I'm coming into some money...what should I do with it?

Question

In the fall, I should be coming into $5,000 and I was wondering what I should do with it. I have no loans or any large bills. I was thinking of either putting that towards a cosmetic procedure (I don't really have to have it, but it will be permanent) Right now I have a temporary fix which cost a lot.) or should I put it towards a new car - an Eclipse (even though I just bought a car in 2004 and only have 28k on it) . What do you think I should do with it?

Any input would be appreciated. Thanks!

In case you are wondering...I'm 26 years old. The cosmetic procedure is two teetth implants. I never received my two permenant teeth.

I do save a lot. I have a decent savings account, some CD's and bonds.

As far as putting money towards an education goes....I work full time and the closest University with the major I want is about 20 miles away .

Answer 1

You don't say how old you are- but if you're smart (or THINK you are), you'd put it into a high interest CD, or Internet Savings Account. Spending money is only TOO easy...-But having enough of it that's worth-while Saving- is aLOT harder to come by. It sounds like the sun's shining pretty brightly in your life these days, & money's not a big issue. But there's NOTHING better than the Security you feel- when you have alittle something tucked away for some of life's "rainy days". And SOONER or LATER- we ALL get a spell of "bad weather". So if you REALLY want to do something constructive with that $5,000...-you'll stash it someplace where it will grow "Umbrellas". -Cuz you NEVER know when you're going to need them! :)

Answer 2

If your choices are cosmetic procedure vs a new car, let me be the first to say you have issues. You are probably depressed, have low self-esteem, and lack confidence. Seek professional help. Spending this money will not make you happy -- it'll only feed the beast / aggravate your symptoms.

Before I posted this answer I went back to see your question and answer history. It appears I am right, since you self-diagnosed 3 months ago in "What's wrong with me" question. Your depression could be self-induced, but it could also be caused by a chemical imbalance and you are not likely to get out of it without professional help.

Keep in mind that better physical appearance or a new car will not attract the kind of people you really want to be friends with.

RE: additional details --

If they are front teeth, they should be covered by dental insurance. If you don't have a good one, get a better job that will offer better dental coverage. If the teeth are in the back, well, that's up to you then. Not properly chewing your food may lead to digestive problems over time.

It doesn't matter that you save "a lot" because you can always save more, especially given your spending intentions.

20 miles is not a distance that should stand between you and your future. I also work full time and attend a university that's 15 miles away.

Answer 3

Let's not get spend happy here. If you have no idea what to do , put in the bank.

Keep quiet around friends unless they already have a pile of money and are doing profitable things with it..

Look at things that appreciate, cars not being one of them. If you don't have a home already, you might start adding little by little that money and invest in your own home.

From that point you'll have an appreciating asset that you could use as collateral to grow your wealth.

Stay away from that consumer spending temptation like the plague.

Good luck.

Maybe a small niche website about some on which you're intimatley knowledgeable would not be a bad idea.

Answer 4

Save half. Put half away as though you didn't have it. Put it into paperless CD's. or somewhere where you aren't constantly reminded you have the money.
Answer your question with the other half. I would get the procedure, if you are adequately employed. I know many women whom do this, if they have good jobs. Your 3 year old car has 28K on it, keep it. I wish I did have an Eclipse. The man was scamming you, trying to make you give it up. Save the half until you are a rich old man/lady with an old well=running car and with cosmetic procedures, or until you have children, and you have to spend it on them.

Answer 5

My friend, I wouldn't put my $5000 into a new car as cars depreciate quickly and in 5 years is almost worth $0 by the time it comes to trade-in.
And as for investing your money in a cosmetic procedure, honey beauty only goes skin deep. It's the beautiful-ness of your character that counts.
I suggest you put your money in a diversified fund, where your money will grow and in 5 years time, triple in its value. By that time it won't matter how ugly you look. You'll be soo rich, everyone will want to know you.

Answer 6

If you don't need it, put it away. You can get $500.00 or 1000.00 cds so in case you need some cash, you're only losing about 3 months of interest. As for the 2004, you're about half way thru and if runs, don't get rid of it. It's still cheaper to repair a car than to replace it.

Answer 7

I feel that you are young and should think a bit farther then today. It would be wise to put half of that money in some investment and spend the other half on education, perhaps you could splurge a part of the other half and then spend it on education.

Answer 8

a chick wearing purple lip stick. and 2d concept replaced right into a vampire with blood on his lips. hi with this stars stuff. do you get factors for stars? nicely i'm going to supply you a action picture star because of the undeniable fact that very same element purely happened to me. i replaced into so pissed.

Answer 9

If you are still not sure what to buy or to spend, save the money until you really need it !!

You don`t have to spend your money right away after you get it.

Answer 10

Get a CD for 6 months at 5.41 percent and decide after the 6 months are up and you get your interest.