I’m soooo happy I just got a 10000$ bonus at work !! Please give me suggestions on what to spend it on or how to save it to earn a nice source of income for future or kids or buy something in India ? Ideally I would discuss it with my husband. But he is spendthrift and can spend it in one second and he is selfish he will spend it on himself. That is the reason I’m posting here I got this job after staying home for several years after my son was born. After being rejected for several hundreds of jobs because I’ve been away from work so long. I’m soo happy. Looking forward to your advice and suggestions !!!
You can start savings account or CD in USA( not much interest unless its high yielding savings account) Or India, start 529 for kids college plan, start Roth IRA, add to your own retirement plan or mortgage ( example :-house or car)... so many options. Some ideas 9 Clever Ways to Invest $10K in 2022
Congratulations OP, you got recognized for all the hardwork you did at work Coming to what you can do with that: - If you are debt free (no Car EMIs/Credit card bills from past) then save for Emergency fund (for future unexpected scenarios) in a High yielding saving account where you can access easily. - If you have already setup EF, then put that some percentage money either in Roth IRA/Taxable brokerage(fidelity/vanguard/M1/WeBull any platform) - At last you can plan to splurge on something you really want, after all this hard work.
I recently got a similar award & bought a coconut estate in my home country. It was a planned investment along with my other savings. After rounds of initial grooming, the estate is now handed over to a care-taker (a well experienced family in coconut farming) who resides at the estate house there. This family will take care of everything from A-Z in that estate. My brother has another estate in the same area. He would visit there almost weekly, and would keep an eye on my estate matters as well. We live in abroad, and used to visit home once in 6 months. During our 2 weeks stay, we usually coordinate everything needed to run the estate. For export and business, we have an agent who takes care of everything. Just a bit of work, but the yield is very good & it is a permanent income. It contributes to the country & nature as well. This is one of our retirement plan.
Congrats @EagerForInfo You deserve the bonus. Definitely, dont give it to your husband if he is not supportive. Use a part to close any debts, and a small part to treat yourself something special. Keep a bit in liquid investments so that you can withdraw easily in an emergency The rest you must invest for the future of your kids. If you plan to put it in India - look for Crisil Rated investments Or even Gold or Gold ETFs Buy land only if you have a trust worthy support system I was reminded of this story A story from vedas : A poor labourer is asked “How much do you earn and how do you use it?” He replies: I earn 4 coins, I throw 1 in a well, I use 1 to pay my debt, I use 1 to give loans and rest my wife and I eat. He explains it as: The well is charity - there is no return expected. My debt is to my parents as they took care of me in my childhood. My loan is to my children as they may take care of me in the future. The last coin is what I use to nourish my wife and me Keep smiling HR
@EagerForInfo, US citizens have restrictions to buy agricultural land in India. Try to learn about it before you plan to buy anything in India and its not free from tax too. Also, if we dont have any trust worthy person, its not advicable to do so. So its better to invest where you have full control and access. Anyway, you deserve special treatment on your success. Enjoy and takecare.
Congratulations If you are interested in buy gold that is good option. You can convert into cash whenever you want and also there is no need to pay tax while buying or selling.
Yes I got that idea too. When I tried to see the price of gold I realized that it is at its highest price ever. !
