Thursday, October 22, 2009

Assuming you had an extra $1000 - what would you do with it?

A big assumption these days... yet - not all of us are on the rocks. Most are still employed, some got a raise, some will get a bonus - what would you do with it?

CNN-Money and Yahoo finance 8 options:
What to Do With $1,000 Now

1. Top off your emergency fund ... [cash]
2. Spend five hours with a financial planner ... [like the author of the article?! smart - you got a 1000$? pay me! pay me!]
3. Buy a top-notch stock fund ... [don't pay the author - that's his advice!? fire that planner]
4. Upgrade your home appliances ... [smart advice]
5. Help on a large scale (really!) ... [ok, he means basically charity to 3rd world]
6. Join a gym... [my alternative, have a REALLY-REALLY-good meal ;-) ]
7. Beef up your IRA [back to option number 3? didn't we fire you already?]
8. Pay down credit card debt

There's a 9, 10 and 11 on CNN as a slide show...

Besides my notes above, here are a few more:
* Pay your debt aught to be #1
* Who among us doesn't wish he'd had a $1000 right now to do XYZ, who needs this worthless article? We all know what to do with an extra $1000 right now, depending on our personal situation.
* One could write the opposite article - what not to do with JUST a 1000$ - on every one of the advised topics in this article
* Check out point 10 - Who wrote this garbage? Who?! Well - it's redeemed with point 11, which could be a stroke of genius (or just a breeder of false hope and a waste of your last 1000 bucks...)
* Yes - they did write a what to do with a 50K. Reminds me that a while back, a friend asked me what I think of his idea of investing a similar sum he is about to receive in his employer's stock. To which I said: Use half to pay debt, and half to hold as cash for emergency. Then wait a year and see if you want to put any of it into riskier options.

Cheers!

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