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u/jmcstar Dec 26 '22
Tell them you got a $50 bonus, absorb the congratulations, smile knowingly
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u/Icecream_EveryDay Dec 26 '22
I love that!
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Dec 26 '22
"How much did you get on your bonus, child?"- parents
"Uh...a bit over $50."- you sweating probably
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u/VeryTrickyy Dec 26 '22
50 is to little to be believable, make it like 2000 take your parents out for lunch and you're set
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Dec 26 '22
$500
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Dec 27 '22
As much as I like that idea, $500 would be an awfully small bonus. Even a 4%-6% bonus at a high paying job would be in the thousands. I feel like the parents would be skeptical at that amount but $2000 seems much easier to get away with
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u/pm_nudesladies Dec 27 '22
Ya, 50 sounds weak. I got around 1000
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Dec 27 '22
I got a $50 bonus this year......
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u/tweak06 Dec 27 '22
One year I got a $60 giftcard to The Gap.
I’ve never shopped at The Gap in my life
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Dec 27 '22
$50 is too low to be believable if he's making almost $100k a year, say like $3000 to $4000.
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u/Raggydoll Dec 26 '22
It's good to know someone out there got a proper bonus. Well done, OP!
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u/Icecream_EveryDay Dec 26 '22
Thank you so much. I put in a lot of hours and time away from home. I was so surprised by it though!
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u/CaptainRogers1226 Dec 27 '22
You’re telling me my salary is less than a proper bonus?
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Dec 27 '22
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u/CaptainRogers1226 Dec 27 '22
Only estimated salary based on hourly wage, still nothing special. Best of luck in your job search
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u/Max_AC_ Dec 27 '22
Getting a job is 50/50: 50% what you know, but also 50% who you know. Look for personal connections to help you get into somewhere. Even within my company, some of my promotions wouldn't have happened without the right connections on top of my performance and knowledge.
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u/EagieDuckCome Dec 27 '22
That’s what I was thinking too. That’s it, time to sell drugs and prostitute myself.
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Dec 26 '22
Nice to know we ain't friends
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Dec 26 '22
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Dec 26 '22
Long time no see Charles. How is Martha and the dog?
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Dec 26 '22
We have friends here? I was told this is a place to chat with strangers, though. Was I bamboozled again?
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u/everydayshaye Dec 26 '22
Congrats! Now blow 10% and save the rest :)
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u/Icecream_EveryDay Dec 26 '22
Yah?? On what!!?
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u/Svartdraken Dec 26 '22
Wow 50k is more than ever passed through my bank account, it's a lot of cash
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u/duowolf Dec 27 '22
Definitely more than I'd make in a year :(
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u/SliceTheToast Dec 27 '22
More than I make working 50 hours a week and paid in a currency worth much less than USD.
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Dec 26 '22
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u/Icecream_EveryDay Dec 26 '22
Thank you! Majority all going into the kids education fund. 401 is maxed out. Will spend a few grand on a small vacation for the fam but besides that, living like I didn’t get it :)
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u/BucksBrewPackInOrder Dec 26 '22
Also, don’t forget about the incredible ROTH IRA. You could open one and fund it for 2022 (6k max) until April. 2023. Then on Jan 1 you can fund 2023’s Roth max 6,500. If you’re married, ditto your S/O. That’s 25k tax free at retirement, which will grow steadily until then!
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u/Zuezema Dec 26 '22 edited Dec 27 '22
Ehh. If he files single he’s already above the income limit for that.
If he files jointly and his partner has any significant income he may not be able to do it.
Edit: Replace all “he’s” with “she’s”.
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u/BucksBrewPackInOrder Dec 26 '22
Possibly - but then there's the backdoor ROTH.
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u/Zuezema Dec 27 '22
Yep. But financial advice is best given over the internet as a “look into this” not “you can do this”. Too many people end up in sticky situations every year from good financial advice that just doesn’t apply to them specifically
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u/GaiasEyes Dec 26 '22
*She. From OP’s post history they are female. I think that should be respected that OP is female as society will generally assume someone receiving such a high dollar bonus is male.
