Tomorrow, there will be an article in thesundaytimes on Money Management - What to do with your year-end bonus?
But for me it is a different question - What to do with my last year bonus?
After experiencing my first pay-cut and zero bonus during 1997/1998 Asian financial crisis, and thereafter I have decided upon on this strategy - keeping the full current year-end bonus as reserve and spending last year bonus till the next bonus. In this way, I may not under-spend my money and to avoid spending away future money and I will be in better position to face the next pay-cut and zero bonus scenarios if it happens.
Firstly, part of last year-end bonus is reserved to pay income tax. LOL!
Posts
A Chasing Sunsets Fund – A Better Way to Plan Nice-to-Haves in Financial
Independence.
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One of the spending needs that many of you would consider as part of the
income needs for your financial independence (FI) or FIRE, is to have
enough mon...
1 day ago
Superb idea!
ReplyDeleteBut it will be really surprising if oil and gas industry is going to pay bonus this year!