What would you do with an extra $3000?
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From: Dahlgren, VA
Originally Posted by azmidget91
me id put towards this.....
Either pay off the credit cards, or put it in the bank...
I would pay off credit cards. Unless they are 0% interest and you are on time to pay them off before the deal expires and interest is compounded on. If they are 0% interest and you can have them paid off before it folds over to high interest, put your money in a CD or the likes with a 6%+ return.
Something else a lot of people will say WTF...
Always try to keep 6months to 1 years pay in the bank. This is what I'm currently working on right now. I hope by this time next year to have around 6-8months of my normal pay in the bank. I also in the mean time staying debt free except for my house note(unless I splurge and buy a viper).
Point is, when you have money in the bank, your stress level goes way down. It's nice to know that if something major happens, such as A/C in your house going out, engine or tranny leaving a dump, etc. that you have the money to fix it, and fix it right. Let's say your boss just pissed you off for the last time at work. You can just quit and know that with 6month-1year pay you have plenty of time to find a new job. Specially if you are debt free.
Also don't forget while you have that 6month to 1 year pay in your bank account you are gaining interest. Alot of banks once you reach a certain amount you get a 5-6% interest also. Of course, you have that much, you might want to look into investing it in other ways. 10%+ return is not uncommon. If you start early and invest right, you can be retired easily as a multi-millionaire before you are 40.
Which, if you have caught on, you know 10% is not uncommon return. If you have 1-2million invested with a 10% return, you are looking at 100-200k a year to live off of for the rest of your life.
I would pay off credit cards. Unless they are 0% interest and you are on time to pay them off before the deal expires and interest is compounded on. If they are 0% interest and you can have them paid off before it folds over to high interest, put your money in a CD or the likes with a 6%+ return.
Something else a lot of people will say WTF...
Always try to keep 6months to 1 years pay in the bank. This is what I'm currently working on right now. I hope by this time next year to have around 6-8months of my normal pay in the bank. I also in the mean time staying debt free except for my house note(unless I splurge and buy a viper).
Point is, when you have money in the bank, your stress level goes way down. It's nice to know that if something major happens, such as A/C in your house going out, engine or tranny leaving a dump, etc. that you have the money to fix it, and fix it right. Let's say your boss just pissed you off for the last time at work. You can just quit and know that with 6month-1year pay you have plenty of time to find a new job. Specially if you are debt free.
Also don't forget while you have that 6month to 1 year pay in your bank account you are gaining interest. Alot of banks once you reach a certain amount you get a 5-6% interest also. Of course, you have that much, you might want to look into investing it in other ways. 10%+ return is not uncommon. If you start early and invest right, you can be retired easily as a multi-millionaire before you are 40.
Which, if you have caught on, you know 10% is not uncommon return. If you have 1-2million invested with a 10% return, you are looking at 100-200k a year to live off of for the rest of your life.
Last edited by FATHERFORD; Sep 11, 2007 at 02:16 PM.
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From: Dahlgren, VA
Originally Posted by newmandl
I am sure the IRS is monitoring this site and you will be getting a W-2M form for miscellaneous income 
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From: Dahlgren, VA
Originally Posted by FATHERFORD
Always try to keep 6months to 1 years pay in the bank.
I'm working on this. I'm just impatient. I want my toys now. I've got about 3 months worth now. Not much but it's a start.
Originally Posted by turtle313
I'm working on this. I'm just impatient. I want my toys now. I've got about 3 months worth now. Not much but it's a start.
That's what I currently Have. I just got done paying off a everything but my house note all at once. Even my 0% credit card.
It's nice now seeing the bank grow at a very fast rate.
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From:
If you don't use it to pay off debt, use it for some type of vacation.
For $3K, you can:
Go SCUBA diving in Belize
Hike Machu Pichu in Peru
Go to Hawaii
Go on a 10 day cruise
etc
You only get to live once so do something life enriching & unforgetable.
KC-10 FE out...
For $3K, you can:
Go SCUBA diving in Belize
Hike Machu Pichu in Peru
Go to Hawaii
Go on a 10 day cruise
etc
You only get to live once so do something life enriching & unforgetable.
KC-10 FE out...
