Congratulations! You have an extra $10,000 to invest today that you don't need for your daily spending. But the big question remains...How do I invest $10,000 in the smartest way possible? Read on below for 7 smart ways to invest $10,000!
#1: 401k match = Free Money!
The first place you should look to invest your extra money, is with any 401k match. If you are not picking up 100% of the free money your company is offering in the 401k program, increase your contributions now! Your take home pay will decease by the expected amount. This is free money, and is absolutely your first move!
#2: Pay down high interest debt (>10%)
If you are already picking up the largest possible match in your 401k program, the next area of your life to fund would be any high interest debt which is greater than 10% interest rate. These could be credit card debt, a very high car loan, or any personal loans you may have taken out.
#3 Health Savings Account (HSA)
Health savings accounts are triple tax free....
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