Let’s pretend for a minute that the paperwork is signed and PNW Invest has cut you a huge check.
What do you do with that money?
Maybe you use it as a down payment for another house. After all, you have to sleep somewhere right? But you have the option to invest the money in multiple different things.
In this post, we are going to discuss the different options you have after receiving a big check from us.
The easiest way to invest some money is in the stock market. You can find a few stocks from companies you trust and think will give you a healthy return on your money. We suggest bigger companies that pay dividends. Once you find the stock you can use a service like Robinhood to buy it. Learn more about the Robinhood app for trading stocks.
Start a business
You could take your check and start an LLC and create the business you have always wanted. I know so many people who want to start a business but they don’t have the money to get one off the ground. Here is your chance. Maybe you have always wanted to open a bakery or a flower shop.
You can use this money to secure a lease on a building or hire a web developer to build your website.
Yup, you could even buy 2 properties or buy 1 big one and rent out the extra rooms. This is a great way to have someone help you pay down the mortgage and still have equity in your house. There are a lot of creative ways to be in real estate these days. So if you want to talk more about your options then contact us today.
Pay off some debt
If you are like me then you hate having credit card debt or a car payment. Use your big paycheck and pay off that nagging loan so you can save money on the interest you would be paying otherwise. It’s also a weight off your shoulders when you don’t have a payment over your head.
Put money in your rainy day account
It’s always a great idea to have some money put away. According to a CNBC report, 57% of Americans have less than $1,000 in their savings. You could easily put a couple thousand dollars in your savings.
Invest in yourself
One of the best things you can do with your new found wealth is reinvesting it in yourself. Educate yourself on something that is interesting or could pay you more later. Maybe it’s learning a new skill like business plan drafting, or photography. It could literally be anything. But buy yourself a book, course, seminar, mentor, college class or something that will help you get to the next step in life.