sdfernando
(421 posts)
Send PM |
Profile |
Ignore
|
Wed Jan-30-08 03:25 PM
Original message |
I just paid off my credit card!!!! |
|
Edited on Wed Jan-30-08 03:29 PM by sdfernando
Have no home loan (I rent), no car loan. Now no credit card payment. Just monthly expenses now and a tidy sum saved in the bank. What should I do with the extra $500.00 a month I now have available?
|
soleft
(1000+ posts)
Send PM |
Profile |
Ignore
|
Wed Jan-30-08 03:27 PM
Response to Original message |
bluestateguy
(1000+ posts)
Send PM |
Profile |
Ignore
|
Wed Jan-30-08 03:27 PM
Response to Original message |
2. Give it to our nominee |
|
Who will hopefully be known before the Convention.
I'm in a similar situation; very close to paying my CC's off, which will free up hundreds of dollars a month. I can't wait (and I pray for no emergencies).
|
rsmith6621
(1000+ posts)
Send PM |
Profile |
Ignore
|
Wed Jan-30-08 03:28 PM
Response to Original message |
3. Save It and Buy a Home... |
|
.....when the market settles down.
|
sarge43
(1000+ posts)
Send PM |
Profile |
Ignore
|
Wed Jan-30-08 03:28 PM
Response to Original message |
|
You got alone without before.
|
hobbit709
(1000+ posts)
Send PM |
Profile |
Ignore
|
Wed Jan-30-08 03:28 PM
Response to Original message |
5. I definitely wouldn't put it into the stock market. |
demnan
(1000+ posts)
Send PM |
Profile |
Ignore
|
Wed Jan-30-08 03:28 PM
Response to Original message |
6. Save for a home of your own |
|
The way prices are falling you should still get a good deal in a couple of years, after you bank about 10K for downpayment and closing costs, etc.
n/t
|
sdfernando
(421 posts)
Send PM |
Profile |
Ignore
|
Wed Jan-30-08 03:32 PM
Response to Reply #6 |
10. Will probably do that |
|
But I live in San Diego, and even with the recent price declines a home is still out of reach at this point. 10K won't do it here for a down payment. Luckily I've got more than that saved now, just need to grow it a bit more. In a few years, when prices are normalized again I should be in a great position to buy.
|
Rydz777
(1000+ posts)
Send PM |
Profile |
Ignore
|
Wed Jan-30-08 03:30 PM
Response to Original message |
7. Congratulations. Save. |
physioex
(1000+ posts)
Send PM |
Profile |
Ignore
|
Wed Jan-30-08 03:37 PM
Response to Reply #7 |
|
Maximize your 401K. And invest your money some in stocks, and money market. You need to have cash as a buffer incase of an emergency loss of job, health, unforseen expenses. Save to buy a house. I know the housing situation is a mess now but a house is a good investment. And when you do buy a house make a 20% down payment on a fixed mortgage.
|
jaysunb
(1000+ posts)
Send PM |
Profile |
Ignore
|
Wed Jan-30-08 03:31 PM
Response to Original message |
Warpy
(1000+ posts)
Send PM |
Profile |
Ignore
|
Wed Jan-30-08 03:31 PM
Response to Original message |
|
Check the rates they're paying and make damned sure they're insured.
Keep 6 months of liquid cash in an insured savings account in case something horrible happens.
2 years from now, you'll be in a position to think about diversifying into something else that will pay a little more than CDs.
Congratulations on kicking your debt to the curb! That's a really big deal these days!
|
Art_from_Ark
(1000+ posts)
Send PM |
Profile |
Ignore
|
Mon Feb-04-08 10:49 PM
Response to Reply #9 |
23. Sounds like a good idea |
|
Edited on Mon Feb-04-08 10:50 PM by Art_from_Ark
Short-term CDs and 6 months' worth of quick cash in an insured savings account
|
Debi
(1000+ posts)
Send PM |
Profile |
Ignore
|
Wed Jan-30-08 03:36 PM
Response to Original message |
|
I'm close (holiday and campaign spending) and then will only have mortgage and monthly expenses!
