What to do with $1000

[louthechris]

So if you've got a thousand bucks lying around..... what would you do with it??

I'd pick it up.

[pyotr]

Send it to my paypal account - my e-mail is in my profile. Thanks a bunch lou.

seriously Louthechris, it really depends on your situation...do you have any kind of a "safety net" fund of cash to help you in emergencies? how 'bout debts? you might want to take care of some of those.

me personally, right now, it would go into my house downpayment fund.

[autoxer]

Originally Posted by louthechris

So if you've got a thousand bucks lying around..... what would you do with it??

Set some goals, then it won't be just lying around. What do you want? a car, a house, an education, a retirement, less debt?

[slimcustomer]

If I fit into the field of membership for this First Commonwealth FCU, I would put my money in one of their 10% cds.

[PrincessPerky]

My oersonally I think I would put it in ING for my 'emergency fund'.

or if I was happy with that balance I would send it to the house, well maybe split it half for the house half for a future (bigger) car.

Hmm now that I am done being selfish it owuld be nice to send some to the church...

[Ima saver]

I would pay down the principal on the land that I have a mortgage on!

[Broken Arrow]

Originally Posted by pyotr

Send it to my paypal account - my e-mail is in my profile. Thanks a bunch lou.

In case you missed it, that's "brokenarrow@paypal.com".

What?

Seriously, if we're talking about the first steps forward, and if I had credit card debt, I would pay that first. If I don't, I would use it to start up an emergency fund.

[abowers]

I would pay down my worst CC debt, and put the rest in my ING account until closer to the end of my 0% 12 month period on my other CC, then pay that one off.

[msnln]

Depends on your financial condition but with my first $1000, I bought a mutual fund. Granted this is going back some 17 years but that was the best decision I had made as that put me on the road to investments and that has paid many times over. I think there are a few mutual funds that still have $1,000 minimum and if you are young, you should go with midcap growth stock fund, or Russell 2000 Index Fund.

[TBH]

I can't ever make myself put windfalls all in one place. I always split them up between retirement savings, long term savings, short term savings, college savings, and a little mad money to blow. That means even good-sized windfalls don't really have much of an impact in any one area, so it can be a little unsatisfying to spread it around like that, but I just have too many competing savings goals to put it all in one pot.

[Ima saver]

You really should chose just one thing to use the money for. I bought a piece of property about a year and a half ago and financed it. My goal is to pay it off as soon as I can. I started off owing $64,000 and by putting all my extra money towards it, the balance is now below $30,000. I still have a long way to go but I have saved a ton in interest!

[asha]

10% donate, 90% into the mortgage

[getforfree]

Would I have to pay tax on it?

[boomeyers]

Good question, getforfree! I would pay off some debt, go to dinner and put the rest in a EF.

[rob62521]

Put in our Roth IRAs!

[vsjhoc]

Originally Posted by getforfree

Would I have to pay tax on it?

Certainly. The IRS considers it "income". So your grand may be only $6,500. Then there may be state taxes which reduce it further ... Still, it's nice to think about what you'd do with a chunk of change.

[vsjhoc]

Originally Posted by claire

I can't ever make myself put windfalls all in one place. I always split them up between retirement savings, long term savings, short term savings, college savings, and a little mad money to blow. That means even good-sized windfalls don't really have much of an impact in any one area, so it can be a little unsatisfying to spread it around like that, but I just have too many competing savings goals to put it all in one pot.

Claire - I like your diversification strategy.

vsjhoc

[Ima saver]

I would love for a grand to turn into $6500!!! That is a good deal!