Hello Penny Hoarders! I was recently blessed with a job offer at an international global company that is in the fortune 750 club. My salary will increase will be 42.5K. I wanted to know how to deal with the new income? I have no emergency fund, several maxxed out cards and little 401k. I would also like to invest using Fundrise. If anyone can give me any guidance or been in my shoes I would be so grateful. Thank you everyone!

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Try creating a budget plan to set a certain amount to be used for debt repayment, your emergency fund, your retirement fund, and investing. I would focus on allocating the largest portion of extra money to paying off your Credit cards first. 

I would recommend some type of plan, whether it be a budget, money tracker, or just a goal list to start. I actually would do Fundrise first because, unless it's changed, the minimum to invest was pretty low for it being real estate. Then you'd have a passive income source coming in that would give you more income to build with than just your regular salary. Then I'd focus on an Emergency Fund while working on the credit card debt, just because the credit cards could be consolidated or you could find a lower rate while emergencies can strike any time. 

Congrats on your new position! I would focus on all that credit card debt. You are probably paying hundreds in interest a month.  After that then you get your 401k to 15% or so.  Then you can get involved with fundrise. I don't use it and have stayed away until I understand how it will affect my federal taxes.

@E Allen I never thought about how using would affect my taxes. That is something I'll need to look into as well. The credit card debt interest is killing me. Thanks for the tips/advice!

What a great problem to have!  I would start with knowing how much more a month that gives me. Then I would earmark a certain amount toward paying off debt, adding to my 401, and emergency fund. Each month I would invest a small amount in a suggested investment. Don't forget to give yourself some fun money to enjoy! That is also important, as you earned it.

Work on paying off credit cards.  Start by paying one completely off if you can. The interest you won't be paying every month will be like getting another raise.  Contribute to your 401K.  You'll be glad you did when you retire. I don't know what Fundrise is.  But I'd like to learn!  And spend and/or set some aside for yourself and do something you enjoy. It doesn't have to be a large amount. Congratulations!

congratulations!! I would concentrate on paying off the credit cards first.  the interest is too much, it's like you are giving away money.  Once the credit cards are paid off concentrate on contributing 3% to your 401K. then start putting away money for the emergency plan. there are so many hiccups in life, therefore do the best you can in each area. you'll reap the rich rewards in no time.  Wishing you the best.

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