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 (find out how much you need at lifehappens.org).
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. (See article for suggestions for men vs women!).
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!
Time flies when you’re having fun!
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?
Well I wish I’d invested more because the starter portfolio is now worth $678.96 (a gain of $142.23 which is 23%).
I also need to complete items 2 and 10 on this list too! I have no excuse, just laziness here.
I’d also add an additional item to the list. Career Makeover #3-Start your side hustle or small business. It’s #HustleSeason yall (yes this is a thing). So NOW is the time to start.
I have a few friends who are in a Fiverr Side Hustle Challenge. Click here to find them and get some free Fiverr credits!
I can’t tell you what to do with your money but I will make suggestions and share what I do with mine.
I’d like to know what you’ve done or what you’d do with $1,000 now!
4 thoughts on “What To Do With $1,000 Now (Update)”
I would probably do #3 as well or start a side hustle, if I didn’t have any credit cards.
What type of side hustle would you start? There are free side hustles you can start too!
I would do number 3. I need to get some more suits ASAP.
Good idea! Who wouldn’t pass up a chance to go shopping! I think it makes a difference. And you better hit up Jos A Bank before they get rid of their buy one get 2 free sale. Lol