Wow that is a lot of money at your disposable per month but yes there are some things you can do with $1000 a month in disposable income. I do want to say that it’s a nice thing to have that amount off money to do whatever you want to. So in this post, am not giving you any financial advise or telling what to do with the money that you have. These are my opinions what I would do with that type of money.
Your bills:
So with $1000 a month in disposable income are all your bills are paid up? This would be the first thing I would pay up before doing anything else. I am talking about your cell phone, light bill, water bill, and anything else that you may have. Here’s the next question, did you place extra money on those bills for the next month. If you were cell phone bill is $100 bucks per month, did you put $150 on the bill to make the bill lower next time? With $1000 a month in disposable income you can start putting extra money on the bills that you have so the next month that bill would be lower. I like to pay some extra on bills so the next month the bill is much less and that helps and it’s a cushion just in case something would to happen, my bills are lower this month so that would be the first thing I do.
Pay off credit:
This be the first thing you can do but yeah if you have any credit cards or any loans, I would pay those off ASAP. With $1000 a month in disposable income you can pay your student loans if you have any, car loans, credit card, or any things that is a loan. By paying off that bad credit, you will have more money at the end and once you pay off something like a car loan, the money you would have spent on the car load is gone so you will have more disposable income. If you live in a house, you can put some money toward the principal payment of your house note to pay off your house sooner than later and if you don’t have a house, well with $1000 a month in disposable income you can get one and this will lead us to the next point.
Start investing that money:
So if you paid up on your bills and you are placing so money onto your house note maybe it’s next to start investing that money. With $1000 a month in disposable income per month, you can try investing in the stock market. Now am I telling you what you should do or invest in and investing in the stock market can be risky but investing $1000 can make you money over time. I invest in the stock market and I invest in dividend paying stocks which by just buying and owning the stock, you can get paid per month or quarter a cash payment.
If you want to know more about dividend paying stocks check out this post going talking about dividends and how they work, https://www.nerdwallet.com/article/investing/what-are-dividends if you want to start investing into the stock market and need a great broker you can check out webull which is the broker that I use and please I am not telling you to invest in the stock market, it’s just an example of what I will do with $1000 a month in disposable income.
If you need more help with the stock market, I have a YouTube channel talking about stocks and how and why I pick the stocks that I have. Here my YouTube channel and please like and share my videos: https://www.youtube.com/channel/UCKIXApIrXdvyajZvKV4VSHg you can also start investing into real estate with $1000 a month in disposable income per month. Going over real estate is a whole blog post in itself so here a nice blog post that you can read up on showing you how to invest in real estate: https://www.nerdwallet.com/article/investing/5-ways-to-invest-in-real-estate
Start an online business with that money:
Yes you can start something online and starting an online business does not cost a lot of money. In fact starting a YouTube channel is free and you can start a blog for about $106 dollars per year with bluehost. With $1000 a month in disposable income build an online business should be easy with that type of money. The goal is to have that money to work for you, it is hard to come by for some people $1000 a month in disposable income and so people are living paycheck to paycheck so the best thing you can do is to have the money work for you and start an online business which does not cost a lot of money. If you need help or you need a course on how to build an online business I have one here and the best part is that it’s free, Click here to check out the course:
You can save that money in the bank:
You can just place that money into the bank for a rainy day or just in case something happens and you need the money. Keep this in mind, the money you place in the bank, that money is not working for you and these days you may lose money with interest rates and inflation. Yes we should keep some money just in case something happens but that money is not making any money and check out this post about saving money in a bank https://www.fool.com/the-ascent/banks/articles/heres-why-you-shouldnt-let-your-savings-account-balance-get-too-high/
The main thing about this post is to do something with the money. I think one of the best things you can do is invest the money and have that money work for you. Money does not sleep or eat and money does not get sick and it does not stop working. So have that money work for you or pay off loans hat you may have to have more money when they are paid off. Want I do is pay extra on my bills to make the next payment cheaper and I invest in the stock market and have that money work for me.
