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I got a sizeable raise and am now officially making low six figures and have no one to share my good news with (lemmy.world)

submitted 10 months ago* (last edited 10 months ago) by [email protected] to c/[email protected]

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Hi all. Apologies if this is not allowed here. I know people out there are struggling, but I just want to share my good news with someone.

It's a big milestone of accomplishment in my life, but I feel weird just telling family members or my online friends about it. The only other people who know are my coworkers because we all got the same raise. Money doesn't go as far nowadays due to crazy inflation post COVID and my area has higher cost of living than where I grew up, but I'm still very happy about this. I remember back when I used to only make minimum wage. All those years of schooling eventually made their way back to me. I'll never make as much money as someone like a doctor, but it's definitely enough for me to live comfortably as a single person.

Anyway, I'll delete this in a bit (or sooner if it gets removed by a mod), but I hope you guys out there have a good weekend.

Edit: Thank you guys very much :)

Edit 2: Jeez there are so many more comments than I expected. You guys are so nice!!

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[–] PotentialProblem 9 points 10 months ago

I’m sure there’s a personal finance thing around here somewhere!

Personally, I’d work on making sure I have a cash safety net. Something like 6 months expenses in my favorite high yield savings account.

After that I would pay off any loans with a high rate. If the rate is <5 percent, it may be worth putting that money into a 401k or investment account. If it’s above 5 percent, I’d consider paying it off early. The idea being that if it’s a low rate then you can invest that money and earn a higher return than it would cost you.

Aside from that, I’d do my best to max my 401k contribution to take advantage of those sweet tax benefits. If nothing else, make sure you’re taking advantage of any employer matches.

Again, awesome work on the job!