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“If I Have Extra Cash in My Bank Account, What Do I Do With It?”
Manage episode 318463464 series 3308014
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Check out a list of some smaller and some bigger things you can "invest" your money in that can bring a massive return in your life: http://www.WePayOffDebt.ca/cash
Some people think "Nah, people with extra money just don't exist", but in fact, some people are born savers and end up piling up money that they don't know what to do with. Some people win a lottery and just put it in their account to feel good about it being there. Some have an insurance settlement that they decide to just leave in the account. In this episode, I go through what should be done with a chunk of money that you just don't know what to do with, and the paradigms around doing so.
NOTE: This all assumes that you're life is stable financially at the moment. If, for instance, you're in school right now, keep piling up money to make sure you get through school debt-free. If, for instance, you lost your job, or you've experienced some traumatic issue recently, go ahead and leave the cash there until you've walked through this season in your life. But if things are well and you have a solid job with a solid income, then this episode is for YOU.
Also, at the end we have a few listener questions:
- Emily: How do you make time to stay on top of your budget when times get busy? How do you deal with increases to the cost of living when you're already living paycheque to paycheque?
- Paul: Should I use my emergency fund to buy a cow? It'll fill my pantry for a long time, and if not, then it would take us a long time to save up for it.
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