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Secretary Wants To Scream The Boss’s Name After Salary Raise

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Secretary Wants To Scream The Boss’s Name After Salary Raise If you’ve received a large raise or bonus this year, you might want to put a little thought into what you’re going to do with it.

A reader writes:

“I’m a 27-year-old working my first real job. I landed the position in March, and it’s my first full-time job. I’m responsible for 18 people, and there’s no one else who can do what I do.

“Last year, the company’s president told me and my boss that, though I wasn’t receiving any raises or bonuses, he would see about doing something for me this year.

“I recently found out that the president authorized a $10,000 bonus for me and my boss. My boss got a $5,000 bonus, and I got $5,000. No one had any idea the president was going to do this.

“My boss wants to spend the money on a BMW. My plan is to put about $4,000 toward my student loans, put $1,000 toward my emergency fund, and put the rest toward my Roth IRA.

“My question is, since I don’t have any savings outside of my emergency fund, is it OK for me to put 90 percent of the money toward my loans? And should I scream my name after I get the money?”

What a fantastic question!

Yes, it’s OK to scream your name; in fact, I would encourage you to scream your name.

But I wouldn’t put 90 percent of the money toward your student loan debt. And I wouldn’t spend $4,000 of your bonus paying off $3,000 in student loan debt. Remember: This is extra money.

If you have $1,000 in your emergency fund, I wouldn’t put $1,000 toward your student loan debt. I’d put $1,000 toward your emergency fund and $1,000 toward your Roth IRA.

I wouldn’t put the full $4,000 toward your loans, but I wouldn’t put $4,000 toward your loans, either.

Here’s why:

You Only Have To Be Broke Once

If your emergency fund is empty and you die in debt, you’ll still be dead.

If you have $5,000 in a Roth ($1,000 from your boss + $4,000 from your bonus), and you pay $3,000 toward your loans, you’ll still have $2,000 in your Roth.

If you die while carrying $4

Actors: Bria Kay