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| *Ostroff, Fair and Company>>>Financial Services |
I just ran into a little bit of cash. What would be the smartest thing I could do with it? |
With a short term pay off Call Dave Ramsey...He will tell you exactly what the smartest thing to do is. He will help you make money off of the money you have just come into...Seriously give him a call. Check on his website www.daveramsey.com You should be able to get the number there. He is an excellent, christian based, financial advisor...Don't do anything with the cash until you speak with him...God bless. The sure-thing, short term payoff is to use the cash to wipe out any consumer debts. Start with the highest interest rate first. To keep the pay-off coming, take the money you save each month (from the first debt paid off) and direct it to the next highest interest rate. Paying off a credit card at 14.99% interest is a higher return than you can expect on most investments. Also assess your savings. Having 3 - 6 months of living expenses saved will provide a buffer against job loss or unexpected expenses. This can prevent running up credit card debt. Look for a money market account (limited check writing). You will earn higher interest than your bank checking account or savings, safely. And if you don't have debt, and have sufficient savings, congratulations! And if so, maybe it is time to direct some money toward hobbies or travel. Of course, you could invest it. Good investments perform well over the long term, but the short term is always uncertain. http://www.michellesingletary.com/... (Great "real people" money advice) http://www.dinkytown.net/ (great calculators for debt, savings and more!) Ask, and it shall be given you; seek, and ye shall find; knock, and it shall be opened unto you. |
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