Suppose you happened upon a substantial amount of money all at one time. For discussion purposes, let’s say it was $10,000.
What would you do with this money? There are really five options available to you:
- Spend it
- Give it away
- Put it into savings
- Pay off debt
- Invest it
Most people will be faced with this type of situation at least once in their life. Here are some thoughts to consider with each option.
1. Spend it
This would certainly be a fun option! The money could be used to make much-needed home repairs, purchase a vehicle, or take a vacation.
2. Give it away
Being able to give $10,000 away is an incredible option! Consider the impact you could make on the world around you by giving money to support causes you really believe in.
3. Put it into savings
Financial margin provides something I call “financial confidence.” When I first achieved financial margin, it was as if scales literally fell from my eyes. I was able to “see” opportunities like never before.
4. Pay off debt
Debt increases a person’s operating costs and requires more income. If the debt is associated with a no-value or declining value item, it is literally the equivalent of “robbing yourself.”
5. Invest it
What if you could use the $10,000 to start a business that will produce $4,000 of income each year for the next 40 years? Consider the investments you might be able to make – it could literally change your life!
Your thoughts are appreciated. What would YOU do?