what would be wise to do with alittle over $5000.00 dollars?

Question

Next month my sisters and myself are to receive almost 6,000.00 dollars each from an aunt of our who is deseceased. I want to make the right moves and spend the money wisely,but also want to have alittle fun too. I know I will pay off some bills. One of my sisters is going to get herself a car well she will have a good down payment on one. I want to make good choices it's not like I get this kind of money on a regular basics. Please give me some ideas.

Answer 1

I say put it all in an Income Mutual Fund that pays out Dividends Monthly...Depending on the fund you probably only get from $5-$30...You would have to do your Research on the funds...Invest in some books...your Mind is your greatest asset.
I have put money in my Income Mutual Fund, I only had $3000 for along time in it...I got about $12 a month. I kept on with investing $100, $50, $500, $826.43, etc.... just Random amounts to help it grow. Specially the day after the dividends are dispersed, because the Price drops equal to the per-share dividend amount. So i was able to get more for my $50 or however much I invested. If you are Investing for 7+ years ups and downs in the market are not that important compared to the overall goal. Again get some books about it and make yourself more knowledgeable so you can make the right choice.
One way I think about it is this; I have $6000 in the Income Mutual Fund account I get extra money every month that I don't have to work for...even if it is only $30 or so...and if for some reason there is an extreme emergency, i will have the money there I can liquidate in a day--if it is a business day--and not have to go out looking for money, like some people on Yahoo! Answers do..."Can someone give me $100?"... stuff like that.
You can continue to make smaller contributions each month, and if the need arises you can even loan money against your Mutual Fund, using it for collateral, so you can keep your money and still earn dividends on it, which the dividends would help you pay off the loan anyway. If you want to plan for the future you should look into investing in general. I would suggest Income mutual funds.

Answer 2

Stair step or ladder CD's...This is your chance to get a feel for locking up money for finite periods of time. 6 mo CD for $1K, 1K 9 mo, 12 mo $2K, 24 mo ....and then we the money starts coming due you have more than started with and you might have learned a little more about investment opportunities and Mutual funds.

You'll have money coming due all the time...Its a great feeling

Answer 3

Spend 10% for a nice getaway
20% to pay the bills
20% retirement
20% to buy savings bonds (doubles in 10 years)
30% put away in savings

Answer 4

1. Credit card debt.

2. Car payments (if any)

3. House mortgage

If not in debt then with 5000 dollars you can invest or put it on online bank... Heres one-

Answer 5

Invest half of it in stock market and go for vacation to Hawaii or Mexico for another 3 grant.

Answer 6

I say pay off some if not all of your debts and then use the rest for a trip at the mall

Answer 7

I'd pay off some credit card debt, invest some of it and take a trip somewhere. You only live once!!!
Here's a clue..."Bon Yorno"

Answer 8

whatever you do please open a savings account or add some to whatever you already have [$1000] and let it earn some interest. the rest you should use that as a down payment for a new house.

Answer 9

Go for a dream vacation, buy some good shares

Answer 10

use 90% to buy gold when the price is low & spend 10%