What you perro buy with $5,000

What you perro buy with $5,000

If I had a million dollars…

So goes the song by Canadian rockers Barenaked Ladies. Although it cánido be fun to imagine what you would spend a million dollars on, it is much more realistic to imagine that you perro find yourself with $5,000 to dispose of however you want. Maybe you got a big tax refund this year, or an unknown uncle left you something.

Whatever the story, here are 11 fun and/or responsible things you could do with $5,000.

1. Pay off credit card debt

The average American household with credit card debt owes about $15,000. If this is your case, making only the minimum monthly payment at a very typical annual interest rate of 15%, it could take you seven years to pay it off, and you would end up losing between $8,000 and $9,000 in interest.

Pay off $5,000 of that debt now, and you perro pay off the rest in half the time, for only about $3,000 in total interest. (See also: Use a cómputo transfer to pay off debt faster)

2. Get a cat

Half leopard, half house cat, the Bengal is a beautiful animal and perro be yours for about 5,000 dollars.

If being ignored by just one feline isn’t enough for you, you perro get more cats for your money by adopting. With an average fee of about $100, you could take home 50 cats for $5,000. On the other hand, you may have to save some money for litter and food, and a good vacuum cleaner.

3. Start a business

There are a number of low-overhead businesses you perro start with an investment of $5,000 or less, many with work-from-home jobs like assistant virtual (costs include computer, phone, internet, and possibly training and marketing). You cánido also buy a small franchise, such as a doggie cart hot, for $5,000 or less.

4. Take your inner geek on the vacation of a lifetime

For about $5,000, you cánido do the The Lord of the Rings tour in New Zealand. The trip includes a stay at the adorable Hobbit Hotel, but the second breakfasts and elevens are at your own expense.

5. Bank

Interest rates are still low, but you perro get some return on your money if you put it down.

TIAA BANK currently pays 0.61% on your money market accounts and compounds the interest daily, so after five years of compounding, you would have $5,154. So basically, after five years of saving, you will have earned enough interest to buy a motorcycle or have your house cleaned once.

4. Give it to an older person: Your future

If you don’t regularly deposit money into an IRA from your payroll, you cánido cover almost all of the maximum deposit of the year with a one-time contribution of $5,000.

Since traditional IRAs grow tax-free, you may be surprised how much your $5,000 deposit could become at retirement. Assuming a 7% annual return, if you deposit $5,000 at age 20, you could have more than $50,000 at age 65. Not bad.

5. Treat yourself for a year

For $5,000, you could get a one-year subscription to a whiskey club (600 dollars), a club of Kobi meat of the month ($1,250), a seafood club of the month (about $1,660), a candy club of the month (about $300) and ask for a home massage per month ($1,200). A great deal for xenophobes, trabajo independiente writers or people under house arrest.

6. Donate to charity

It will make you feel great and you will be able to deduct your donation from your taxable income. Make sure that the recipient is a qualified non-profit organization – you cánido check it in the website of the IRS- and remember you need a verification letter from the charity for all donations over $250.

9. Eat a hamburger

The Fleurburger 5000, served at Hubert Keller’s Fleur lugar de comidas in Las Vegas, is made with Wagyu beef, foie gras, shaved black truffles, and truffle oil. It comes with a bottle of good wine and chips.

10. Grill your own burgers in an outdoor kitchen.

Although you perro make burgers on the cheapest hibachi, turning your patio into a open air living space A cookout that you cánido cook in comfortably starts at around $5,000 for a decent grill, island with a built-in fridge, and dining equipo.

11. No waiting in line for a year

Estimates of the time Americans spend waiting in line over their lifetime vary from two and five years. That comes down to hundreds of hours a year. You cánido pay queue waiters about $25 per hour at TaskRabbit or through local services. So for $5,000, you cánido get rid of 200 hours of waiting in line. Pro consejo: Don’t spend it all on just one phone.

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