7 Efficient ways to handle Lump-sum money

What is the fuss?

There are instances when we get a large amount of cash. This can be a yearly bonus for a salaried employee, an end-of-project payment for a freelancer, or cracking a large deal by a business owner.

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But how do you handle this lump sum amount?

You would typically not invest it all at once, as the stock market might be expensive at that time.

You should also not splurge it all as well. Rather, save some and invest some to build a financially secure future.

Below are seven ways I invest my lump sum money. I usually get it as a year-end bonus based on my and my company’s performance.

The lump sum bonus I receive yearly is not much, though I wish it were. But it is more than what I typically spend or invest monthly.

These seven ways have helped me efficiently deploy this money and might help you. Let’s get started.

Need 1: International Vacation

First, I fulfil my needs. Your needs might differ; hence, deploy accordingly.

I am from the camp that enjoys experiences more than buying products. Hence, I use part of my lump sum money to book a yearly international vacation.