Give yourself a high-five! With a high bank account balance, you’ve already established an emergency fund ✅. This also means that you are a champ at budgeting, saving, and living within your means ✅. So what do you do with the money that’s in excess of your emergency fund? The simple answer, help your future self!
Below are a few options to consider. Since everyone is a unique snowflake, we encourage you to talk with a financial professional to develop a plan specific to you and your needs, but in the meantime…
If your employer offers a 401k plan, increase the amount you contribute. Retirement accounts grow tax-free which means you can grow your money faster and don’t have to pay Uncle Sam every year.
Invest in yourself. Been eyeing that conference, certification, or even that graduate school degree? Don’t be afraid to invest in yourself to propel your career to the next level 💪.
Invest for your future. Open an investment account to invest sustainably, grow your net worth, and achieve your financial goals.
Your money should be working for you, not sitting idly. That 0.01% growth in your checking or savings account isn’t even enough to keep up with inflation at about 2% a year, which means that as the years go by, your bank account balance is actually losing value. Don’t just work hard for your money, make sure you’re also putting it to work for you.