What Would You Do With $1000? - Tilted Forum Project Discussion Community

Redjake · 10-10-2005, 06:58 PM

Not sure if there are any threads similar to this or not, I couldn't find anything on Search.

I have $1000 that I don't "need" right now that will probably go to pizza in the future unless I do something with it fast. What would you guys do? What's the best plan? I am talking about any time intervals (don't need the money now, in 10 years, or even 40 years). Is it enough to purchase stock and make money off of it or would it even be worth it?

Should I just put it in the bank and not touch it for years? Keep adding some to it when I can?

What would you guys do?

My main interest here is to make money off of this. Not just have it ready for the future. I want to make this money work its ass off for me

I know it's not a lot, so tell me if I have unrealistic expectations and should just spend it on computer parts. I would be happy to do that!

Suave · 10-10-2005, 11:55 PM

At the moment, I'd probably put it towards a new computer simply because I'm upgrading soon anyway. :P

Putting that much into stocks, if you played it right and got a bit lucky, it's conceivable that you could have 10 grand by the end of the year. I think it would be a good way to get used to the market anyway, because since it's a smallish amount of money, there's a chance to gain decent cash yet if you do happen to hit some bad stocks and lose, you're not going to be broke.

alliNYC · 10-11-2005, 03:00 AM

Apply it to my car payment

ryfo · 10-11-2005, 04:38 AM

maybe pay off some debt or start buying xmas pressies now or if you want it to double real quick study the horsies and have a day out at the track

Lebell · 10-11-2005, 07:24 AM

If you have any debt, pay off the debt with the highest interest.

If not, you may have enough to put it in a certificate savings account.

I don't know if you realistically have enough to invest otherwise.

soma · 10-11-2005, 09:01 AM

I'd sock it away. Or maybe buy an iPod nano, and then sock it.

Redjake · 10-11-2005, 09:18 AM

I have a...........<b>crap load</b> of college loans that will be due when I graduate in May. I get a 6 month grace period on all of them, but then the bills will start rolling in. I didn't really consider paying $1000 off of $30,000 would change that much or be worth it right now, what do you guys think? Should I pay off the highest interest college loan I have right now? (Or pay off at least some of it?)

Charlatan · 10-11-2005, 10:42 AM

Quote:

Originally Posted by Redjake

I have a...........<b>crap load</b> of college loans that will be due when I graduate in May. I get a 6 month grace period on all of them, but then the bills will start rolling in. I didn't really consider paying $1000 off of $30,000 would change that much or be worth it right now, what do you guys think? Should I pay off the highest interest college loan I have right now? (Or pay off at least some of it?)

Do you have any credit card debt? If so, pay that off.

I don't think $1000 on your 30K will make a difference. If you were in Canada I would say start an RRSP (I think you have 401K or something like that). Use the $1000 as a seed and put in a little bit from every pay cheque you get. Your student loans will take a while to pay down. Pay yourself first.

Redjake · 10-11-2005, 05:25 PM

Nope, no credit card debt. Only debt I have is college loans. I am with you on the "pay yourself first" thing, I mean the way I see it, I can enjoy $1000 now or invest it and make even more money, or pay..........1/30 of my college loans off and never see it again

We have 401k but (correct me if I'm wrong people

) I think it's mainly done through where you work. And my jobs right now (I have a college job and a "at home" job) don't do shit for 401k.

I think right now it's looking like I might spend it on shit I want or possibly put it in a savings account as a "buffer account" in case I am having a slightly hard time paying the monthly bills in the future.

NoSoup · 10-11-2005, 07:04 PM

If you don't already have a decent amount put away in short term savings, I'd put it there. That way, it'll be liquid just in case you have a rough month or come across hard times in the future. Hopefully you don't, but that way it'll be there in case you do.

Lebell · 10-11-2005, 08:15 PM

If you don't have a job lined up, then I would sock it away just in case you need to do something silly like pay rent or buy food.

Uncle Pony · 10-11-2005, 10:38 PM

Titty bar.

Cynthetiq · 10-12-2005, 12:27 AM

Quote:

Originally Posted by NoSoup

If you don't already have a decent amount put away in short term savings, I'd put it there. That way, it'll be liquid just in case you have a rough month or come across hard times in the future. Hopefully you don't, but that way it'll be there in case you do.

rainy day fund.

cyrnel · 10-12-2005, 12:42 AM

I'd buy an old 35+MPG car to replace one of my 12MPG pigs.

