BONUS BONANZA: Smart tips on ways to use your extra year-end cash
"Determining how and when tois dependent upon your income or overall cash inflow, your risk tolerance, your goals and your time horizon for investing," Emily Irwin, senior director of advice and planning at Wells Fargo Wealth & Investment Management, said in a statement to FOX Business.
According to Irwin, people wishing to determine their risk tolerance while trying to figure out how to spend their bonuses should ask themselves how they feel about their debt, the status of their emergency fund and how much they can allocate for"You don’t have to choose between using your bonus to invest or pay down debt – you can do both," Irwin also stated.. It can also help people get closer to their longer-term plans, according to Morgan Stanley’s Summit Wealth Management Group.
If feasible, Irwin recommended saving 10% of paychecks as a starting point for creating yearly savings goals and incrementally upping the amount until "ideally" reaching 20% being allocated toward
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