extra cash

[annof]

If you have extra cash what would you do with it? Are you going to pay off your debt/mortgage, put it into your retirement or put it in the bank?
What is the best option?

[Jason]

Originally Posted by annof

If you have extra cash what would you do with it? Are you going to pay off your debt/mortgage, put it into your retirement or put it in the bank?
What is the best option?

I have lots of debt, so every penny goes towards repaying the debt for now. I would love to invest some money, but I don't have anything left after all the monthly payments. In a few years hopefully I'll be mostly debt-free, and I will be able to save and invest small part of my income.

[trent]

If you put your savings in the bank, then you will lose money as real interest rates are negative - your savings are eaten by inflation. Repaying debt is always a good idea especially if this is the so-called bad debt (usually consumer debt). If you are debt free you can invest the money in your own business (if you have one of course) or you can invest in somebody else's business.

[Steven]

I invest around 80% of my free cash and the rest 20% goes into emergency savings fund. Lately everything seems so expensive, that I don't have as much cash as I had before - I guess it's time to ask my boss for a raise .

[investor]

Originally Posted by annof

If you have extra cash what would you do with it? Are you going to pay off your debt/mortgage, put it into your retirement or put it in the bank?
What is the best option?

That is a really good question for people with extra cash - I'm sorry to say I don't know any. But if I have some extra cash I will first pay my debt or mortgage and invest them towards my retirement – in that order.

[mary1]

Originally Posted by annof

If you have extra cash what would you do with it?

I would like to have your problems. Who has extra cash?

[lanaa]

Well some people have extra cash and I guess that it is a real problem how to save it, because the inflation eats up your money fast and you really need to invest them, either in the stock market or real estate market or your own business...

[Canadian]

Indeed inflation is becoming a major problem. I’m tired of paying more and more for everything from groceries to gas. I live in Toronto, which is a very expensive city and this doesn’t help either. I hope that at least housing market here will correct significantly and I’ll be able to afford to buy a house.

[francisford]

if i have extra cash and don't have any sort of debt to pay off... it will have to go to my kids' educational fund. or i can use a certain amount to start off a little business for even more cash. then i will use that for a retirement fund.