Receive a bonus every year? Be intentional with it! It could have a profound effect on your finances in either direction!

• Bonuses can be a great additional way to build wealth. (01:09)
• If you were to receive a $5,000 bonus every year for 35 years working, that is $175,000. If that were to be invested every year and receive 10% over those same 35 years, it would be worth a whopping 1.3 million. (01:21)
• As it is not money you depend on for bills, you can pretend it doesn't really exist and give your wealth a boost. Even if you just saved half, it would likely make a very clear and profound difference for you. (02:32)

Quote for the episode: "...saving your annual bonus is an excellent way to go about it. It could mean an extra 1 million or more like in our example, allowing you to be more comfortable on a monthly basis with your cash flow and reaching your goals much more quickly." (02:14)

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Welcome to the Enjoy More 30s Family Finance

podcast. The only podcast dedicated to making life more

enjoyable for young families by hitting on the financial topics

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

from simply enjoying life.

Hello, and welcome to the Enjoy More 30s Family

Finance podcast for all those people out there trying their

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

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

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

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

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

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

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

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

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

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

there just like you.

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

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

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

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

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

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

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

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

Clearly this is quite the dangerous trap to fall into if

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

spend every single penny of it every year.

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

way. Your salary probably covers your normal monthly expenses so

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

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

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

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

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

comfortable on a monthly basis with your cash flow and reaching

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

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

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

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

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

way to not be a millionaire.

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

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

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

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

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

Thanks for joining me today and I look forward to connecting

with you again soon.

The conversations on this show are

Joe's opinions and provided for general information purposes

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

professional advice for your specific situation. You should

always seek appropriate advice from a financial advisor,

accountant, lawyer, or other professional before acting upon

any content or information found here first. Joe is affiliated

with New Horizons Wealth Management LLC, a branch office

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

Registered Investment Advisor, Member FINRA/SIPC.