You just received notice that you will be receiving a bonus of $10,000 on December 1. What should you do with the money?
Current situation:
You want to go on vacation to Hawaii at a cost of $2,500 so you can enjoy your bonus.
You have a credit card bill with a $5,000 balance accruing interest at 22%,
You have a car loan of $7,500 with interest at 5%
You want to buy Christmas presents for $1,500
Rent is due in the amount of $1,800
You want to put money away for retirement.
Please write a recommendation on how you should allocate the funds.