Did a thousand dollars just fall into your lap? Or have you been saving up your money, but your not sure what to do with it? Either way, lucky you! Now comes the time to decide what to do with this money. You have several options, and the one that is best is ultimately up to you.
Go out and have some fun. Buy a new TV. Put it towards a vacation. Treat your family to a nice meal. You only live once, so use the money to have a good time. We are sure that you will have no trouble finding something worthy to spend all of this money on.
Start A Business
If you are a bit more practical, and have always wanted to start your own business, you now have the capital to get it off the ground floor. Get the supplies that you need, start putting together some marketing materials, have a website made, and start advertising. There is plenty you can do to start a business with only a thousand dollars, as long as you make smart decisions. To help you out, here is a quick guide for starting a business with only a thousand dollars.
For those of you that want this money to grow, investing it may be your best option. If you don’t know anything about investing yet, it would behoove you to learn about the different ways to go about it. For example, you can buy stocks, bonds, currency or real estate. Each one offers its own rewards and challenges, so you need to decide which suits you best. Here are some resources to help get you started:
If you don’t want the risk that comes with investing, and are willing to wait a little longer for a return, then you can simply put your money into a savings account. For example, putting your money into a CD will give you a small interest on your return after a period of time, provided you do not touch the money early. We recommend calculating how much of a return you will get before you put it into a savings account, to ensure that it will be worth your time.
A savings account is a good idea if you know you will be needing money for something in the future – like college tuition or retirement. When that time comes around, you’ll be happy that you put this money away and allowed it to grow over time.
Pay Off Your Debts
Doing the responsible thing and paying off your debts with the money may not sound like the most fun option, but it may be the best. Debts have a way of piling up if you don’t pay them off quickly, so using this money to get rid of a chunk of your debt would be a great idea. You’ll not only lower the amount of money you owe now, but you’ll collect less interest on the principal.
Lastly, if you’re feeling generous, you can simply donate the money away. There are a ton of organizations out there that could really use the money, and you’ll feel great about yourself when you donate. As an added bonus, you can write it off when tax season rolls around.