Getting Promoted means discovering more ways to elevate your life.
When it comes to climbing the corporate ladder, getting promoted, and becoming an instant success, lots of people are on track to spend more and throw away a great opportunity.
They’re often so focused, so busy, so wrapped up in ALL the commotion of achieving the goal of a workplace promotion that they often forget EVERYTHING they are really after. Sadly, because many people ignore their most important goals and dreams, the only thing most people know how to do once an elevated paycheck, bonus or tax refund arrives (with the added burden of extra responsibility) is to throw it away the opportunity to elevate their life.
Don’t achieve the career of your dreams while failing to give yourself the practical opportunities you need to Experience the Difference away from work!
In establishing personal goals and planning to thrive through ALL the changing stages of your life, you are giving yourself a chance to make the most of your promotion. After you get promoted, don’t just spend your extra money. The next time you get promoted, remember to take steps to make the most of your money or put your paycheck to work for you. Start by revisiting your goals. In doing so, don’t be afraid to make new ones. Whether your after achieving more freedom, a comfortable retirement, funding your child's college education, or if you want to buy a new car, when striving toward something specific, you're much more likely to reach your target. In setting your goal, be sure to set a dollar amount and a time frame and stick to it.
Discover ways to spend less. Systematically reducing your spending will increase the number of things you can do to elevate your life.
Set up a direct deposit to a high yielding Coastal savings, certificate or money market account and plan to "pay" a pre-determined amount to your savings account every month. Keep making payments. When you finish paying off a large loan or a major expense, such as a car or your child's college tuition bill, keep making the payments - only now direct them to your savings or investment account.
Bank your raise, bonus or refund. If you're expecting a refund check from the IRS, avoid the temptation to spend it by having it deposited directly to your savings account. Better yet, adjust your W-4 statement so you don't get a big tax refund. Save the "raise" in your paycheck via an automatic saving plan.
- Bank "extra" paychecks
- Contribute the maximum to your 401(k)
- Deposit found money
- Invest in yourself
In the process, don’t forget to work with a trusted financial professional from Coastal’s Trust and Investment Services team. » We can help you examine your goals and help you discover good ways to succeed financially through all the changing stages of your financial and professional life. |
