Imagine for a moment that a sudden small, windfall of money
came your way. Would you be tempted to
spend it, save it or invest it? Enterprises TV offers some ideas about what to
do with a sudden influx of money.
It is pretty easy to imagine what to do with a huge lottery
jackpot win. But a small amount, say a thousand dollars is still a nice
monetary bump to the wallet. Instead of spending it, we have a few suggestions
which will put it to good use.
Pay off credit cards. Pay off a card with a small balance
and then sock a good portion of the remaining money on the card with the
highest balance.
Open a Roth IRA. There are no taxes on it when withdrawing
from it in retirement as there are on some other types of investments.
If there is none, start an emergency savings account. There
will be times when the car engine needs replacing, when a job is suddenly lost
or when we need to take an emergency flight to be with a seriously ill loved
one.
The Enterprises TV show believes that when we are surprised
with sudden influx of cash, it is best to put it to good use. Save it, invest
it or use it to reduce debt hanging over us like a heavy, dark cloud.
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