Ways To Handle Extra Money From Work Or Something Else

It can be key to a semi-retirement strategy

If you're methodical about semi-retirement as a lifestyle, not just a work arrangement, you need to have a plan for everything. This includes coming into extra money, whether it’s unexpected or from a (potentially also unexpected) solid week or month of work.

I already have a loose vision for how I’ll allocate my Social Security payments. And I’m only 48.

I can be weird like that.

Extra money is anything above what you’re already—regularly—living on and saving.

I recently got a new freelance gig, writing personal finance and investing content for a large media outlet. That’s extra money. I have a—flexible—plan for it. Given my near-term goals and objectives, it’s an immediately important issue. However, as a freelancer especially, it always matters because, your worst month could follow your best month.

In today’s post, we detail the way I view and handle extra money with the clearest of clear examples. In the post after today’s, we’ll expand the scope and consider the touchy and sometimes controversial subject of inheritances.