I just paid off my credit card!!!!

[sdfernando]

Have no home loan (I rent), no car loan. Now no credit card payment. Just monthly expenses now and a tidy sum saved in the bank. What should I do with the extra $500.00 a month I now have available?

[soleft]

1. Buy gold?

[bluestateguy]

2. Give it to our nominee

Who will hopefully be known before the Convention.

I'm in a similar situation; very close to paying my CC's off, which will free up hundreds of dollars a month. I can't wait (and I pray for no emergencies).

[rsmith6621]

3. Save It and Buy a Home...

.....when the market settles down.

[sarge43]

4. Save it.

You got alone without before.

[hobbit709]

5. I definitely wouldn't put it into the stock market.

[demnan]

6. Save for a home of your own

The way prices are falling you should still get a good deal in a couple of years, after you bank about 10K for downpayment and closing costs, etc.

n/t

[sdfernando]

10. Will probably do that

But I live in San Diego, and even with the recent price declines a home is still out of reach at this point. 10K won't do it here for a down payment. Luckily I've got more than that saved now, just need to grow it a bit more. In a few years, when prices are normalized again I should be in a great position to buy.

[Rydz777]

7. Congratulations. Save.

[physioex]

14. Correct....

Maximize your 401K. And invest your money some in stocks, and money market. You need to have cash as a buffer incase of an emergency loss of job, health, unforseen expenses. Save to buy a house. I know the housing situation is a mess now but a house is a good investment. And when you do buy a house make a 20% down payment on a fixed mortgage.

[jaysunb]

8. You're my new Hero !

good for you !

[Warpy]

9. CDs for now

Check the rates they're paying and make damned sure they're insured.

Keep 6 months of liquid cash in an insured savings account in case something horrible happens.

2 years from now, you'll be in a position to think about diversifying into something else that will pay a little more than CDs.

Congratulations on kicking your debt to the curb! That's a really big deal these days!

[Art_from_Ark]

23. Sounds like a good idea

Short-term CDs and 6 months' worth of quick cash in an insured savings account

[Debi]

11. Congratulations!

I'm close (holiday and campaign spending) and then will only have mortgage and monthly expenses!

My advice - 1/2 in an easy to access savings and 1/2 in CD or some other higher interest account.

If you do want to buy stocks - see a broker about what will endure this market. It may be a good investment for later down the road :shrug:

[NMDemDist2]

12. Congratulations!!!!

I'd just save most of it. if you have been living tight to pay it off, give yourself $100 to play with and save the rest.

[ordinaryaveragegirl]

13. Invest it wisely...

And there are many ways:

*Put it towards a secure investment for your future, such as retirement, or a down payment on a house.

*Use it for educational purposes (additional courses, etc.)

*Use some or all of it for charitable purposes. There are many worthy charities out there, and one (or more) is sure to share your ideals.

*Start a rainy day fund...and reward yourself for all of your hard work to pay off your debt. Taking a trip or buying something special, credit-free, is a great way to pat yourself on the back for a job well done.

WTG on paying off your debts! :applause: :woohoo: :thumbsup:

[Sancho]

15. Congratulations!

Don't invest it all in one place! Diversify!

[nashville_brook]

16. $500 a month will make a nice "freedom account" -- we need at leaast a 6-month

freefall fund just in case we lose a job, get sick or what have you.

congratulations!

[tuckessee]

21. I'll second that!

Having a minimum of savings to cover at least six months of expenses is the next step after eliminating debt.

[TygrBright]

17. Why do you hate America? eom

[sdfernando]

18. LOL...Its not that I hate America...

Its that I love myself more. :0

[ursi]

19. good for you, buy gold, or gold stock, or give it to a nominee as someone said!

Democrat, of course!

[Doctor Cynic]

20. Tear up your credit cards, record it, and put it on youtube.

[Eurobabe]

22. Good for you!

Way to go... :hug:

[AnneD]

24. Keep yourself off credit cards....

start saving 3-6 month emergency fund.

Then invest. Roth IRA's employee matched 401 K (just up to the % they match).

We are working to achieve that exalted state. We will be there in a few more years.

[DavidMS]

25. Congradulations!

My thoughts are to set up an emergency fund (get some savings in ready cash) and also, start salting money away in a properly diversified investment account. Follow modern account theory and you should be relatively safe. Also remember your 401K/Roth IRA.

One other thing, celebrate!