It's what I've been working on the last couple evenings, actually.

skier · 10-12-2005, 10:53 AM

Quote:

Originally Posted by NoSoup

If you don't already have a decent amount put away in short term savings, I'd put it there. That way, it'll be liquid just in case you have a rough month or come across hard times in the future. Hopefully you don't, but that way it'll be there in case you do.

I can't remember who told me this but I was advised to put together a "fuck off" account- a significant amount of money you can live off of for a while so that if you need to you can tell your boss to fuck off, and not worry too much about how you're going to live the next week.

Rodney · 10-12-2005, 09:28 PM

Quote:

Originally Posted by skier

I can't remember who told me this but I was advised to put together a "fuck off" account- a significant amount of money you can live off of for a while so that if you need to you can tell your boss to fuck off, and not worry too much about how you're going to live the next week.

That's the spirit. Money represents options. The more money you have when faced with a tough situation -- evil roommates, a bad job situation, and so on -- the more options you have. You can quit that job, you can move away from the roommates to a new place, and so on.

So even if that money just "sits there," it gives you options in dealing with the little curves that life throws you. Put it in a high-interest-rate savings account (ING Direct or one of the other on-line ones) and add to it over time until you have a pad of several thousand. In your mind, at least, keep that money in a separate "bucket" from any other money you might save, to be used only for the unexpected -- or for when you really, really need to say "fuck you" to the boss. And believe me, that time comes to nearly all of us.

raeanna74 · 10-13-2005, 04:24 AM

Quote:

Originally Posted by Lebell

If you don't have a job lined up, then I would sock it away just in case you need to do something silly like pay rent or buy food.

I'll second this too. Especially considering you are graduating, college loans will start needing payment, and your jobs will likely fluctuate a good deal this first year after college. You may really appreciate that cushion when rent, utilities, and loan payment are all due and your last weeks check was smaller cause you were home sick half the week.

Keep it for emergencies.

If you know you can't hold off on spending it then I would put it on those college loans. May not make a big difference at the moment but will help in the long run.

Martian · 10-13-2005, 12:45 PM

Quote:

Originally Posted by Charlatan

If you were in Canada I would say start an RRSP (I think you have 401K or something like that). Use the $1000 as a seed and put in a little bit from every pay cheque you get. Your student loans will take a while to pay down. Pay yourself first.

The Yank equivalent to an RRSP is a roth IRA. It's probably not a bad idea; you can never start planning ahead too early.

10-10-2005, 06:58 PM	#1 (permalink)
Redjake I'm a family man - I run a family business. Location: Wilson, NC	What Would You Do With $1000? Not sure if there are any threads similar to this or not, I couldn't find anything on Search. I have $1000 that I don't "need" right now that will probably go to pizza in the future unless I do something with it fast. What would you guys do? What's the best plan? I am talking about any time intervals (don't need the money now, in 10 years, or even 40 years). Is it enough to purchase stock and make money off of it or would it even be worth it? Should I just put it in the bank and not touch it for years? Keep adding some to it when I can? What would you guys do? My main interest here is to make money off of this. Not just have it ready for the future. I want to make this money work its ass off for me I know it's not a lot, so tell me if I have unrealistic expectations and should just spend it on computer parts. I would be happy to do that! __________________ Off the record, on the q.t., and very hush-hush.

10-10-2005, 11:55 PM	#2 (permalink)
Suave Twitterpated Location: My own little world (also Canada)	At the moment, I'd probably put it towards a new computer simply because I'm upgrading soon anyway. :P Putting that much into stocks, if you played it right and got a bit lucky, it's conceivable that you could have 10 grand by the end of the year. I think it would be a good way to get used to the market anyway, because since it's a smallish amount of money, there's a chance to gain decent cash yet if you do happen to hit some bad stocks and lose, you're not going to be broke. __________________ "Few people are capable of expressing with equanimity opinions which differ from the prejudices of their social environment. Most people are even incapable of forming such opinions." - Albert Einstein "Wise men talk because they have something to say; fools, because they have to say something." - Plato

