Within the next couple of months I will be receiving some extra money. I have a bonus at the end of february and taxes as well. What would be the best way to spend roughly $1,800 ? I want to see if there is a way that I can double that money . Somehow . Any suggestions on how to make money with a little bit of money?
2007-01-31 08:56:23 · 7 answers · asked by jobruce86 2 in Business & Finance ➔ Taxes ➔ United States
Congrats on your mini-windfall. If you're carrying any debt, the fastest way to increase the value of the $1800 would be to get rid of credit card debt. When you figure out the interest that you'll save, it will be much higher than the $1800 you paid to reduce the debt.
Are you debt free (you lucky dude!)? Then, put the $1800 in a Roth IRA, maybe into some sort of stock index fund. You'll double your money eventually, but not as quickly as if you bet on black.
2007-01-31 09:05:06 · answer #1 · answered by SuzeY 5 · 0⤊ 0⤋
You are thinking too short term. Every investment has many time consuming parts. The best use of a cash flow is paying off the outstanding bill that you already have. (MORTGAGE-STUDENT LOAN- CAR NOTE- CREDIT CARD) Pay off the highest interest bills first.
With this approach alone, you can put the payments you will not have to make in a saving account. You will find that by the time you save the amount that came in, you are debt free. This alone is worth $5,000; You will be in a world that most people don't get to very often.
2007-01-31 17:07:35 · answer #2 · answered by whatevit 5 · 0⤊ 0⤋
Put your money to the bank. Why should you spent your money ?You may need this in future.In the bank it will increased.
2007-01-31 17:18:23 · answer #3 · answered by pickering777 1 · 0⤊ 0⤋
I was going to say 'Always bet on black' but the first guy stole my answer. Go for Red.
2007-01-31 17:01:43 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Buy into a good mutual fund.
2007-01-31 17:01:59 · answer #5 · answered by ronhawk62 3 · 0⤊ 0⤋
bet on bush's approval rating to go even further down
2007-01-31 17:01:20 · answer #6 · answered by Anonymous · 0⤊ 0⤋
put 1,800 on black at your closest casino
2007-01-31 17:00:02 · answer #7 · answered by Scott K 2 · 0⤊ 0⤋