Where to Invest Your Thousand Dollars

or copy the link

It’s tempting when you find yourself with a thousand dollars to just go spend it on that big “toy” you’ve had your eye on for a while. As hard as it is, though, you’ll be better off in the long term if you play it smart. Here are some of the smartest things that you can do with that thousand dollars:

1. Save It!

Open up a high yield compound interest savings account with your bank. Better yet, shop around to find the bank that will offer you the best interest rate and deposit the money there. For the highest interest rates look at Money Market accounts instead of plain savings accounts. This way your money will earn money. Then, the money your money earns will earn even more money. It will earn even more money if you continue to add a few dollars to that savings account every month.

2. Invest It!

Yes, the stock market is risky but investing even a portion of that thousand dollars can pay off in a big way if you make smart investing choices. Ken Fisher, popularly read as the Fisher Investments Forbes contributor, recommends buying into Johnson & Johnson, Amazon.com and a few others. But don’t put the entire thousand into a single company. Break it up over several different stocks. Better yet, invest in stocks, bonds and mutual funds. This way even if a part of your investment portfolio tanks, you’ll have the other parts of your portfolio to balance it out.

3. Pay Down Debts

This probably feels like the most boring option of all. Still, putting that thousand dollars toward existing debt can help reduce the money that you will pay out for those bills exponentially over time. You’ll most likely wind up saving more than the thousand dollars that you spent paying everything down. Start with the account that has the highest interest rate and then go from there.

4. Do A Little Bit Of Everything

Why not save some, invest some and put some toward your existing debt? This way you increase your chances of making money in the future while also decreasing the amount of money that you will pay over time on your bills. The easiest way to do this is to simply divide the thousand dollars equally between these goals. Of course, depending on your proclivities you might want to put more into savings than you do into investing or debt payments—just to protect yourself in the future.

There are a lot of different things that you can do with a thousand dollars. Given today’s economy, however, we think that these are the smartest decisions you can make.

Comments: 17

  1. Mattie July 28, 2013 at 9:38 pm

    I am 25 yrs old and also have roughly 2-3 1000 dollars to experience with. Let me invest within the stock exchange where I possibly could make substantial gains within the next 6-12 several weeks. Any serious advice? Thanks

  2. Salome August 1, 2013 at 7:46 am

    I’ve about 3-4 1000 dollars. im searching for experienced traders that helped me to find the best resource to purchase. I’m not frightened of taking a loss even everything. I am not searching for fast cash I’m able to wait a long time.

  3. Darron August 25, 2013 at 4:39 am

    For Futures contracts how can i find just how much you need to invest?

    Inside a certain contract on the certain commodity BEFORE I’m Able To INVEST ON MARGIN, after which whatever that quantity is what amount of the commodity can one get. For example I’m causeing this to be up but say you can purchase for 1800 dollars on margin 5000 bushels of wheat which may maintain actual value 13 1000 dollars? How Can I FIND This Data?

  4. Omar September 17, 2013 at 11:29 pm

    Ok like if your stock is selling for $7.95 a share the number of shares can i buy can one only purchase the one share or can i invest a lot more like a few 1000 dollars?

  5. Rana November 16, 2013 at 12:29 am

    I’ve a time consuming task. This past year I gone to live in a pieceOrreside downtown unit and began a little manufacturing business that has not moved from the design phase yet. Quite simply I’ve not made money yet. Used to do register the company, did the DBA, etc. I invested a couple of 1000 dollars on equipment and supplies and that i operate in this five days per week for around 6 hrs each day. I must discount my expenses along with a number of my rent. Can One get it done?

  6. Kareem December 16, 2013 at 5:28 pm

    I’m 35 and also have 10 1000 dollars in my future that want to invest in my retirement. I haven’t got a 41k or IRA.. I understand that inside my age I ought to have something, I’d rather prefer to invest in my future as opposed to just spend the cash.

  7. Kent February 11, 2014 at 6:55 am

    Ive had the checking account with my local bank “Merced School Employees Feceral Bank” since i have was 16, therefore the account is under my title and my mother’s, I requested atm cards and was approved, i’ll have it within the mail i a couple of days, I recieved instructions and contains several boxes, and just ATM card is checked because thats the only person i requested. However it has another box to have an “ATM Bank CardInch it states i’m able to utilize it as being a regular VISA card, except that it’ll be subtracted from my “bank account”, I haven’t got a bank account.. could it be easy to make my savings right into a checking, or will i must opn a brand new bank account seperately? I wish to be ably to obtain a VISA dbit card to look online, and never carry cash around constantly. because after reading through other questions im speculating a VISA debit isn’t for any checking account, right?.. I am 19, and attending college full-time, and receiving Educational Funding, and so i want the Dedit Card rather than just ATM.

