Extra $200 per week


#1

What’s your advice on what to do with an extra $200 per week? I already know but very interested in what you would do. Thanks!


#2

I would invest it. Probably within Acorns or Ratesetter till it hits $5000 or so and then pop it into the sharemarket.


#3

I would save or invest it, but first do you have an emergency fund? Do you have any non-mortgage debt? Because if you had either of those issues to tackle, I would send it to those goals first.


#4

I would invest it. Investing $200 per week with a 7% real rate of return over 10 years = $150,000


#5

Great answers! Thanks everyone!


#6

HI George, great to know that you can save $200/week. Assuming you are debt free at this time, you should definitely save the money, which racks up to about $800/month.

Here are a couple of options:

  • If you do not have any use for the money at this time, lend it out via Kiva or Lendingclub or Prosper at attractive rates and a timeline that works for you, or
  • Save the money for about 12 months in a savings account such CIT or Goldman Sachs Savings (both offer about 1.30%) and then use it as a down payment for an investment property

The idea is to make the money work for you.


#7

I would think about investing half and putting the other $100 in a high yields savings account [like with American Express]. If you don’t see yourself needing to access that extra $100 you’re putting into savings, perhaps a CD might be worth considering?


#8

Interesting! Thanks!


#9

Great ideas! Thanks for getting involved!


#10

Thanks David! Compounding is a WONDERFUL thing!