Yesterday morning, the controller at my place of work called to give me the news I’d been expecting all month. They’re processing my very first incentive program payment. To give you an idea of why I’m bouncing off the walls at three in the morning, the amount is just slightly less than my annual salary, and much more than I anticipated. They’re cutting the check next week! This will, by far, be the largest amount I have ever received in a single check in my life. I’m all tingly. Heh.
My controller and his assistant spent about thirty minutes with me going over the tax implications, which are significant as I will be thrown into a higher bracket. I was also advised to consult with my accountant, who I already called and have an appointment to see on Thursday.
Although I will receive a payout this time every year going forward, the amount will be different each year as it is indexed to the corporate profits of the previous year.
I am extremely financially conservative which, regardless what anyone will tell you, pays off in the long run. When I do spend a significant amount of money, it is only after I have agonized over it for months, sometimes years, and haven’t ultimately talked myself out of it. For the first time, however, with the amount I’m going to receive, I feel I can let my hair down a little and not over think it, for once…yes, yes, realizing that by typing this post I am doing just that.
There’s a lot I could do with the money, I guess. I don’t really need anything, and I have no debt other than my mortgage. My accountant will, no doubt want me to sink the lion’s share into some tax deferred hole for the next twenty years.
So, what would you do if you came into a significant, although not quite life-altering, amount of moolah?
