Getting a raise is a very exciting time for all of us. We start picturing all the new things we can purchase or do with our newfound wealth. We can increase our lifestyle, buy more things, give more away, and the list goes on. We financial advisers certainly get asked the question constantly of what people should do with their raises. Good news for you: I am quite opinionated here and have seen this play out thousands of times.
I call it the holy trinity of getting a raise, as I believe there are three things we should do any time you get a meaningful raise. I won’t speak to percentages, as that is pretty specific to one’s unique circumstances. However, I will suggest you put real resources into three buckets.
