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!
I would invest it. Probably within Acorns or Ratesetter till it hits $5000 or so and then pop it into the sharemarket.
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.
I would invest it. Investing $200 per week with a 7% real rate of return over 10 years = $150,000
Great answers! Thanks everyone!
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.
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?
Great ideas! Thanks for getting involved!
Thanks David! Compounding is a WONDERFUL thing!