Submitted by JGreenAZ t3_yia3m6 in personalfinance
madmoneymcgee t1_iujafy6 wrote
Things to consider:
- Education: if you haven't had the chance or opportunity to go to school or get some good job specific training now is a good opportunity. It's hard to quantify in some ways but investing in your self in this way can pay off very well over time (compared to your current job).
- I don't care why you went to prison but now that you're out you may want to use some of this to pay a lawyer what it takes to expunge your record so it can be easier to apply to jobs in the future if they ask about felonies).
- Beyond that, follow the flow chart here. Make sure some is put away for emergencies and then when it comes "investing" make sure you're investing in tax-advantaged accounts that will help in the future. If your job offers a 401k it might make sense to put as much of your pay from now until the end of the year into that and use some of this to pay for the day to day expenses your salary usually covers. But for that to be a good idea needs more info overall (what your job is and the benefits they offer, what your monthly expenses are, etc)
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[deleted] t1_iujibgq wrote
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