January 27, 2023

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10 things you can do or buy with $5,000

If you have $5,000 to spend but don’t know what to get, this article will answer all your questions.

Open a business

With an investment of $5,000 or less, you can start a variety of low-overhead businesses, many of which are work-from-home opportunities such as: B. becoming a virtual assistant (expenses include computer, phone, internet and possibly training and marketing). For $5,000 or less, you could own a small franchise, like a hot dog truck.

bank it

Even though interest rates are low now, depositing your money will still earn you some interest.

Since Ally Bank is now paying 3.3% on money market accounts (some banks offer even more), after five years you would have $5,881.28. In other words, if you save for five years, you’ll have enough interest to buy a scooter or hire someone to clean your house.

Eat a burger

At Hubert Keller’s Fleur restaurant in Las Vegas, the Fleur Burger 5000 is a specialty burger made with Wagyu beef, foie gras, grated black truffles, and truffle oil. In addition to fries there is a nice bottle of wine.

Grill your burgers in the outdoor kitchen

While even the cheapest hibachis can be used to flip burgers, setting up a backyard kitchen with a nice grill, island with a built-in refrigerator, and dinnerware starts at around $5,000.

Get a cat

The Bengal cat, semi-domestic cat, and semi-leopard are stunning animals that cost over $5,000 to own.

If being neglected by a cat isn’t enough for you, adoption gives you more cats for your money. You could buy 50 cats for $5,000, each costing an average of $100. However, you may need to save money for groceries, garbage, and a nice vacuum cleaner.

Pay off credit card debt

The typical American family owes nearly $6,000 in credit card debt. If this applies to you, paying the minimum monthly payment at the standard 15% interest rate would take several years and cost you between $2,000 and $3,000 in interest.

If you pay off $5,000 of that loan now, you could pay off the balance in a year and save nearly $2,000 in interest.

Recommended: 8 Easy Ways to Make $5,000 Fast

Give it to Old Guy: Future You

If you’re not already automatically contributing to an IRA from your salary, a lump sum commitment of $5,000 covers virtually the entire year’s maximum contribution.

You might be surprised at how much your contribution could increase from $5,000 by the time you retire since traditional IRAs grow tax-free. If you invest $5,000 by age 20, you might have more than $50,000 by age 65, assuming a 7% annual return. Very good!

donate to charity

You can deduct your donation from your taxable income, which will give you a wonderful feeling. Make sure your recipient is a recognized non-profit organization; You can check this on the IRS website. Also remember that all gifts over $250 require a letter of confirmation from the charity.

Buy an 82 inch LCD TV

Last time I checked, the price of an 82-inch Samsung flat panel monitor on Amazon has been reduced from $5299 to $3497. You would have a TV taking up half your wall by this point and you wouldn’t want to leave the house, at least not until the end of football season. If you get it on sale, you’ll have to shell out an additional $1,000 for cables, mounting hardware, and snacks.

Trip to Vegas

It wouldn’t take long to use up that $5000 if you added up the cost of a plane ticket, a three day hotel stay and some fantastic concert and show tickets.

Instead of choosing cheap motels because you’re concerned about your budget, you could stay on the Strip and dine at upscale restaurants if you had access to someone else’s fun money.