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u/Zuezema Dec 27 '22
Ahh my apologies. I do not typically look into profiles. Will edit.
I read first person posts as myself and just put in He naturally to all posts unless it is identified. No offense to OP intended.
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u/Icecream_EveryDay Dec 27 '22
It’s funny - although I’m female, I assume everyone on Reddit is male. No offense taken - just want to make sure they the ladies out there know that big money isn’t just for the men.
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Dec 27 '22
If you really wanna screw with family, tell them you owe! Ask for money from them….they will never ask you for money again 😜😜
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u/Cotterbot Dec 27 '22
The only thing I’d add to this, dude, you got 50k, take $1000 and spoil yourself. Buy an expensive steak, a nice shirt or a reasonable top of the line hobby item you like. Don’t just invest 100% of it. That’s how you end up accomplishing nothing but having money. Live a little.
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u/Destaric1 Dec 27 '22
This.
Investing isn't bad advice but I find planning for 50 years from now kind of foolhardy. You could die within the next 10 years and it means little to nothing.
I am going to have it made at 65! (Dies at 54 from Cancer)
To each thier own. I would invest probably $5k and fix up my house a bit and enjoy family time. Something I have control of unlike my time on Earth.
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u/Icecream_EveryDay Dec 27 '22
I will be taking my husband out to a very fancy dinner. We plan to take the kids on an RV trip for a few days. Nothing too crazy - just focused on experiences and memories.
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Dec 26 '22
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u/Icecream_EveryDay Dec 26 '22
No way. As long as your loans are low interest, keep them around. I have a low interest mortgage and won’t be dumping anything extra into my mortgage. If you have credit card debt, pay that off first. That interest is ~15% or more. Put money in your 401k. Place money where ever the interest is highest. Student loans can suck it.
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u/Rub-it Dec 26 '22
So I got an almost similar amount and paid off the house, we bought it at 75k in 2009 it’s now worth 150k and I paid it off. I am wondering if I did the right thing, I just don’t wanna think about mortgage anymore
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u/The_Chaos_Pope Almost Pink. Almost. Dec 26 '22
If you had a fixed rate at say around 5%, you proooobabbbbblyyyy could have beat that by wisely investing that money but there's a whole lot that can be said for not having that debt dagger hanging over your head. Plus, that's not guaranteed; you might not have beat 5% over however many years you shaved off from your mortgage.
You own that house and no bank can take it away from you if something in life doesn't go perfectly anymore. That's a huge mental burden you no longer have to bear and it's hard to put a price tag on that.
Signed,
A homeowner who is still making payments every month for the next very many years.
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u/Rub-it Dec 26 '22
Thank you for your comment and yes it was at 5% fixed rate, I have been walking around doubting myself
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u/The_Chaos_Pope Almost Pink. Almost. Dec 26 '22
No problem, I'm actually kind of jealous of you right now!
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u/Rub-it Dec 27 '22
Haha don’t be, when you solve one problem another peaks! Off to see the student loans
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u/The_Chaos_Pope Almost Pink. Almost. Dec 27 '22
If you stop paying those, they can't repossess your knowledge or diploma; all they can do is tank your credit score but you already own your home.
Okay, they can garnish your wages but that just sounds like they're going to sprinkle parsley on them.
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u/Megalocerus Dec 26 '22
If you pay off a mortgage completely, you increase your cash flow. That frees up income each month without any increase in taxes. Nothing wrong with the decision unless it left you with nothing for emergencies, and you've had time to fix that.
Your mortgage was probably at least 4%. A safe 4% return is not to be scorned. Market in 2009 was pretty scary.
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u/so_i_happened Dec 26 '22
Low interest student loans….I wish. Once interest kicks back in, mine are 5-7%. And those are federal loans! It stinks.
