Blowing the Bonus | Series 9.7

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Welcome to the Enjoy More 30s Family Finance

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podcast. The only podcast dedicated to making life more

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enjoyable for young families by hitting on the financial topics

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that tend to weigh on us, stress us out, and distract our focus

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from simply enjoying life.

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Hello, and welcome to the Enjoy More 30s Family

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Finance podcast for all those people out there trying their

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best to avoid being financially secure. Well, we have our series

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for you 10 Ways To Not Be a Millionaire. Now if you actually

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do want to be a millionaire, not to worry. This series isn't just

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for those people who are looking for some kind of financial ruin.

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If you avoid doing these 10 things then you could be well on

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your way to millionaire-hood as well. Each week I'll share a

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quick step in this how to not be a millionaire process, so you

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know what to do, or hopefully what to avoid at all costs. As

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always, before I begin, please share and like please leave

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reviews. I'd love to reach and help as many young families out

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there just like you.

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Today's great tip on how to not be a millionaire is Blowing the

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Bonus. Bonuses can be a great additional way to build wealth.

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And so it is something those of you who are not wanting to be

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millionaires should be very aware of to avoid. If you were

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to receive a $5,000 bonus every year for 35 years working, that

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is $175,000. If that were to be invested every year and receive

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10% over those same 35 years, it would be worth a whopping 1.3

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million. Over 1 million more than what you actually received.

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Clearly this is quite the dangerous trap to fall into if

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you do not want to be a millionaire. Fortunately, there

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spend every single penny of it every year.

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It feels like free newfound money, so why not treat it that

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way. Your salary probably covers your normal monthly expenses so

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you can be as frivolous as you want and still pay all your

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bills on time. TVs, vacations, anything to blow that bonus. Now

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if you actually do want to be a millionaire, saving your annual

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bonus is an excellent way to go about it. It could mean an extra

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1 million or more like in our example, allowing you to be more

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comfortable on a monthly basis with your cash flow and reaching

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your goals much more quickly. As it is not money you depend on

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for bills, you can pretend it doesn't really exist and give

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your wealth a boost. Even if you just saved half, it would likely

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make a very clear and profound difference for you. Overall, I

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think it is more than clear, blowing the bonus is a fantastic

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way to not be a millionaire.

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Thanks for tuning in today and join us for next week's episode

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on how to not be a millionaire, Gettin' Good Debt Gone. As

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always, please remember to review and share for others. And

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if you need any help, don't hesitate in reaching out. I

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probably have helped someone just like you. Until next week.

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Thanks for joining me today and I look forward to connecting

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with you again soon.

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The conversations on this show are

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Joe's opinions and provided for general information purposes

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only. They do not constitute accounting, legal, tax, or other

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professional advice for your specific situation. You should

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always seek appropriate advice from a financial advisor,

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accountant, lawyer, or other professional before acting upon

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any content or information found here first. Joe is affiliated

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with New Horizons Wealth Management LLC, a branch office

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of TFS Securities, Inc., and TFS Advisory Services an SEC

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Registered Investment Advisor, Member FINRA/SIPC.