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What To Do With $1,000 Now (2017 Update)

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What To Do With $1,000 Now (2017 Update)

Hello Sophisticated Spenders!

In November of 2011 I wrote post that went a little something like this:

This months money magazine had an article titled What To Do With $1,000 Now.  (Assuming you don’t have any credit card debt!) Here are some of the things they suggested.  Please tell me in the comments below which item you would most likely do!

1- Buy a MacBook air…With a better credit card.  These computers are awesome! I second that motion.

2-Make sure you have enough life insurance.

3-Set up a starter portfolio:  Here are the stocks they suggest-$300 in Schwab US large-cap etf SCHX; $200 in Schwab US small-cap etf SCHA; $200 in Schwab international equity etf SCHF; $300 in Schwab US aggregate bond etf SCHZ.

4-Save it! Discover banks online savings account has had the highest rate for the past two years. (It’s currently 1%)

5-Career Makeover #1: They say better dressed folks make an extra $250,000 during the course of their careers! So pick up a nice suit.

6-Career Makeover #2: Continuing Ed or go back to school.

7-Show Your Heart Some Love: Buy a new treadmill.

8-Improve Your Sleep: Buy a new mattress that keeps your hips and shoulders from sagging. They suggest trying out your new model in the store for at least 15 minutes.

9-Get OnStar FMV: Now you can get OnStar “For My Vehicle” so that you can get all the bells and whistles that the GMcars receive.

10-Put Your Estate Plan in Order: A $50 software package will do if your finances are simple. Suze Orman also has a Will & Trust kit online. And she periodically offers it for free for her viewers. (Make sure you are following me on twitter so you’ll know when she does it again). If your finances are complex, you may want to pay a pro!

I would most likely to start the Schwab portfolio or dress for success-who wouldn’t pass up an excuse to go shopping!

sophisticated spender

It’s time for an update.

I picked #3 on that list.  I set up a starter portfolio with the 4 suggested funds.

But I was a wimp.  I only invested $545.73 into said funds.

Can you guess where they are now?

They are now worth $781.02.  Not bad huh?

I have other portfolios but this one was just a test.

 

Let’s cover the rest of the list:

1:  My MacBook Air is still going strong.  Pretty solid investment.  Although, my disk is currently full and haven’t updated to the latest operating system because I need to delete a few million files.

2: Life Insurance:  I actually met with an agent last week.  He’s pretty amazing.  He gave me forms to fill out and I’m getting those to him tomorrow.

3: Starter Portfolio: see above.

4: Save it!  The sewing business has put a HUGE dent in my emergency fund.  I am rebuilding it right now.

5: Career Makeover #1-Best dressed:  My wardrobe is pretty awesome since I started my “No Buying Clothes for 1 Year” Challenge.  I make all of my clothes (mostly dresses).

6: Career Makeover #2-Continuing ed.  I started my sewing business Sip And Sew Old Town.

7: Heart love:  I actually have a metal device in my heart.  I continue to teach Zumba and INSANITY to stay healthy. (Need to work on my bi-polar eating habits.)

8: Sleep:  I totally need a new mattress.  I don’t even know how long I’ve had this one.

9: On Star: I believe this service is pretty outdated.

10: Estate plan:  I have NOT done this either.  I will work in this too.

They totally should have put travel on this list!  You’d be AMAZED at how far you can go with ony $500! (Some of you spend more than that in 2 months on cable and cell phones)

What would YOU do with your $1,000?

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