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Just got $1000.00... what to do with it?

cahlersmeyer

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My grandmother's estate is finally settled and I got $1000.00 this morning.
So tell me, what to do with it! I don't plan on having kids, so no need for college savings. I am still young (21) and in college, but I have no bills since I am in the military. And I am going active duty, so no real need to save for a house. Thoughts?
 

musicguy

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If you have an interest and the motivation, I would start investing in the stock market.
 
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Originally Posted by musicguy
If you have an interest and the motivation, I would start investing in the stock market.
I agree. Buy stocks with high dividend yields such as CXO or JNJ.
 

sonick

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Whores.
 

Master-Classter

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put away $500 into some sort of long term savings and then go play with the other $500. if you have 500 you'll spend 500, if you have 1000, you'll spend 1000... see how that works. so enjoy/blow the 500 but still be responsible by saving something for later.
 

cahlersmeyer

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Originally Posted by Master-Classter
put away $500 into some sort of long term savings and then go play with the other $500. if you have 500 you'll spend 500, if you have 1000, you'll spend 1000... see how that works. so enjoy/blow the 500 but still be responsible by saving something for later.

Would you recommend just putting it in my normal savings account? Or perhaps one of those high-yield savings accounts? Such as... Emigrant Direct (1%), Ally (1.09%), etc? I have seen this accounts at over 6% pre-recession....
 

thenanyu

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put it in an index fund and forget about it for 10 years.
 

Master-Classter

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Originally Posted by cahlersmeyer
Would you recommend just putting it in my normal savings account? Or perhaps one of those high-yield savings accounts? Such as... Emigrant Direct (1%), Ally (1.09%), etc? I have seen this accounts at over 6% pre-recession....

oh I'm no finance dude. all I meant was that whenever i get money coming in, I always take a portion off the top and put it away into a mid-long term saving of sorts. if it's regular income then i take maybe about 10-15%, and if it's something like this taht's just a bonus then I'd take half. that way I can sleep easy knowing I'm being responsible about saving something and can relax and just blow the rest on whatever I want. I've also found that desires expand to their budgets... so if you have a free $500, then that's what you'll spend and if you have $1000, then you'll spend all that. but it's the same act/fulfillment of just spending and getting something, so why waste the extra $500?

as for where/how to invest, I don't know. I assume you've got some money somewhere tucked away that's growing, just add this little bit to the pile.
 

aguydude

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Originally Posted by Rambo
Do something memorable. Go skydiving or mountain climbing or some such shit. The stock market is for suckers.

THIS:

That or save for retirement.
 

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