I’ve been given 1,500 to spend on whatever I want or need. The problem is I’ve never had this amount of money before to use. I’m confused on whether I should save, spend or invest the money. I haven't had the first hand experience of investing and saving money. I want my money to be in good use but now I have to figure out which alternative is best for me.
My first alternative is to save. I have multiple choices on how I want to save my money. I am able to put it in the bank in multiple kinds of savings accounts, also use my own personal safe & save by reducing my money in certain areas. I’ll have more money to use when I need for emergencies. Meaning I can put my money in an emergency account and use it when I’m in need. I will also gain interest by doing that overtime. I can also use CD’s which gives me the opportunity to invest and reinvest my money which will make more money. Doing that will make my money grow faster.
My second alternative is to invest. I can put my money in a bond and the company will use my money and in return they will pay me back and with interest. I can put it in the stocks also and decide with the shareholders how we want they money spent. Eventually if the company blossoms I will get a share of the company. A mutual fund would be a combination of both a stock account and a bond. I can also put my money in a mutual fund and watch as the investment grows. Also if the company I’m investing in grows there will be more money for them and me. Also the company will acquire more employees which will decrease the unemployment rate and help the stock market and the economy.
My last alternative is to spend. I can spend my money multiple ...
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...ding on the type of savings account I have and bank. I picked Saving rather than investing because theres a risk in investing , if the company or whatever I'm investing in doesn't work out I can lose a substantial amount of money and I can't use it right away until the interest builds or the company grows. With spending it feeds my personal needs but won't benefit me in a smart way. I can buy luxuries, I can't use it on emergency if I'm spending it all, but I can use it now. Theres also no growth involved in spending it. Saving is the best alternative for me and the economy its safe and secure. I gain more with saving than I could spending and investing. Also by saving the bank is able to lend out money people need, and later paying me back more in return. That will benefit the businesses and grow the economy. Overall saving is the way I would spend my 1,500 dollars.
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