S1|E21: Is The 13th Month A Bad Idea?

Subscribe to our podcast here: https://podcasts.apple.com/us/podcast/life-money-you-podcast/id1636521227Or on Spotify here: https://open.spotify.com/show/4b3Dxfj0oZHqTaWWvI6vIWOr on Anchor here: https://anchor.fm/life-money-youFollow us on LinkedIn: https://www.linkedin.com/company/81923545Visit our website here: https://www.bcu.org/Financial-Well-Being/Life-Money-You/My-LMYTheme music provided by BenSoundA thirteenth salary, or end-of-year bonus, is an extra payment given to employees at the end of December. Although the amount of the payment depends on a number of factors, it usually matches an employee's monthly salary and can be paid in one or more installments (depending on country). The thirteenth salary is most prominent in Latin America, where this payment is mandatory in most countries. In countries where the bonus is required by law, all employees usually receive it if they have worked for the company for a certain required amount of time. However, freelancers and contract workers are often not entitled to receive the 13th-month pay. Employees who have not worked for the company for a full year often receive a pro-rated amount.What Is Financial Wellness?Financial wellness is a state of financial well-being in which you can manage your bills and expenses, pay your debts, weather unexpected financial emergencies and plan for long-term financial goals such as building college funds and saving for retirement.The U.S. Consumer Financial Protection Bureau defines financial wellness — also known as financial well-being — as “the feeling of having financial security and financial freedom of choice, in the present and when considering the future.”Financial independence is the status of having enough income or wealth sufficient to pay one's living expenses for the rest of one's life.#financialindependence #financialfreedom #financialindependenceretireearly #money #firemovement #financialeducation #financialliteracy #financialcoachingLife. Money. You.® | Helping people discover financial freedom with one-on-one coaching and digital solutions. | Subscribe @ LifeMoneyYou.com Today