  8. Shawna March 1, 2014 at 11:12 pm

    I simply switched 18, therefore it needs to be considered a bank that will help you to open account at 18 (most banks do, I have only stumble upon one local bank that you simply needed to be 25).

    I’d rather it’s a properly-known-ant bank, and ideally no online-only bank (unless of course they’ve amazing rates and you’ve got been there for more than 6 several weeks with no problem whatsoever).

    Or maybe there’s an internet site that spells each banks deal?

    I curently have a bank account at BB&T and the other bank account in a small local bank.

    Oh, and also the minimum must be around 100$ (maybe to $150?) or fewer.

    My finances (if you’re interested or relevant):

    I’ve got a job that I’ll be giving up for that summer time to become a ‘nanny’ for $150/wk. I must deposit $50 bi-weekly in to the checking account. I’ll be beginning college the coming year, hopefully on the full scholarship, however i will still work. Money is not a desperate factor for me personally, would like to avoid wasting!

  9. Dusty March 7, 2014 at 1:14 pm

    Can college or any educational funding people consider how much cash is within your money? I visit a private college so its costly also it always just causes it to be with financial loans and educational funding and so i can’t risk them shorting us a bunch because I’ve got a checking account. I in the bank 1,600 within the summer time that I wish to put towards an gemstone and merely keep saving for any wedding with money I make inside my school job and I’ll obtain a good approximately 200 from taxes however this is not money which i might be investing on school. Basically did i quickly wouldn’t have the ability to got married for some time and I’d rather not loose educational funding or anything. Is also there anything sketchy about putting 1600 inside a checking account at random. My father stated the government examines whenever you put considerable amounts of cash into consideration. I am talking about this originated from my salary and so i had been taxed however i never place it in savings due to fear from educational funding. I understand if educational funding asks I can not lie but any advice?

  10. Grant March 14, 2014 at 3:32 pm

    I’ve Bank of the usa…I’ve got a regular checking account..I have only about under 2,000 presently…any suggestions about anything I’m able to do to generate money and keep things i have in savings, money market, etc? I am a new comer to this so I’m not sure much!

  11. Julieann March 30, 2014 at 6:20 pm

    I’ve got a checking account and that i know I’m able to deposit in money and remove money on the market and more . But could i’ve got a checking account without debit cards ? i have used the bank card to place and remove money when ever i am going shopping . However , I keep wasting the cash I’ve within the card . Can there be another account I’m able to get ? Also, exactly what is a bank account ?

    PS. Im 16 so Im new only at that , sorry .

  12. Cathy April 21, 2014 at 8:30 pm

    I am saving for school and I must determine if I ought to open a checking account. I’d put $100 – $200 inside it and I wouldn’t withdraw any one of it. Is that this advisable?

  13. Erika May 14, 2014 at 11:22 pm

    Im 19 and know little about financial aspects and just how to take a position money. Personally i think that since i have have this extra money at this time, trading profit the stock exchange are the best than putting it inside a checking account. Does anybody have suggestions about websites I possibly could visit or something like that that can help me learn to invest?

  14. Jeremiah June 1, 2014 at 7:28 am

    In a single year, the quantity of great interest gained was $3,550. The quantity invested at 15% was $2,000 under the combined amount committed to another two funds. How much cash was committed to each fund? Define a flexible or variables, write a formula or system of equations, solve, then answer in words.


  15. Lashawnda June 2, 2014 at 2:02 pm

    I’m carrying out a task for Civics class where we’re given a hypothetical $100,000. We’ll hypotethically invest into anything and track our earnings more than one month. I’m in competition with other groups to earn as much as possible. What can you suggest? Stock? Compact disks? Property? Mutual Funds? I’m so lost. Help.

  16. Simon June 7, 2014 at 8:27 pm

    Wish to invest 30,000 dollars as well as in four years I would like it to maintain the 100,000… Just how can invest these funds and earn more money. Any ideas?

  17. Kimbery June 19, 2014 at 5:42 am

    I’ve alongside zero experience of trading, since Now i am from senior high school. I’ve around 2000-4000 dollars I’m willing to purchase medium-risk opportunities. Although I have done a little of research myself, Let me obtain a rundown of what’s safe yet shows good growth. I understand high-risk would involve small-cap “cent” stocks, while for any safer wager you will find Mutual Funds. Yet my money is limited, and I am reluctant to complete anything dangerous, for example margin makes up about stocks. Can anybody please explain things i should certainly use my money to find the best growth?

Leave a Reply

Your email address will not be published. Required fields are marked *