cover of episode "I Just Got a Raise. What's The Best Thing To Do With This New Money?"

"I Just Got a Raise. What's The Best Thing To Do With This New Money?"

2024/8/29
logo of podcast Money Rehab with Nicole Lapin

Money Rehab with Nicole Lapin

Chapters

Molly, a mother of two, discusses her recent 40% raise and seeks advice on how to best manage her new income. With one child starting primary school, she anticipates a decrease in daycare expenses and aims to avoid lifestyle creep. She has additional savings from a previous job and stock options, and is looking for guidance on optimizing her financial strategy.
  • 40% salary increase
  • Reduced childcare costs
  • Desire to avoid lifestyle inflation
  • $60,000 windfall from previous job
  • Stock options worth $150,000-$200,000
  • Existing savings of $25,000
  • Retirement savings with Morgan Stanley
  • Car loan of $15,000 at 6% interest
  • College savings plan (529) for children
  • Desire to purchase a new house or upgrade current one

Shownotes Transcript

If you get a raise, or take a distribution on a huge stock, or win the lottery, the first thing you do is celebrate. Obviously. The next thing you do is ask yourself: what do I do now? Or, better yet: what do I do now that will make this money grow into more money? That's what today’s Money Rehabber is asking herself, and Nicole helps her find answers.