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As appraisal season approaches, securing a salary increase presents a significant financial opportunity that requires a strategic approach to making optimal use of the additional funds.
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Focus on paying off high-interest debts like credit cards to save money and open up financial resources for other goals.
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Set aside a reserve amount equal to three to six months of living expenses in an accessible emergency fund.
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Set Up An Emergency Fund
Increase contributions to your retirement account, taking advantage of compound interest for long-term financial security.
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Diversify investments across different asset classes such as stocks, bonds, real estate or mutual funds to reduce risk.
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Diversifying across different asset classes and exploring long-term investments can potentially increase wealth.
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Use budgeting tools to monitor income and expenses, continually assess progress, and make necessary adjustments.
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