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What should I do with extra money?

There's a lot that could be included in that question. A lot of it depends on your personal situation, but I'll give you some ideas. Keep in mind, this is not financial advice. Do your own research. 

Build and Emergency Fund: If you're like most people, you don't have a lot of money saved for unexpected expenses. You might spend all your paycheck and not have anything left over. If something unexpected happens, you have to put it on credit. So start saving. Make sure you have at least $1,000 dollars saved in an emergency fund. Only use this money in a true emergency, not just when you see something you want that's on sale. 

Pay off debt: If you have outstanding debt, work to pay that off first. It could be tempting to use the extra cash to purchase new goods like TVs, computers, phones, etc, but if you want to help your future self have a better life, start by paying off debt. 

I recommend taking the Dave Ramsey approach and making a list of all the debt you have. Then sort them by the amount left from smallest to largest. Make sure you're making minimum payments on all the debt, but focus on paying off the smallest one first. Once the smallest one is paid off, start putting the money that would have gone to that payment into the next bill on the list. As you start paying off the debts, it will speed up and "snowball" because you'll have more money freed up to pay off the next one. 

Make sure to have that emergency fund already so that if any other unexpected expenses come up, you don't have to take on more debt. As the debt drops, don't take on more.

Note: If you want to learn more about Dave Ramsey's approach, you can check out his website https://www.daveramsey.com/

3 - 6 Months Savings: Once you're paying off your debt, you can work on building up a bigger buffer to protect against things like unanticipated unemployment or large unexpected expenses. It should be enough to cover your expenses, not all your "wants."

Investing: Once you have your debts paid off, your savings in case some thing happens, start investing. There are a number of places you can invest, but not all of them are ideal at any given time. 

- Stock Market: Right now the stock market is still very high. It has dropped 3,000 points from its high, but it's still one of the most expensive stock markets in history, and there aren't as many buyers showing up as there used to be. It seems that most of the purchases have been companies buying back their own shares with the money they have repatriated from overseas. They say to "buy low, sell high." It might be difficult to do with the market right now.

- Precious Metals: Gold and Silver have been investments that people have used for years to protect their wealth. Although there are times that other assets gain value more rapidly (relative to the fiat currency), precious metals have maintained their buying power over the centuries. If you're looking for a place to hold your wealth during times of financial uncertainty like right now, precious metals could be a good fit for you.

- Cryptocurrencies: They're a relatively new invention, but they've also dropped a lot from their highs a year ago. Crypto is still in its infancy, so there do tend to be large swings in price. If you're investing in crypto, do so for the long-term. Make sure to do solid research so you're not investing in a scam. There are lots of them out there, so it's important that what you're buying has a real, quality product or service behind it. 

- Real Estate: Another asset class that is overvalued right now. While there might be some deals to be found, much of the real estate market is priced through the roof. Some of the prices have started dropping, but they're still at the top of the cycle, and are likely to continue falling for some time. If the stock market continues its downward correction, the housing market could see massive losses.

- Art: You'd likely need millions of dollars for this to make sense, but the ultra-wealthy like to store their wealth in things that are rare and unique. There is likely to be a smaller market for these items if you ever needed to sell them, but the right buyer could pay much more than your original asking price. Do your research to determine the potential for resale value. 

I hope that helps. There are a lot of places a person might be starting from, but wherever you're at, there's room to grow. Put together a plan and a roadmap. Write down your goals so you know what you're working toward. You're much less likely to buy that Xbox if you know it's going to put you farther from your goal. 

Don't get discouraged. Or if you do get discouraged, don't give up. You can do it. Sometimes it takes more determination than other times, but with the right plan in place and people to encourage you along the way, you can do it. 

Lastly, don't forget to celebrate your successes. They might not be large successes or large celebrations, but take time to acknowledge the fact that you've made progress. It will help encourage you to continue pursuing your goals. 

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It's your call! You can do anything with your spare money. You can have it invested into a bank, a investing company or cooperative though it offers less interest, it is somehow safe. You can also put them into stock trading but with enough knowledge on that industry. It is more prone to losses and risks. If you are more into security purposes, have it store in your safe box though this is less advisable. But saving them up will save you from future financial problems easily. You can directly get the cash in hand not like those lending groups where it needs a lot of process. Of course, lastly, you can donate them to charity or to your family and relatives whose in need. Hope that helps!


