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.