What should I do with extra overtime money?
What should I do with extra overtime money?
I realized that my latest gig allows me to earn overtime of around 3k each month without much of compromise (overtime rate is 180$ per hour)
Now this is completely extra money, that I wasn’t expecting at all.
What is your advice/recommendation for me about using that money?
I am near 45, close to 2 million net worth at this point.
Now this is completely extra money, that I wasn’t expecting at all.
What is your advice/recommendation for me about using that money?
I am near 45, close to 2 million net worth at this point.
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- cheese_breath
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Re: What should I do with extra overtime money?
Donate it to worthwhile charities, and maybe just a little to Bogleheads website maintenance.
The surest way to know the future is when it becomes the past.
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Re: What should I do with extra overtime money?
Invest the money.hustler wrote: ↑Sat Jun 19, 2021 10:39 pm I realized that my latest gig allows me to earn overtime of around 3k each month without much of compromise (overtime rate is 180$ per hour)
Now this is completely extra money, that I wasn’t expecting at all.
What is your advice/recommendation for me about using that money?
I am near 45, close to 2 million net worth at this point.
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Re: What should I do with extra overtime money?
Spend, donate, and invest it.
Re: What should I do with extra overtime money?
I used to save mine up to get something I normally wouldn't splurge on, like a high end home theater.
Regards |
Bob
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Re: What should I do with extra overtime money?
We used ours to pay off our home note/mortgage; a 30-year note paid off in 5.5 years.
Our current (retirement) home was built in 1994. It was paid off in the fall of 1999. Shortly thereafter, we took the monthly payment along with the extra and invested it into the market.
You can research what happened in the fall of 1999 and into the early 2000's. We made out quite well, leading to our retirement earlier than planned.
FWIW,
- Ron
Our current (retirement) home was built in 1994. It was paid off in the fall of 1999. Shortly thereafter, we took the monthly payment along with the extra and invested it into the market.
You can research what happened in the fall of 1999 and into the early 2000's. We made out quite well, leading to our retirement earlier than planned.
FWIW,
- Ron
Re: What should I do with extra overtime money?
Pay down debt.hustler wrote: ↑Sat Jun 19, 2021 10:39 pm I realized that my latest gig allows me to earn overtime of around 3k each month without much of compromise (overtime rate is 180$ per hour)
Now this is completely extra money, that I wasn’t expecting at all.
What is your advice/recommendation for me about using that money?
I am near 45, close to 2 million net worth at this point.
Marty....don't go to the year 2020....Dr. Emmett Brown
- CyclingDuo
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Re: What should I do with extra overtime money?
Investhustler wrote: ↑Sat Jun 19, 2021 10:39 pmI realized that my latest gig allows me to earn overtime of around 3k each month without much of compromise (overtime rate is 180$ per hour)
Now this is completely extra money, that I wasn’t expecting at all.
What is your advice/recommendation for me about using that money?
I am near 45, close to 2 million net worth at this point.
Pay Off Mortgage Early
Stuff the College Education Funds (if pertinent)
Cushion the Cash Savings (for upcoming variables and wants)
"Save like a pessimist, invest like an optimist." - Morgan Housel |
"Pick a bushel, save a peck!" - Grandpa
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Re: What should I do with extra overtime money?
Time is more important than money.
Don't work overtime and spend your free time with family and loved ones doing things you enjoy.
Don't work overtime and spend your free time with family and loved ones doing things you enjoy.
We plan. G-d laughs.
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Re: What should I do with extra overtime money?
Don't do anything different than you do with your normal earnings. Allocate portions to savings, emergency fund, etc. Income is income.
Avid user of forums on variety of interests-financial, home brewing, F-150, EV, home repair, etc. Enjoy learning & passing on knowledge. It's PRINCIPAL, not PRINCIPLE. I ADVISE you to seek ADVICE.
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Re: What should I do with extra overtime money?
When I had un-budgeted expenses, I used to volunteer for overtime to cover it. (Things like car repairs, moving expenses, etc.)
Otherwise, invest it.
Otherwise, invest it.
Re: What should I do with extra overtime money?
If you were putting in more than 40 hrs a week, you probably need to take a vacation. It doesn’t need to be far, but you at least may need a change of scenery. And don’t take your computer with you or use internet on your phone. . Get out and see the world.
A dollar in Roth is worth more than a dollar in a taxable account. A dollar in taxable is worth more than a dollar in a tax-deferred account.
Re: What should I do with extra overtime money?
Being minimalistic, not too many options to spend. Will be spending more on travel for sure though!
Re: What should I do with extra overtime money?
Will consider this for sure. TBH, it doesnt occur to me naturally yet, but then, I am still evolving!cheese_breath wrote: ↑Sat Jun 19, 2021 11:07 pm Donate it to worthwhile charities, and maybe just a little to Bogleheads website maintenance.
Re: What should I do with extra overtime money?
Cant go wrong with this one for sure. Will bump my Fidelity managed account monthly contributions for sureTrader Joe wrote: ↑Sat Jun 19, 2021 11:09 pmInvest the money.hustler wrote: ↑Sat Jun 19, 2021 10:39 pm I realized that my latest gig allows me to earn overtime of around 3k each month without much of compromise (overtime rate is 180$ per hour)
Now this is completely extra money, that I wasn’t expecting at all.
What is your advice/recommendation for me about using that money?
I am near 45, close to 2 million net worth at this point.
Re: What should I do with extra overtime money?
Great to hear that! Here's something to think about though ...Ron wrote: ↑Sun Jun 20, 2021 8:03 am We used ours to pay off our home note/mortgage; a 30-year note paid off in 5.5 years.
Our current (retirement) home was built in 1994. It was paid off in the fall of 1999. Shortly thereafter, we took the monthly payment along with the extra and invested it into the market.
You can research what happened in the fall of 1999 and into the early 2000's. We made out quite well, leading to our retirement earlier than planned.
FWIW,
- Ron
What if, you would have kept investing that extra money from 1994, instead of putting that in mortgage (I suppose mortgage rates were still less than or around 5%)?
My mortgage is 1.99% at this point and my perspective is to take advantage of this low percent loan as much as possible.
Happy you could retire earlier, congratulations!
Re: What should I do with extra overtime money?
Keep extra for taxes, iff anything will be owed, else, buy some meme stocks like AMC