WOO. Imagine having extra cash. The first thing is to imagine having lots of cash. 

I guess not many people I know even have enough cash. They are instead always complaining of how little cash they have in their wallets and bank accounts. 

1. The first thing is built up some more funds to the extend of six months first. This fund can be used as a business building fund. You can decide to use those funds to buy yourself time if in case you need to build a business. It is always not wise to just venture into the business world without some cash stashed in fiat form factor in the bank. Economic conditions do not favor anyone at the moment of time, this is also due to the explosion of the new industry 4.0 where new job type would be created due to the new innovation of technology and AI. 

If any job layoffs occur, it can be the funds for survival while getting a new job or obtaining a new skill set. 

2. Just invest in some traditional stocks 

Invest in companies that are traditional sound. I know there will be a lot of people who may disagree with this point. But the the bottom hasn't been found yet. I mean Crytos are still at a gravitational fall. It will reach a stabilization but no one knows for sure what price it would be. 

Etoro is one of the good platforms to invest in CFD's which doesn't require you to invest in the whole stock , which usually can cost tons of cash and they only charge spread and no more commissions. If you a starter and have never invested in any stocks before, just pick an investor who has experience and then press on copy trade. You stock portfolio would copy that of the trader who you have chosen plus you pay a small fee. When ever the trader makes money, you make money too. You just need cash and that person needs to spend lots of their time researching and worrying. 

3. Invest in a new course/ Book 

Books are one of the greatest inventions in this world. A lot of the peeps I know haves stopped learning. I think being a life long learner is really beneficial to our life. It allows us to not be left in time and we can always advance our minds. Reading a book of 300 pages can equate to around 100 k of words learn and thousands of new idea learnt. 

New courses are good. 

4. Invest in an online store business 

5. Invest in a partner business 

Well, there are tons of ways we can utilize our precious savings and the ones mentioned are just some, I can think of still the tons of unlimited ways to earn some more cash. 

1 Comment

Having an extra money is great cause it means you can have some savings.

It is very important to have savings since we do not know when there will be some emergencies that will going to happen. Also until when we can have regular earnings or income.

Some of the extra money you have could also be use on some relaxation or leisure as we do need to have such moments in life too to enjoy. You can travel or buy that thing that you really wanted. But make sure that do not spend too much and keep some of the money for your savings.


Your luck in that case if you have extra money. Just enjoy it and have fun. :-) 

A good questions indeed and most of us have that in mind that what should I do if have that extra cash in hand. I'm going to answer this question based on my experience and what I've been doing when I have the extra money that I get due to the company giving me a bonus, money earned through stock dividends or may it be any source of income. The point is to use it in the right direction.

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- Make prepayments if you have a Home loan running - got an extra bonus just use it to paying off your home loan debt. A part payment would result in decreasing the home loan tenure and a peace of mind for you that you will be debt free soon.

- clear of credit card bills - we all know that credit card rate of interest is higher. Hence it would be wise if you clear off all your credit card pending bills - this will help you to save on the higher interest rates.

- make an investment - depending on the extra cash you have you could think of investing in property or any other business that could give you monthly returns. Its always good to have another source of income. So invest in areas which interest you and try getting an extra source of income out of it.

- Plan a vacation - this is my favorite. We earn but at times forget to enjoy life. So plan out a vacation to abroad with your family. Have that quality time spent with family and visit places that you and your family have dreamt off. Simply enjoy that extra cash either by a holiday plan or anything that interest to all your family members.

These were some of the things that I did like to prepare when I have that extra cash in hand. Make the best use of it and most important have fun and enjoy life. Thanks!


I recommend you follow the 7 stages of Dave Ramsey.

In his book "The total transformation of your money" Dave Ramsey shares a simple method to achieve financial independence. No matter your current situation, if you follow this method with discipline you can achieve your goals: get out of debt, live without having to work, ... It is a key book of financial education.

Then Dave Ramsey developed his method according to 7 stages:

1- Create an emergency account, one month of your normal expenses to have security and know the details you spend and how you spend it!

2- Pay your debts as soon as possible: Classify your debts from the minor to the oldest and start paying the minors in first. Perhaps this method will not be the most logical but it is inspired by human psychology. Getting out of debt is a very important step towards financial independence. And remember to pay no more with a credit card!