My advice - 1/2 in an easy to access savings and 1/2 in CD or some other higher interest account.
If you do want to buy stocks - see a broker about what will endure this market. It may be a good investment for later down the road :shrug:
|
NMDemDist2
(1000+ posts)
Send PM |
Profile |
Ignore
|
Wed Jan-30-08 03:36 PM
Response to Original message |
|
I'd just save most of it. if you have been living tight to pay it off, give yourself $100 to play with and save the rest.
|
ordinaryaveragegirl
(853 posts)
Send PM |
Profile |
Ignore
|
Wed Jan-30-08 03:37 PM
Response to Original message |
|
And there are many ways:
*Put it towards a secure investment for your future, such as retirement, or a down payment on a house.
*Use it for educational purposes (additional courses, etc.)
*Use some or all of it for charitable purposes. There are many worthy charities out there, and one (or more) is sure to share your ideals.
*Start a rainy day fund...and reward yourself for all of your hard work to pay off your debt. Taking a trip or buying something special, credit-free, is a great way to pat yourself on the back for a job well done.
WTG on paying off your debts! :applause: :woohoo: :thumbsup:
|
Sancho
(1000+ posts)
Send PM |
Profile |
Ignore
|
Wed Jan-30-08 03:45 PM
Response to Original message |
|
Don't invest it all in one place! Diversify!
|
nashville_brook
(1000+ posts)
Send PM |
Profile |
Ignore
|
Wed Jan-30-08 03:50 PM
Response to Original message |
16. $500 a month will make a nice "freedom account" -- we need at leaast a 6-month |
|
freefall fund just in case we lose a job, get sick or what have you.
congratulations!
|
tuckessee
(1000+ posts)
Send PM |
Profile |
Ignore
|
Thu Jan-31-08 12:32 PM
Response to Reply #16 |
|
Having a minimum of savings to cover at least six months of expenses is the next step after eliminating debt.
|
TygrBright
(1000+ posts)
Send PM |
Profile |
Ignore
|
Wed Jan-30-08 04:24 PM
Response to Original message |
17. Why do you hate America? eom |
sdfernando
(421 posts)
Send PM |
Profile |
Ignore
|
Wed Jan-30-08 05:44 PM
Response to Reply #17 |
18. LOL...Its not that I hate America... |
|
Its that I love myself more. :0
|
ursi
(1000+ posts)
Send PM |
Profile |
Ignore
|
Thu Jan-31-08 03:52 AM
Response to Original message |
19. good for you, buy gold, or gold stock, or give it to a nominee as someone said! |
Doctor Cynic
(965 posts)
Send PM |
Profile |
Ignore
|
Thu Jan-31-08 12:18 PM
Response to Original message |
20. Tear up your credit cards, record it, and put it on youtube. |
Eurobabe
(1000+ posts)
Send PM |
Profile |
Ignore
|
Thu Jan-31-08 01:20 PM
Response to Original message |
AnneD
(1000+ posts)
Send PM |
Profile |
Ignore
|
Tue Feb-05-08 04:13 PM
Response to Original message |
24. Keep yourself off credit cards.... |
|
start saving 3-6 month emergency fund.
Then invest. Roth IRA's employee matched 401 K (just up to the % they match).
We are working to achieve that exalted state. We will be there in a few more years.
|
DavidMS
(1000+ posts)
Send PM |
Profile |
Ignore
|
Tue Feb-05-08 08:59 PM
Response to Reply #24 |
|
My thoughts are to set up an emergency fund (get some savings in ready cash) and also, start salting money away in a properly diversified investment account. Follow modern account theory and you should be relatively safe. Also remember your 401K/Roth IRA.
One other thing, celebrate!
|
DU
AdBot (1000+ posts) |
Sun May 12th 2024, 12:58 PM
Response to Original message |