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

[cahlersmeyer]

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]

If you have an interest and the motivation, I would start investing in the stock market.

 

[Crane's]

Put it in the bank and think about it for a while.

 

[MisterKarenina]

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]

Whores.

 

[Sherlock]

You can buy this house: http://www.realtor.com/realestateand..._M49403-87464#

 

[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.

 

[cahlersmeyer]

Originally Posted by Sherlock

You can buy this house: http://www.realtor.com/realestateand..._M49403-87464#

You couldn't pay me 1000 an hour to live in Detroit

 

[Gus]

PM me and I'll give you my paypal account......

 

[cahlersmeyer]

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]

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

 

[acidboy]

help a nigerian

 

[Master-Classter]

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.

 

[Rambo]

Do something memorable. Go skydiving or mountain climbing or some such ****. The stock market is for suckers.

 

[aguydude]

Originally Posted by Rambo

Do something memorable. Go skydiving or mountain climbing or some such ****. The stock market is for suckers.

THIS:

That or save for retirement.