<prompt> Human: Ive been doing administrative work for the same small business for about 5 years. Last year I made 37k and generally live paycheck to paycheck. I have a 1,000 emergency fund but thats it. Today I decided to ask for a raise but my boss gave me a promotion instead that is.going to effectively double my income. Ive never had anywhere near this much money and have no idea what to do. How much should I save, invest, etc? Im writing this on mobile on my lunch break so if you have questions for me it may take me a while to respond. Thanks in advance.  <response>: Its important to distinguish between getting paid twice as much, and having the opportunity to make twice is much through commissions. You said youll be making the same amount, but with potential for commissions. Keep in mind that commissions will largely be dependent upon the work and effort you put int, and not guaranteed. As most others have said, keep living your life like you make 37kyear. Pay off all outstanding high interest debts, put the highest amount that your employer will match into your 401k monthly, and put the rest into savings until you build up a respectable emergency fund. Then, contribute as much as you can up to 5500 to your IRA for the 2015 tax year. 