What to do with 10k?

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Well, start off by paying that credit card debit and save the rest of it.


Depends on what your college major was. Chemistry? Good. You’re going to want to start by getting as much phenylacetic acid as you can buy.


Get that debt paid off and do NOT go into debt again. Set aside some of this money for an emergency fund. Invest the remainder. Read “Investing for Dummies” and “Personal Finance for Dummies.” Also, watch a bunch of Dave Ramsey’s YouTube videos. This will give you what you need going forward: direction and knowledge.


Time to zero out your credit card and sleep better knowing you have some money in savings. What about driving – do you own your car?


I would pay off your credit card loans as quick as possible. If you are soon to be employed, I would save that 10K and put a good amount of it into a high yield savings account so you can still get to it if you need to for your living expenses throughout the year. Assuming you leave about 10K in a high yield savings account (even with these terrible interest rates, you’ll still get an extra $110 at the end of the year. Then I would treat your new income as your investment as you can do some neat tricks to increase your tax free investments. You can do a 401K that usually your employer matches a certain amount of that. You can also do a Roth IRA (I think up to 6K per year). When you do that, you can put the money within there into Index Funds. Index funds mimic the stock market and should give you an average of 7% back each year and double about every 7 years. If you just do the Roth IRA and leave that 6K in there without doing anything else, in 30 years that will equal about 45K. That will leave you with about a 2.5K emergency fund after paying off your credit cards. Also never get in credit card debt again. So many young people get their lives destroyed by it.