If you have extra money

People have asked me about what to do with an extra $500 or so, and the answer is:

It depends! If you've been working diligently on Step 3, Creating more inflow, then you might have this happy situation going on for you.

Here's a great 'yes/no' chart from the College for Financial Planning that can help make your answer clear. Start on the upper left corner and answer each question, although reading the whole chart might be useful.

['Liquidity' means having cash available, rather than tied up in investments.]

If you get to the 'Consider investing/contributing to [investment/retirement] accounts', our suggestion for how to invest is HERE.

Let me know if this chart is useful?

And thanks, as always, for reading this!

Quick Links:

Step 1 in the MGB Investing Starter Kit process is HERE

Step 2 is HERE --Keep a 'Digit Tally', like You Need A Budget or RocketMoney or our free tracker template HERE

Step 3 is HERE

What is Investing? is HERE

What is The MGB Investing Starter Kit? is HERE

To buy our self-paced investing course for $49, sign up by clicking HERE.

For the 90 min live zoom class in Black History Month for $98, click HERE.

To purchase the recent grad course for a young person, for $265, click HERE.

To register for our 6 month course, cost $795, click HERE.

Disclosures