I have 1000 dollars what should i do with it? pay debt or invest

Discussion in 'Investing and Retirement Saving' started by NewYorkMelanie, Aug 2, 2016.

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  1. I have 1000 dollars what should I do with it? Recently I sold my car to save money. I no longer have to pay car insurance, car taxes or expensive maintenance fees. I made a 1000 dollars from the sale and now I want to make use of the money. I'm not really sure what to do with it, I have debt that I could pay off or I could invest the money for the future or I could beef up my emergency fund. I'm confused so I'm putting it out there! - I have a thousand dollars what should I do with it? Thanks in advance.
    Miles likes this.
  2. Miles

    Miles Newbie

    If I had 1000 dollars I would do the following. I would make sure I had one years income in savings just in case I lost my job or something really bad happened. If I had enough income for 12 months I would then consider paying off debt or investing. If the debt was high interest then its not worth investing, you will be losing more in interest than you would make in profit, I would pay the debt off. If the interest was zero or low then I would consider investing because my profit would exceed my debt liability and my net worth would increase. Hope this makes sense
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