can be tough to quantify the compounding effects of obtaining an advanced degree or professional certification on one's lifetime earnings potential. And whether you decide to stay with your current employer or test the open market to see what your new skills are worth, it is safe to say that the time and money invested in professional certifications often immediately result in increased income.

Malcolm Ethridge, CFP, CRPC, is an executive vice president and fiduciary financial adviser with CIC Wealth Management.

Indonesia Berita Terbaru, Indonesia Berita utama

Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.

TikTok employees describe life inside the company as its future hangs in the balance - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. 'On Sunday, September 27, the US courts issued an injunction preventing the implementation of the Executive Order'
Sumber: BusinessInsider - 🏆 729. / 51 Baca lebih lajut »

10 things you need to know before the opening bell - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Sumber: BusinessInsider - 🏆 729. / 51 Baca lebih lajut »

I'm not using my small business loan so I'm earning interest on it - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. This is not smart. You will never earn more interest than what you are paying back for the loan. Only take a loan hen you need it and for things that will earn you more than you are paying in interest
Sumber: BusinessInsider - 🏆 729. / 51 Baca lebih lajut »

How much investment banking associates earn in salaries and bonuses - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. Your shi* paywall blocks the news. Why bother tweeting news twitter users can't see?! 😡 Hopefully a lot. The hours are grueling and the service becoming a commodity. But our Interest rates keep falling and falling
Sumber: BusinessInsider - 🏆 729. / 51 Baca lebih lajut »