1. Summer Salary and Other Windfalls.
- Author
-
K. R.
- Subjects
- *
WAGES , *SCIENTISTS , *PERSONAL finance , *FINANCIAL planning , *FINANCIAL management , *DEBT , *EXTINGUISHMENT of debts , *RETIREMENT planning - Abstract
The article focuses on the salary received by academic scientists during summer in the U.S. It compared summer salary with other unexpected income, such as income tax refund and inheritance, which are not difficult to spend. The salary could be used to repay consumer debt or education loans, but financial advisers recommended that the salary be put into savings and as payment for debt. The also suggests contributing at least a part of the summer salary into the retirement savings plan or to Roth Individual Retirement Arrangements.
- Published
- 2006