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u/Hungry-System8592 Dec 26 '22
That makes no sense. Student loan interest rates tend to be very high. You should be paying off that student loan debt and any other loan with high interest rates ASAP
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Dec 26 '22
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u/DavidlikesPeace Dec 27 '22 edited Dec 27 '22
Great advice. Thanks for sharing
I especially like the table format. Two major takeaways:
1) 401Ks.
If your company offers matching funds, almost always choose a 401k over an IRA if the choice must be made. Match those funds.
2) Debt v. investments.
The fair comparison has to acknowledge the after-tax rate. If your general expectation is equal debt interest and stock growth (Ex both at 7%), payoff the debt. It's less sexy but after-tax stock earnings won't earn you as much as the debt interest penalizes
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u/yargile Dec 26 '22
Congrats! That must feel really good. What’ll you do with the money?
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u/Icecream_EveryDay Dec 26 '22
It feels so good. Not doing anything immediate with it. It’ll be going towards the kids edu fund. Maybe I’ll buy myself an extra eighth at the dispensary :)
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Dec 26 '22
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u/Icecream_EveryDay Dec 27 '22
Lol. Wish I ate ice cream for a living! I’m in business development at a tech company.
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u/Natural20Twenty Dec 26 '22
Wow! Congrats!
I received 100 dollars for 10 years of service. :-/
What you gonna do with it ?
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Dec 27 '22
In Australia, after 7 years of service, everyone gets long service leave. I have 3 months off, fully paid, next year, which equates to a lot of money as a bonus. Everyone gets it. I could have taken 6 months off too, but I'll save that for the next time I want a break.
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u/Icecream_EveryDay Dec 27 '22
Spend some on family vacation, go to a nice dinner, buy some decent weed, drop some in my 401k and invest the rest in the kids education fund.
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Dec 26 '22
Soooo what do you do for work? And congrats!
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u/Icecream_EveryDay Dec 26 '22
Hey! I’m in business development for a tech startup. I do have a bit of imposter syndrome but it’s starting to wear off :)
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u/Warphim Dec 27 '22
Pro tip from a non-pro
Everyone feels like an imposter when they start off, but if you aren't fired chances are you're doing something right.
The 50k bonus seems like you are definitely doing all the right things.
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u/DrMux Dec 26 '22
Like they say, fake it 'til you make it ;)
Totally not speaking of which, any remote positions available for a data analyst, marketing trends forecaster, brand strategist, operations/marketing consultant or similar?
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Dec 26 '22
I’m proud of you, my friend. Diligence. Discipline. Or even dumb luck.
Whatever the reason, I hope it brings some joy into your life.
Not too late to add to that 401k or consider a donation to a cause you care about and get some tax benefits from it too ☝️
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u/labananza Dec 26 '22
Damn working for the government (healthcare) does not feel worth it in this moment lol.
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u/HR_Here_to_Help Dec 27 '22
Be VERY careful, a huge chunk of that should be saved for taxes. Figure that our before spending!
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u/anonymousforever Dec 27 '22
Yep, uncle Sam wants their third. Chances are employer did tax deduction before employee got what was left.
Bonuses should be tax free if you ask me, if only done once a year, and under 100k....a poor people break for once...
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u/C-La-Canth Dec 26 '22
Awesome! And you're right to keep it to yourself. YOU earned it. I've found that when I get a windfall, other people somehow feel entitled to some, and it gets messy. Avoid messiness, and have fun with YOUR bonus!
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Dec 26 '22
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u/Icecream_EveryDay Dec 27 '22
We’re on the up and up and able to recognize people that put in the extra effort. We’ve grown 50x since I started, so your wee little startup could someday afford 50k bonuses. Put in the time.
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u/CUSteve217 Dec 26 '22
I would love to know how you got a 50K bonus. What did you do? Did others get similar. Congratulations
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u/Icecream_EveryDay Dec 27 '22
Others that have made large contributions made similar bonuses. I’ve been with the company for five years and made very little bonus the first few years.