3- Increase your emergency account to 6 months of expenses. Now you will have an important financial security in case of losing your job for example.

4 and 5: Invest your income for your pension and the universities of your children! You see how now you are not worrying about the day to day but you are planning your future

6- Start paying your house. Once you have it paid, you have this security for your whole life

7- Invest in assets to generate passive income and enjoy your new financial freedom!

I recommend reading the book, it is full of examples of people who achieved financial independence by radically changing the situation. It's quite inspiring!


There are many important things that you can do with extra money - 

1. give it to me (don't worry, all other options are serious)

2. Find investment avenues to make the pot of money grow for a better future. Depending on your age and employment status, also risk profile, you should always invest. If you're young and working before college, invest for your tuition and don't spend money on excessives, no matter what you see on instagram. Kim Kardshian may have brought in a new trend but you can live without it. She is rich, you may be not. And diversify, if you need a stable income, invest some of the money in bonds, or dividend paying stocks to keep getting that money. Most important, read up on financial investing. Don't waste money on wealth managers and Mutual fund managers as they will eat into your returns through fees. But if you do not know how to invest, they are worth paying for. There are many apps nowadays that allow you to invest change. 

3. Donate to charity - If you've made money, help those who do not have it. You can donate to charity, but best will be do charity yourself, sponsor a child's education, help an old person get home care. 

4. Do not buy depreciating assets or money wasters. Do not buy clother, extra homes, stuff you don't need, don't we wasteful. Support independent business, live with what you need. Ok. splurge a little but do the above first, except giving money to me. 


Invest it. The best thing money can buy is options. Life without money is completely horrible. Even the most basic things like getting enough to eat and staying warm become insurmountable obstacles. If you have money stashed away, or better yet, investments generating passive income, you will be able to cover at least some of your basic needs even if you lost your job and could not find another one quickly. And if you find yourself working for a really shitty boss but can't quit because you absolutely need the money, you'll be in a bind. But if you have sources of passive income, you'll have options. The more passive income the better. You don't really need any luxuries and shit. The freedom to say no is not free of charge. Save your money for that.


Well I'll tell you what my father told me " SAVE SAVE SAVE!!!". There's no harm in saving money, especially when it's in fiat which is nowhere near as unstable as cryptocurrency.

I know alot of people are going to say invest your money, invest it in this and invest it in that but the safest way you can keep your money is to save it. Drop it in the bank and just leave it there, download an app like cowrywise or piggybank or stash from the playstore and have them save your money for you, but always save as much as you can with extra money.

Well I'm sure a lot of people will still insist that you invest the money, well that wouldn't be a bad idea, but it's better you don't put all your eggs in one basket so I'd advise that you split the money in to, no matter how small it is and then save one half and invest the other, that way you don't lose on any end.

As far as investing goes there are a couple of things that you could invest your money in which are actually pretty safe. Most people will probably advice you to buy a promising crypto like stellar or EOS or even STEEM and hodl, but while all these coins show a lot of promise, they're all heavily dependent on the price of BTC and if the price goes up then you'll probably make a lot of money, but without that then I can't say for sure anythings going to happen.

As far as crypto investments are going, I'd advise that you consider cloudmining with a reputable company like genesis mining, it's definitely a good way to invest and they also have very affordable and Flexible investment plans so I'm sure you'll be able to find something that works for you.

If you aren't really feeling the crypto market right now and you're still looking to invest then you might want to consider investment banking or maybe investing your money on treasury bills. Treasury bills are actually reasonable investments seeimg as they're government backed so doing that wouldn't be a bad idea. You could also consider making a fixed deposit, that way you can't touch the money and you also get some interest on the money as well.

I hope this helps.


It depends on what you want, your goal is and also how much you have. 

If it's not too big and you want something short, just buy anything you want with it, food, clothes or take a vacation. 

If it's a bit big then you might want to think about growing your money more like investing in Steemit or other things. 

If your extra money is really big then you can get something that you really want that is important in life like a car or a house or starting up a business. 

Either way, the choice is still up to you. Use it wisely but more importantly use it on something that makes you happy. 


My advice to you would be to invest it. Be it steem, Bitcoin or ethereum. You can also invest in a young upcoming entrepreneur who has potential and who knows he/she might just be the next big thing.

