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A place for Get Rich Slowly readers to ask questions
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It is currently Wed Oct 01, 2014 11:21 am




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 Post subject: What's the best small investment that will help me get ahead
PostPosted: Thu Feb 28, 2013 8:00 pm 

Joined: Thu Feb 28, 2013 7:58 pm
Posts: 1
I have $3,500 saved up and looking to find a way to get ahead this year. I am a full time college student majoring in nursing taking 9 - 12 credit hours. I also work full time as well. I make no less than $500 a week. My monthly expense are $1,055, and I pay my college tuition out of pocket which is approximately $1,100 a semester with books.

My vehicle is financed with $13,000 owed on it and payments are $330 a month.

I have thought about paying off or in advance my car insurance for a whole year, putting a year amount of credit on my sprint/cell phone account, paying my tuition in full instead of a payment plan, paying my car payments about 10 months in advance, paying off a $2,500 debt which is $115 a month..

My idea is to be financial comfortable to where I don't have to stress out about things throughout the year and possibly save more money a month.

Any great advice would be appreciated! Thank you!


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 Post subject: Re: What's the best small investment that will help me get a
PostPosted: Fri Mar 01, 2013 7:24 am 

Joined: Fri May 04, 2012 2:23 pm
Posts: 810
Hi. my opinion is the best thing young people can do is graduate college debt free. Personally, I'd wipe out the $2500 debt to open up some more cash flow and put the $1000 in a savings account for a bit of cushion for life's unexpected events.

You're doing well.

_________________
Bichon Frise

"If you only have 1 year to live, move to Penn...as it will seem like an eternity."


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 Post subject: Re: What's the best small investment that will help me get a
PostPosted: Mon Mar 04, 2013 10:49 am 

Joined: Mon Mar 04, 2013 10:13 am
Posts: 8
I'd keep it liquid in an emergency fund. You don't have that much savings yet, and if anything were to happen it can easily wipe it out. If your driving force is to reduce stress, than having some cash on hand really reduces the stress. Once you build up a little more money, i'd start contributing to a Roth account, followed by paying your car off early. I'd never pay insurance early, who knows if something will happen and your rates will go up to where you want to switch, etc.


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