goldpower123

How to spend $5,000?

4 posts in this topic

I currently have $5000 saved up from recent jobs. I'm 21, have own vehicle, no debt etc.

There's things material wise I would love to get for myself. But I don't want to make myself broke. I feel that higher nature in me telling me do what's difficult; either hang on to it until an opportunity to invest it arrises, whether it be a course, education, health investment, financial investment.

Also what do you think about Gold/Silver investments when the market dips?

What would you do with 5k in the bank?

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If all you have is 5k... just keep it in cash as an emergency fund.

you will probably need 5k in cash before you can commit it away to long term investments you plan to sit on for several years.

don't invest in silver/gold. it's something mostly clowns do that don't invest in stocks. 

if you already have an emergency fund and this 5k legit could go out the window then open a brokerage account with fidelity or vanguard and put it into index funds and mutual funds. if you are in the US and you made all of that 5k this year open up a roth IRA and put it there. 

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You are young, you have money. Life is good eh?

Don't overthink this too much. Your time is more valuable than your money. Every month you have is easily worth 5k and ultimately invaluable.

What do you plan with your time, think about what you want to do in life and use your money to get there faster.

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Save it, my life tells me. When you are 25 and have like 20-30k saved up you'll be laughing as you know yourself better and wont be asking others how to spend it. 


 "Unburdened and Becoming" - Bon Iver

                            ◭"89"

                  

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