You inherit ten thousand dollars, What do you do with the money?

Philippines
April 29, 2007 3:17am CST
1. Invest and save. 2. Pay off your debt. 3. Buy something very shiny. I'll pay off my debt. I have a lot of debt right now and need money to pay it off. Once I got out of this debt. I'll promise to start saving and reduce my expenses. Are in the same situation also? or you have some money save else where?
2 people like this
5 responses
@jencai (3416)
• Philippines
29 Apr 07
If I will get that ten thousand dollars, I will save that in the bank and plan on where should I possibly use the money wisely. I know that everyone has their own priorities in life and I wanted mine to be planned first before doing some actions. We can spend it in one hour or less.
1 person likes this
• Philippines
29 Apr 07
Very good decision. This is about 500,000 pesos. It's a lot of money. If yoou keep it in time deposit for 5% annually, it will earn 25,000 pesos a year and about 2080 pesos per month. It's not that bad.
1 person likes this
@jencai (3416)
• Philippines
29 Apr 07
You're right. We can earn from bank when we "time deposit" the cash we get. This way we'll get some income while we're thinking of what should we do for the money.
• United States
29 Apr 07
I would invest because paying off debt seems pointless to me, since there will always be more of it. I might commit some money to alleviating my debt, but I wouldn't blow the whole $10,000 on paying off my dues. I could use it to make more money to pay things.
• Philippines
29 Apr 07
These is another good idea. There are very good paying investment but very risky. If you have the guts to take it you are really a risk taker.
@stdrst (472)
• Bulgaria
29 Apr 07
I would start a new business. It would be good if I could take more money from what I inherited, if I take money from the moving of theother money.
1 person likes this
• Philippines
29 Apr 07
That amount is really good enough to start a business. There are low capital business with good return. If you can work it out you will be very rich. One of the richest people in our country started with only a few money, but they were able to make there business grow. I say take the money and give it your best shot on business.
@us2owls (1681)
• United States
29 Apr 07
I think you are wise to pay off some of your debt rather than put it in savings because the money you would get as interest is less than the interest you are paying on that debt. If you pay off one debt try and put a part of that payment in savings and start drawing some interest. Good luck to you.
1 person likes this
• Philippines
29 Apr 07
That's very good of you. I done some computation and I found it's better to pay off the debt. You just confirmed it is good to pay of the debt first and start all over again. You rock.
• Kottayam, India
29 Apr 07
You pay me I will tell you later, all will go to thin air.
• Philippines
29 Apr 07
If I have that money I will give it to you. What will you do to it really? You will just spend it in less than an hour? Maybe you can give me a hint where/what will you do/spend it?