If you only had $500 to change your financial future, immediately, what would you do?

Question

Like 90% of Americans, I life Paycheck-To-Paycheck. Little or no savings and if an emergency expense come up, I'm devasted. I just received a $500 bonus from work and I want to it to change my life (far fetched, I know). But what would YOU do, have you DONE, with an extra $500?

Answer 1

I would invest it into a turnkey MLM business that has met all criteria to be legitimate. I would work it part time around my job so that my residual income equalled or surpassed the income I make now and then I'd tell my boss that I'm leaving.

Then, I'd have a big party at my house with all of my co-workers to celebrate my early retirement.

That's it.

Answer 2

Unfortunately, there is no such thing as quick way out to a paycheck-to-paycheck lifestyle. Unless you take a closer look to where the exactly money goes and prioritize.

I would put 100% of that money to a high interest debt - i.e. credit card, car loan, etc. Then consolidate to a lower interest loan. You can save money in the interest payments in the long run.

If you bo debt but have kids or family, I would put some of that money in a life insurance policy.

If neither of those apply to you, I would recommend hiring an accountant to help you save.

As a start to having an emergency account, I would put away $20-$100 a week using automatic/online banking ($20/week = $1040, $100 = $5200).

Answer 3

First of all, report the spammers. You can change things. Start saving now! You've got 500, it's a start. I'm sure you can cut your expenses. Everyone can. Think about what you REALLY need as opposed to what you want. Someone smarter than me once said "There is no end to human desire." It's not so much what you make but how you manage it that's important. You can live very well and save plenty on a modest income if you live frugally. Take a reality pill and figure out what to do. Don't worry about keeping up with the Jones's. They are broke! Concentrate on improving your own situation. You can change things in one second. The second you decide to live frugally and save some of your money for you. Then take the action. You will get the results. It's inevitable. Don't be like everyone else.
Don't be a lottery winner and don't expect to get rich overnight.
You can build a very prosperous life for yourself, but it takes time and discipline. Do it! I did, you can too.