would you save $6,000 or spend it?

Question

i have 6 grand
but dont know if i should spend it or save it.

i would like to buy a new nice car(i already have a car)
i live ok, have a nice payin job
but just dont know what to do with that $$
what would u do?
thanx

Answer 1

Put your money into a appreciable asset instead of deppreciable asset. If you put it into a mutual fund and it double 4 times. You will have $96,000 dollars. Instead of putting 6 grand into something that is worthless in 5 years.

Answer 2

If $6,000 is all you have in reserve, you should put it into a savings account. Financial advisers suggest you should have about 6 months of income saved as a reserve for emergencies. You may have an accident, lose your job, get sick, or suffer some other disaster in which case you might need to draw on a reserve to sustain you in the emergency. To be without a financial cushion is asking for trouble.

An alternative is to invest the money in a highly liquid investment that pays more than a savings account. A small short-term CD is probably available from your bank.

Answer 3

There are a few things I want, but nothing I need. I will chose something and spend maybe a grand but the rest would be used to advance my life in years to come - meaning I would invest it. Investing 5 grands would provide me with nice gains and that will go a lot further then a car - which 6K would be a mediocre used car.

Answer 4

I might use it to pay down my credit card. Since it is burning a hole in your pocket, when you shell it out for a down payment on a new car, there is the part about paying for the rest of the car, insurance, maintenance, and gas. If you don't know what to do with it you need to be carefull. Someone might peg you for a fool and concoct a good plan for, as we all know, "A fool and his money are soon parted." Put it in the bank (until you can think of a better investment, one that you understand), and in this way prove the old adage wrong. How about that?

Answer 5

I would maybe save it just incase some emergency came up. You never know, i wouldnt go out and spend it. I know its Tempting to spend that 6 grand....but save it.

Answer 6

It totally depends. If you don't NEED anything, I would invest it. If there's something you need, go buy it! LOL

That said, don't spend money on a new car if you don't need it. Pay off some debt, invest it, remodel your kitchen, do something productive with it.

Answer 7

bank it,now, b4you spend it and you won't have money or a thing toshow 4-it

Answer 8

save half & spend half

Answer 9

invest it

ncinvesting.org

check them out

Answer 10

i will use half for my house the other half on what ever