by Chauniqua Major - Louis

Three years ago, I accepted a job position that changed my life. It was a lateral move that included a new title, full benefits, a salary increase, 401k, and a few other perks I had on my vision board. Approximately six months after joining the team, I traveled across the state to visit our HQ for the annual holiday celebration. Toward the end of our dinner, the bonus checks started to get passed around. I quickly excused myself from the dinner table and rushed to the bathroom to see the amount.

I hid in a bathroom stall, gave the check quick peek, and then let out a small gasp. The bonus check was triple what I had received the previous year. I soon realized I could finally purchase a commercial food machine to grow my business. The next year, I used the holiday bonus to pay my taxes. (Jumping tax brackets is real.) The following year, the bonus came just in time to help pay for my wedding.

I shared these small, intimate details about my spending to show that we don’t have to be secretive about finances. It’s OK to talk about it and share information with people regarding how we navigate our relationships with money. Once we begin to do this, we’ll be in a better place to make smarter decisions. 

If you’re expecting a bonus from your job, extra money from the holiday gifts, or money back during tax season, I invite you to sit down, grab a cup of coffee, and join me to explore ways to make your money work for you.  

(1) Stack your money

Investing is sexy, and it’s time the world knows it. It’s easy to let your money sit in a low-yielding savings account, but you’ll benefit more by starting or adding funds to the following types of savings/investment accounts: Roth 401k, 401k, and a money market account. (Also, please don’t forget about life insurance. It’s one of the many things people don’t like to pay for, but it will cost you more to start when you’re older.) Remember, stacking is a long-term money game. 

(2) Stocks on stocks

Try your hand at the stock market. The barrier to entry is pretty low with apps like E-Trade and Robinhood, which allow you to control your portfolio and make easy transactions. As little as $100 could get you started today. 

(3) Invest in wisdom

If you’re anything like me, you’re always learning something new. Extra money presents the perfect moment to put dollars behind your interests. There’s nothing wrong with YouTube videos and free courses, but it’s also worth it to go to your favorite conference or to pay for digital courses that could enhance your business and life.

(4) Hire a financial expert

Most people have no clue how to manage money. It’s a fact of life and this is why financial advisors exist. Find a reputable professional who can help you organize and manage your money. Please don’t think you have to make a lot of money to get financial help. We all need guidance on how to save, share, and spend. A helping hand could set you on the road to victory. 

Virtual financial advice may also be a benefit for your household. Got a problem with spending? Consider enrolling in Dave Ramsey’s Financial Peace University. This course forever changed my spending habits. Need assistance with financial planning? Check out CleverGirlFinance.com for mentorship, one-on-one coaching, and courses. 

This category is also where the D-word rears its ugly head. Debt is meant to be a short-term guest in your life, so you’ve got to pay it off. The holidays and new year present us with many ways to spend our cash, but the key to financial success is to eliminate debt. It might hurt, but consider wiping out a credit card bill or making a principal-only payment toward your student loan. Your future self will thank you. 

(5) Giving is good

Investing wisely in others is one of the best things you can do with extra money. When you give wisely and with a good heart, you can expect a return. It might not come from the recipient, but it will come back. Consider the following options: 

• Select a local charity to support financially every month. (Any amount helps smaller nonprofits)

• Partner with a faith-based group to help it grow and continue its mission 

• Find a cause that makes your heart smile on GoFundMe.com and contribute 

• Support friends and family you know could use an extra hand 

Be encouraged as you begin to develop new and healthier financial habits in the months ahead. I’m rooting for you!

Chauniqua Major - Louis, affectionately known as Major, is a creative with a personality as big as her hair. Major is committed to living a life filled with impact, purpose, and community. She is a wife, publicist, author, and the founder of Eat Project Pop, an organic and vegan popcorn company. Count on her for inspiration, wellness advice, and where to get the best cup of coffee in any city. Connect with her on Instagram at @MajorCreates.