I don't have any outstanding bills and I don't really need anything for my house.
Should I use the $2500 to pay towards my mortgage that will be paid off in less than a year.
Should I save it for baby stuff since my wife and I are hoping to conceive soon?
Should I just put it in the bank and forget about it?
What should I do?
2006-09-11 11:13:02 · 16 answers · asked by HappyHippo 1 in Business & Finance ➔ Personal Finance
Definitely pay it towards your mortgage ! Nothing means financial freedom quite like owning your home !! Pay it off as quickly as you can... and now each month after it is paid off, put that amount into a fund for easy access till you have approx 9 to 12 months income saved there for emergencies / maintenance of various different things. Then start a another fund, whether IRA or some other vehicle for investing and kick your retirement savings in high gear.
Don't forget to enjoy life too... having your home paid off will enable you to take a trip occasionally, or better yet,, start a fund for you upcoming child's future ! aaaaah you sound like you are doing well,,,keep up the good work and live happy ; )
2006-09-11 11:58:06 · answer #1 · answered by Kitty 6 · 0⤊ 0⤋
If you have a church you attend, I would recommend, if you feel led to do so, to give 10% of it to your church first before anything else.
If you have any debts at all that are $2500 or less, I would suggest paying them off. If you do not have any, put the money away for the new baby.
Have a great day!
2006-09-11 11:41:46 · answer #2 · answered by son-shine 4 · 0⤊ 0⤋
Las Vegas
2006-09-11 13:00:08 · answer #3 · answered by Grandpa Shark 7 · 0⤊ 0⤋
Seriously. Put it in a mutual fund that allows you to withdraw it if you need it. If you have an emergency and need to withdraw you might lose what you've earned but you still get what you started with. If not, you make a nice little profit for 0 effort.
2006-09-11 11:19:14 · answer #4 · answered by quickblur 6 · 2⤊ 0⤋
ING Direct is paying about 4.5% on savings and more on CDs. Beats that little interest from the bank but easier to get to.
2006-09-11 12:30:45 · answer #5 · answered by LaMorena 2 · 0⤊ 0⤋
That is a good problem to have.
In addition to what you just said, go to a casino and you could walk away with $5000. But also, you can loss it too. Hmm...
2006-09-11 11:17:49 · answer #6 · answered by hahagoodguy 2 · 0⤊ 0⤋
Use it to fund your Roth IRA for the year. If perchance you've already done that, save it for a few months, and use it to fund your Roth IRA for next year.
When you get "old" and eventually cash it in, everything you get is TOTALLY TAX FREE!!!
2006-09-11 11:27:00 · answer #7 · answered by Carlos R 5 · 2⤊ 0⤋
Open a forex (foreign exchange) trading account. The money will be gone in not ime.
2006-09-11 14:20:46 · answer #8 · answered by WoodyBretton 3 · 0⤊ 0⤋
put it in the bank and in an emergency take it out from the back and use it
2006-09-11 11:15:54 · answer #9 · answered by yut3 1 · 1⤊ 0⤋
Definitely set it aside for pregnancy/baby expenses. (You're going to need more than that for a baby . . .lots and lots more.)
2006-09-11 11:24:39 · answer #10 · answered by Anonymous · 0⤊ 0⤋