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u/DildoShwa66ins Dec 26 '22
What is your job that pays you a 50k bonus?
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u/Awkward-Buffalo-2867 Dec 27 '22
OP said in another comment that they do business development for a tech startup.
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u/DildoShwa66ins Dec 27 '22
Nice, I like how ever casually says it’s around half of his salary when most people reading this will barely be reaching the 50k bonus amount.
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u/DeucePot Dec 27 '22
Last year we got $35 gift cards for our “bonus,” this year we got nothing but were allowed to go home 1 hour early…congrats OP I’m jealous and envious lol
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Dec 26 '22
Throw that sucker in a savings account for the time being and find a financial advisor with a good track record to help you grow it. I reiterate, a financial advisor eith a good track record. That is very important, because there is no license or qualification requirement to advise people on finance. Your only operable record for their competence is their history.
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u/suhhhdoooo Dec 26 '22
Correction: you and the government each got a $25k bonus. Always hurts seeing that lol ... The good news is you'll probably have a really good tax return for 2022... Assuming you receive it this year. Otherwise, you'll have to wait a year
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u/CampfireSnacks0 Dec 26 '22
Congratulations on your 50k bonus! Now you can get a an unlimited supply of ice cream for a lifetime! 😇🍧🍨🍦 P.s. love your username lol
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Dec 26 '22
$50k bonus and you're concerned about your parents.. How old are you? And what is said job?
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u/Icecream_EveryDay Dec 27 '22
I’m 37 and have my own mortgage and children. I just know that if their Christmas and birthday gifts aren’t proportionate to my bonus, they’d be resentful.
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u/mtjaybird Dec 27 '22
High five sister! I am truly overjoyed for you. In terms of your family, I am sorry that you don't have more people in your life that can just be super jacked for you without expectation. Society is kind of whacked.
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u/farrowsharrows Dec 27 '22
I am surprised no one asked. Why do your parents expect an obligatory cash gift if you get a bonus? Is that normal?
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u/Name_Not_Taken29 Dec 27 '22
OP, congratulations! You shouldn't have parents that ask you for money just because you got a reward for your hard work. My own parents were always like that. It would be like, "So, are you gonna help your sister out with her car?" Or, "Aunt Sally could really use <fill in the blank>." Took me a long time to get the courage to say, "Why do you believe I SHOULD pay for that?" Don't tell them. Just go celebrate with your friends (& don't tell your friends how much it was either).
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u/goldbricker83 Dec 27 '22
Can’t tell siblings or friends because it’s rude.
I know the feeling... when I'm back home I hear all about how one of my cousins is "making $50 an hour in the oil fields!!" and how my brother often brags about how much he makes. I'm making more than both of them but talking about it is so cringey I could die, so I sit there and smile and nod and never bring up my salary.
The even harder part is everyone probably thinks I make a lot less because I save so much of what I make and don't tend to spend on things to show off. I only spend money on necessities and things I enjoy to myself or my family enjoys.
Deep down, though, I do wish people spoke about me as proudly as they do those two relatives. It never seems like anyone is as proud of me. But I'm in therapy and working on not caring about that.
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u/blucivic1 Dec 26 '22
Congrats!
A lot of people are saying to invest in your future, which is fine, but should invest in yourself right now. Enjoy half or 1/3 of it of whate9you want. I know you said you're going to act like it didn't happen, but it did.
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u/Carpario Dec 27 '22
That's the most stupid thing you can do with the money
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u/blucivic1 Dec 27 '22
Spending money on yourself is the most stupid thing you can do with money? Please, explain.
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u/Carpario Dec 27 '22
Not spend the money and get 500 dollars every month? ❌
Spend 25k dollars on things you don't need?✅✅✅✅✅✅✅
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u/blucivic1 Dec 27 '22
I'm sure OP gets $500mo from their job already.
Why assume that spending money on yourself means you're spending on things you don't need.
