I’m 56 years old and I have been trying my best to plan for my future and retirement. My mom Carolyn (may she RIP) taught me at an early age, how to balance a checkbook and pay my bills properly. She also taught me a lot about keeping good credit. I thank her for that because so many times, parents don’t take the time to teach their kids about money. Life happens and next thing you know, life hits you in the face. I even took on a part-time job last year to absorb some of my financial worries and to help with my mom’s funeral arrangements.
I try hard to stay on top of things and with everything going up because of inflation, I wanted to make sure I was doing the best I could, as I head towards retirement. Some unfortunate things has also happened to me, and as some of my avid readers know, I am newly divorced and didn’t see that coming.
That’s when I got a reality check and had to figure out a lot of things and take care of me and my finances. NOONE is going to see about you but yourself, so I started saving more and paying off my debts! Thankfully, I only have two more credit cards to go and then I will be finished, thanks goodness! Inside, I put together a list that helps you utilize $30k and to get your priorities in order. I hope this can help someone out there!
If I had $30,000, I would consider a few options depending on my priorities:
- Investments: Put a portion into a diversified portfolio of stocks, bonds, or mutual funds to grow the money over time.
- Emergency Fund: Ensure I have a sufficient emergency fund (typically 3-6 months of living expenses) in a high-yield savings account.
- Education: Invest in further education or professional development courses to enhance my skills and career prospects
- Travel Allocate some funds for travel experiences, which can offer personal growth and new perspectives.
- Charity Donate a portion to causes or organizations I care about.
- Home Improvements Use some of the money for home repairs or upgrades to increase property value and improve living conditions.
