Reddit reviews Warren Buffett and the Interpretation of Financial Statements: The Search for the Company with a Durable Competitive Advantage

Warren Buffett and the Interpretation of Financial Statements
www.amazon.com/dp/B001ISOQI0

Wow...that's awesome! That's a CRAAAZY increase in income!
Congratulations! You're definitely very blessed to be in this position. Some people never even make $150k/yr, and you just made that in an increase! Good for you!

So since you stated that you're fairly knowledgeable about personal finance already, I'm sure that a lot of the advice you'll receive or read - you already know. The HARDEST part sometimes...is actually DOING what you read.

So with that being said - why do you still have a car loan if you make $150k/ year?
If I were you - I'd use part of this $150k increase and pay off that loan right away! You can afford to do it - so get rid of it. Why pay interest on an asset that is DEPRECIATING in value everyday? That makes no sense. So get rid of the car debt like it was an STD! hahaha.

I don't know how old you are, if you're single, married, etc.
But next I'd figure out what my life goals are. I'd ask myself these questions:

1. What are the big ticket items I want to do in the next 5,10,15 years? (buy a house, get married, have kids, travel, rental properties,etc...)

2. What do I want to do in my retirement?

3. How much will my lifestyle cost me in my retirement?

Once you have the answers to those questions, plan backwards to meet these goals.

So let's say for example 5years from now you wanted to buy a house. Let's say the house costs....hmm..I dunno...$300k(for simplicity sake)

I'd work back and say "in 2.5 years, I should save up $150k(half of it), in a little over a year, I should save up around $75k"
So basically work back from the 5 year date and set milestone dates to hit along the way.

I would be thinking ..."If I could keep my expenses low, and live like I didn't get the increase, then I could save my $150k pay raise each year and be able to pay for a house in cash" (I'm assuming that the $150k is before taxes, so you won't be saving $150k)

You're in a very unique position to set yourself to never have to worry about money again in your lifetime.

So use this opportunity to

1. Plan first
   
   
2. Then take the appropriate steps to reach your goals
   
   Invest your money wisely, make smart, well informed decisions and you'll be fine.
   
   One book I read that helps me make great decisions when it comes to investing in stocks is :
   
   Warren Buffett and the Interpretation of Financial Statements
   
   http://www.amazon.com/Warren-Buffett-Interpretation-Financial-Statements-ebook/dp/B001ISOQI0/ref=sr_1_1?ie=UTF8&qid=1416420542&sr=8-1&keywords=warren+buffet+competitive+advantage
   
   Great book that teaches you how to evaluate a company to see if it's really a good company to invest in Warren Buffett style!
   
   He's one of the wealthiest men on the planet - so why not learn from the best.
   
   All the best and again..congrats on that amazing job offer!