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.

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