If you're not investment you can go for charity. There are lots of children that can benefit from this 'extra' cash of yours. You can also donate to people who have been dispatched due to natural disasters.

If you're looking for fun then you can go for this new trend on social media called giveaways. It's when you organize a competition and the winner or winners get paid.

You can also fund researchers, environmentalists and other professionals that strive to make earth a better place.


You could send it to me. lol.  I would put it in a savings account to save for the future or talk to a financial advisor if it is a large some of money. I would also buy $1000 of steem if it reached 10 cents a steem. 


Interesting question :) Let me give you an obvious answer to that, you may consider investing it on Steem!

This isn't a financial advise since I'm not an expert on it, but I'm saying it through my own point of view. If I'm in your shoe and I have an extra fiat, then I'd rather invest it into something that will become valuable in the future instead of saving it as a fiat that doesn't provide a substantial remuneration for my it.


Simple answer is save it for opportunities that might require them in the future and hence increase your networth in the process.


For one thing, don’t deposit extra cash into your checking account. Deposit the money in a savings account and let it sit. While it’s sitting, run through this list and consider whether some or all of your money should be put toward these ideas:

#1 Pay down high interest debt

OK, this isn’t a big surprise but it seems to be a common question. Should you bulk up your savings account or pay off your credit card debt. It’s true, (according to the Wall Street Journal article linked here) having cash on hand makes people happier . However...when you are paying credit card interest rates of 12, 18, 28%, those interest charges are just so expensive you really need to get out from under them.

#2 Bulk up your cash bucket (aka your Freedom Savings)

Peace out yall

Yes, increasing your cash-money on hand is probably not the sexy, get-rich tip you may have been hoping for, but it’s the kind of real financial advice that people need to know. In fact, let’s rename this cash bucket your “Freedom Savings.” Very patriotic.

The truth is, it’s hard to build wealth and create real freedom for your family without cash on hand to survive the inevitable wrenches life throws us. Here are a few things that have actually happened to my family:

Job loss - OK that was pretty drastic Parked car almost totaled when hit by a Ram truck driver swerving to avoid a squirrel child hospitalized for croup

Fortunately, those didn’t happen in the same year. Yet, if we were like most Americans with less than $1,000 ina savings account , any one of those events could have put us into a downward spiral of financial debt.

#3 Use extra cash to boost your long- term savings

OK, long-term financial planning tip tucked in here - can you contribute to an IRA for you or a spouse? Consider using a windfall to boost your long-term savings. Or, fund a taxable investment account for that big dream you have - maybe it’s starting a business, going back to school or buying a beach house!

( Want to learn more about ESG Investing? It's a twist on Socially Responsible Investing, read more here! )

#4 Plan something fun

Set aside some money and think about how you want to spend it - don’t just trip into Nordstroms and treat yourself. Don’t get mewrong, it’s fun to go shopping - we get a little hit of dopamine when we anticipate a reward, in this case spending money . That’s part of why so many of us have homes full of stuff. But let's dream a little bigger.

Perhaps it’s time to save up for that trip you have been dreaming about taking. Buying an experience (especially one we share with others) tends to bring people greater joy because they have fun anticipating the experience, they have fun during the experience, and then they have positive memories.

#5 Take care of some neglected home maintenance with extra cash

Other than your earning ability - a house may be one of your biggest (and most expensive) assets. Minor home repairs that go undone can result in much larger bills down the road. Now may be a good time to check some lingering home repairs off your to-do list. Plus, you’d be surprised how satisfying it can be to take care of something that’s been annoying you for the last year or two.

Note: I use the term “asset” rather loosely here to mean that you have a lot of money tied up in your home. In many ways a home is a liability...but I digress.

#6 Use extra cash to invest in yourself

For most young-ish professionals, your earning ability may be your greatest asset. What can you do to boost your earning power? We often focus on how much we save or spend but forget about the other half of the equation - how much we bring in. Would you be able to earn more money if you got a new license, finished a degree, invested in some coaching? You may get the best return on your money by investing in yourself!

Take a moment and give your financial picture a hard look. Do you like what you see? A sudden windfall can be a good time to reframe your financial future. Don’t let this opportunity slip through your fingers!


you can send it to me , I will keep it safe for you...


Savings account or build up your 401k. It may not sound like fun but it will pay off when you need it after retirement. 


Invest in knowledge or invest in yourself. It's worth in the long run.