A $5000 bonus?!
What would you do with a $5000 bonus? Maybe it’s a tax refund, bonus from work or check from your Aunt Mable. Maybe listen to this Queer Money®, then get this useful tool right here.
What would we do with a $5000 bonus:
The $5k question
Without a plan, you may be tempted to spend the unexpected windfall on something frivolous, like a trip to Vegas. So, let’s think it through. What would you do with, say, an extra $5000 surprise?
On this episode of Queer Money®, we’re sharing the top answers to this question from the Queer Money Facebook group. We applaud the responses focused on financial improvement (like paying off debt, investing and saving for an emergency) and discuss how to incorporate spending on self-care without going overboard.
We talk about setting milestone rewards as you pay off debt and explain what we would do with an unexpected $5000 bonus. Learn why the queer community struggles financially and how making day-to-day money-conscious micro-decisions is key to improving your financial situation—whether you get a $5K bonus or not!
Topics covered about a $5000 bonus
Top 5 answers to the $5000 bonus question
- Pay off debt
- Invest
- Save for emergency
- Travel
- Fix up home
The idea of setting milestone rewards
- An incentive to reach goals as pay off debt
- Maintain joy in the journey
What we would do with an extra $5k bonus
- Go to a nice dinner, invest in a business
- Some in Roth IRA + some to travel
Why the LGBTQ+ community struggles financially
- Don’t talk about finance but focus on 3 Ps
- Make less money (pay gap, jobs we choose)
Why you have to take action to improve your financial situation
- No one coming to save you
- Make better decisions when money conscious