Bette McTamney
Bette McTamney
4092 Skippack Pike, P.O. Box 880  Skippack, PA 19474
Phone: 610-584-1160 1505 |Office Phone: 610-584-1160 | Fax: 267-354-6985
Cell: 610-256-9619 | bmctamney@remax440.com

< Back to My Blog

5 Smart Things to Do with $1,000

July 6, 2016 1:13 am


It’s a great feeling: you received a hard-earned bonus at work, or an unexpected gift from a relative. The impulse to buy something you pine for is strong.

Before you spend that $1,000, think what it can help accomplish if you take one of these five steps, say investment advisors at the Motley Fool:

1. Create an Emergency Fund – Statistics say 62 percent of Americans have less than $1,000 in savings—not nearly enough to pay for emergencies. If you’re one of them, take that $1,000 to the bank and crank up your emergency fund. You’ll feel a lot better when you find your car needs repair and you don’t have to haul out the plastic!

2. Pay Off Debt – Carrying credit card balances wastes money on interest payments, affording you less spend-able cash. Use that $1,000 to pay down debt, which may also improve your credit score—ideal if you need to borrow money or apply for a home loan down the line.

3. Save for Retirement – Add that $1,000 to your 401(k), IRA or savings account. Those in their 30s who invest it in stocks could generate an average annual return of 8 percent—or, if you put it into savings, could grow it to $15,000 by age 65.

4. Invest in Your Child’s Education – While student loans are an option, the less debt your kids take on, the better positioned they’ll be to start adulthood on financially solid ground. If you’re on track for retirement, have adequate emergency savings, and aren’t carrying credit card debt, put that $1,000 in a traditional brokerage account, a 529 or another type of college savings plan.

5. Invest in Yourself – If a degree or certification stands between you and a promotion and a raise—or if you plan to launch a side business or a new career—put that $1,000 windfall into making your dream a reality.
 

Published with permission from RISMedia.





Copyright© 2017 by  eWebEngine - A Division of Lone Wolf Real Estate Technologies
Powered by Lone Wolf - Real Estate Technologies
Each RE/MAX office is independently owned and operated Equal Housing Opportunity
RE/MAX 440, PA
Agents Only