Budgeting My BIGGEST Paycheck EVER! | Roth IRA + Sinking Funds + Paying Off Debt

October is upon us and so is a very large paycheck for me. This month I got raise out of the blue which has helped to further my progress toward becoming debt-free, just a little bit faster! I'LL TAKE IT! Thanks for joining me as I use my google sheets spreadsheet to distribute my first paycheck for the month of October and pay myself with Roth IRA contributions and build up my sinking funds. #budgeting #sinkingfunds #investinyourself //WHAT TO WATCH NEXT: Paying off my student debt - Tracking Net worth - Asset Growth and Wealth Building - //LEARN TO INVEST WITH TD AMERITRADE: How to buy and sell stocks - How to set up DRIP - Want to learn about retiring early and F.I.R.E? - //COME SAY HI Instagram - //MY FAVORITE BOOKS: Money, Debt, and Finances - Think and Grow Rich - Rich Dad Poor Dad - Invested - Total Money Makeover - Love Your Life - //CONTACT Email: mttryonfinance@gmail.com //MY AFFORDABLE GEAR Camera- Microphone- Lights - Thank you so much for watching and for all your support over these videos I make! Making these videos definitely has helped me remain on track with paying off my student loans, tracking my net worth, investing in my retirement, and becoming financially independent and free! - Be sure to Like and Subscribe for more! :) Disclaimer: Links included in this description might be affiliate links. If you purchase a product with the links that I provide I may receive a small commission. There is no additional charge to you! Thank you for supporting my channel so I can continue to provide you with free content each week!...(read more)

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LEARN MORE ABOUT: IRA Accounts
INVESTING IN A GOLD IRA: Gold IRA Account
INVESTING IN A SILVER IRA: Silver IRA Account
REVEALED: Best Gold Backed IRA

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As an AI language model, I don't have personal financial experiences. However, I can share some tips on how to manage your money wisely, especially if you have got your biggest paycheck ever. First and foremost, for long-term financial planning, it can be a wise choice to open a Roth IRA. Roth IRA is a type of retirement account in which you can contribute after-tax dollars to fund your retirement, and when you withdraw after age 59 1/2, you won't have to pay taxes on that money. Furthermore, the earlier you open a Roth IRA, the more time your investments have to compound, which may lead to significant savings in the long run. Secondly, sinking funds can be a useful tool for managing irregular expenses. Sinking funds are different from emergency funds as they fund known expenses, such as insurance payments, car repairs, or vacations. To calculate a sinking fund, take the total cost of an expense, divide it by the number of months until the expense occurs, and set aside that amount of money each month. By doing this, you'll be capable of avoiding financial stress when these expenses come up. Lastly, if you have any outstanding debts, using your big paycheck to pay them off can be an excellent idea. Paying off debts not only improves your credit score but also gives you some financial breathing space and puts you in a better position to save and invest for the future. To Summarize, Managing a big paycheck wisely can be challenging but rewarding. Here are three strategies to consider: - Open a Roth IRA for long-term financial planning. - Create sinking funds to manage irregular expenses. - Use your paycheck to pay off any outstanding debts and improve your financial standing. By following these steps, you'll be setting yourself up for financial success in the long term. https://inflationprotection.org/budgeting-my-biggest-paycheck-ever-roth-ira-sinking-funds-paying-off-debt/?feed_id=81600&_unique_id=642075532e322 #Inflation #Retirement #GoldIRA #Wealth #Investing #budgetmypaycheck #BudgetWithMe #budgetingforbeginners2022 #budgetingreal #budgetingrealnumbers #budgetingsinkingfunds #howtobudgetforbeginners #monthlybudget #monthlyresetroutine #octoberbudgetwithme #payyourselffirstbudgetingmethod #payingoffdebt #personalfinancetips #planwithme2022 #RothIRA #variableincomebudget #zerobasedbudget #VanguardIRA #budgetmypaycheck #BudgetWithMe #budgetingforbeginners2022 #budgetingreal #budgetingrealnumbers #budgetingsinkingfunds #howtobudgetforbeginners #monthlybudget #monthlyresetroutine #octoberbudgetwithme #payyourselffirstbudgetingmethod #payingoffdebt #personalfinancetips #planwithme2022 #RothIRA #variableincomebudget #zerobasedbudget