What to Do With Extra Cash

WHAT SHOULD I DO WITH EXTRA CASH I'VE STORED UP?


One of the fun parts of being a financial planner is getting to
field and answer questions from clients and readers all around
the country. In these Work Your Wealth episodes I'll be taking
time to address and answer questions I've come across from
readers and clients throughout my career. Today I'm answering the
above question and sharing some details (and numbers) behind our
personal finances.


HERE’S WHAT YOU’LL LEARN FROM THIS EPISODE:


General rules I use with clients to determine where to put
extra money

The formula to decide how much should go where

The three categories you should focus on with your extra cash

Questions we ask ourselves when allocating money towards
different goals

Why we review our net worth on a quarterly basis

The importance of reevaluating what you need in your
emergency fund

The general rule of how much you should have in your
emergency fund

A few banks recommendations to store your emergency fund

How we handle donations in our family to be most impactful

How we allocate extra cash towards our children

How we added some flexibility in our monthly cash flow

What we decided to spend our “splurge” money on



LINKS WE MENTIONED ON THE SHOW:


How to Handle Your Year End Bonus

Episode 27: How We Handle Money in Our Household

Episode 39: How We Handle Business Finances in Our Marriage

Synchrony Bank

Ally