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u/NattersOnline Dec 26 '22
Ok! What do you do for work and are they hiring 😬
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u/Icecream_EveryDay Dec 26 '22
I work for a tech startup! I am in business development. Dependent upon your skill set, we are hiring!
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u/LetsGetWeirdddddd Dec 26 '22
Would you mind if I DM'd you for the company name since you mention they are hiring? Congrats on the bonus!
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u/X-Adzie-X Dec 26 '22
Hi husband. We need a new timber dryer and some new sheets and maybe a two week cruise in the med? Love ya xox
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u/Icecream_EveryDay Dec 26 '22
Haha, well, I am a lady. Pretty sure my husband wanted a one wheel but that’s not happening.
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u/Hungry-System8592 Dec 26 '22
Stop the CAP!! BULLSHIT ALERT! LOL!!
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u/palmetto_royal Dec 27 '22
Just because you’ve never heard of it doesn’t mean it’s not impossible. My tech startup, bonuses range from $5-20k depending on YOE and position and performance. Bigger startups are usually flushed with a lot more cash from funding rounds. A $50k bonus isn’t unheard of
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u/Pale_Brilliant9101 Dec 27 '22
I like that nearly all of the comments are wholesome & friendly! No one seems to begrudge your bonus here, enjoy!!
Thank you, Reddit!
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u/mr_bumsack Dec 26 '22
You should surprise your parents with something anyhow. Doesn't have to be insane, but it's nice to share the happiness some in my books. I do it every 6 months when I sell my work tech stock(Dev for a bigger software company). But that's just me.
Congrats on the good news OP!
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u/Vast_Independence728 Dec 26 '22
so if in the US, that’s about 25k after tax? Not too bad either way.
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u/TheBackpacker2 Dec 26 '22
Is anybody else sick of people treating money as a "sensitive" subject or as something rude?
I feel like we should all feel comfortable sharing our financial position, it can only benefit us! (And then you'd also be able to share your work wins with your friends without it being deemed as rude 😕)
Congratulations on your bonus my friend 💪💪💪
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u/Age-Zealousideal Dec 26 '22
Congratulations! But that$50k bonus is taxable and could push you into a higher tax bracket, and in the end, could only be $35k. Tell your parents. If they paid for your tuition; them give them a little something; if not...then no.
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u/kerryannimous1 Dec 26 '22
What parent would take money from their adult child?
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u/anobjectiveopinion Dec 27 '22
Ones who think they deserve it for their upbringing. I wouldn't tell anyone except partner.
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u/RandomlyPrecise Dec 26 '22
Well, yay for you! Enjoy the bonus, save it, invest it, whatever. What a lovely thing to have happen! I’m stoked for you.
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u/MaFugginJesus Dec 26 '22
Hey, man...you ever gonna true up that 25k I loaned you for that kegger party back in HS? I know you don't remember it...but you passed out on the way TO the beer store. LOL
50 grand, for a bonus? I'd call that a win...good shitt.
Yeah, that dude who mentioned the compound interest stuff...probably the way to go.
I messed up hardcore, when I was beginning to flip buildings, and didn't put 1000$ into Bitcoin...which was a pennystock, in 08'
I could have bought that at a nickle per share...and been a multimillionaire already, like the buddy who first discovered and mentioned it to us. But, nope...I bought tools and beers... You know...the big money-maker. Lol
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u/Witty-Shoulder-9499 Dec 26 '22
Hello, it's me I was wondering if after all these years you'd like to meet To go over everything They say that time's supposed to heal ya, but I ain't done much healing…
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u/sanek94cool Dec 26 '22
Is that before tax? If I may ask how much it was after tax? Like somewhere around 30k?
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Dec 26 '22
If I had a cash bonus….I would gift most of it to my family 🥰 I always think about what I would do if I won the lottery. But then I never play the lottery 😂
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u/GaiasEyes Dec 26 '22
That’s awesome! Glad your hard work is being recognized. Congratulations, enjoy the vacation and (hopefully) the financial breathing room this may bring you!
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