10-11-2005, 07:24 AM	#5 (permalink)
Lebell Cracking the Whip Location: Sexymama's arms...	If you have any debt, pay off the debt with the highest interest. If not, you may have enough to put it in a certificate savings account. I don't know if you realistically have enough to invest otherwise. __________________ "Of all tyrannies, a tyranny exercised for the good of its victims may be the most oppressive. It may be better to live under robber barons than under omnipotent moral busybodies. The robber baron's cruelty may sometimes sleep, his cupidity may at some point be satiated; but those who torment us for our own good will torment us without end, for they do so with the approval of their own conscience." – C. S. Lewis The ONLY sponsors we have are YOU! Please Donate!

10-11-2005, 09:01 AM	#6 (permalink)
soma Addict Location: USA	I'd sock it away. Or maybe buy an iPod nano, and then sock it. __________________ Having Girl Problems?

10-11-2005, 09:18 AM	#7 (permalink)
Redjake I'm a family man - I run a family business. Location: Wilson, NC	I have a...........<b>crap load</b> of college loans that will be due when I graduate in May. I get a 6 month grace period on all of them, but then the bills will start rolling in. I didn't really consider paying $1000 off of $30,000 would change that much or be worth it right now, what do you guys think? Should I pay off the highest interest college loan I have right now? (Or pay off at least some of it?) __________________ Off the record, on the q.t., and very hush-hush.

10-11-2005, 03:00 AM	#3 (permalink)
alliNYC Upright Location: Queens, NY	Apply it to my car payment

10-11-2005, 04:38 AM	#4 (permalink)
ryfo Psycho Location: melbourne australia	maybe pay off some debt or start buying xmas pressies now or if you want it to double real quick study the horsies and have a day out at the track

10-11-2005, 05:25 PM	#9 (permalink)
Redjake I'm a family man - I run a family business. Location: Wilson, NC	Nope, no credit card debt. Only debt I have is college loans. I am with you on the "pay yourself first" thing, I mean the way I see it, I can enjoy $1000 now or invest it and make even more money, or pay..........1/30 of my college loans off and never see it again We have 401k but (correct me if I'm wrong people ) I think it's mainly done through where you work. And my jobs right now (I have a college job and a "at home" job) don't do shit for 401k. I think right now it's looking like I might spend it on shit I want or possibly put it in a savings account as a "buffer account" in case I am having a slightly hard time paying the monthly bills in the future. __________________ Off the record, on the q.t., and very hush-hush.

10-11-2005, 07:04 PM	#10 (permalink)
NoSoup Non-Rookie Location: Green Bay, WI	If you don't already have a decent amount put away in short term savings, I'd put it there. That way, it'll be liquid just in case you have a rough month or come across hard times in the future. Hopefully you don't, but that way it'll be there in case you do. __________________ I have an aura of reliability and good judgement. Just in case you were wondering...

10-11-2005, 08:15 PM	#11 (permalink)
Lebell Cracking the Whip Location: Sexymama's arms...	If you don't have a job lined up, then I would sock it away just in case you need to do something silly like pay rent or buy food. __________________ "Of all tyrannies, a tyranny exercised for the good of its victims may be the most oppressive. It may be better to live under robber barons than under omnipotent moral busybodies. The robber baron's cruelty may sometimes sleep, his cupidity may at some point be satiated; but those who torment us for our own good will torment us without end, for they do so with the approval of their own conscience." – C. S. Lewis The ONLY sponsors we have are YOU! Please Donate!

10-11-2005, 10:38 PM	#12 (permalink)
Uncle Pony Crazy	Titty bar.

10-12-2005, 12:42 AM	#14 (permalink)
cyrnel Adequate Location: In my angry-dome.	I'd buy an old 35+MPG car to replace one of my 12MPG pigs. It's what I've been working on the last couple evenings, actually. __________________ There are a vast number of people who are uninformed and heavily propagandized, but fundamentally decent. The propaganda that inundates them is effective when unchallenged, but much of it goes only skin deep. If they can be brought to raise questions and apply their decent instincts and basic intelligence, many people quickly escape the confines of the doctrinal system and are willing to do something to help others who are really suffering and oppressed." -Manufacturing Consent: Noam Chomsky and the Media, p. 195