Imagine having an extra $1,000 in your pocket every month. What would you do with it? We asked our followers at Benzinga, and the responses were as diverse as they were inspiring. From investing in stocks to philanthropy, here’s what our readers had to say:
Feeding Communities
One follower said they would use the extra cash to put an additional 50,000 meals into their communities. It serves as a reminder that sometimes, the best investment is in the well-being of others.
Investing in Tech and Entertainment
Several mentioned they would invest in stocks. One follower specifically mentioned DraftKings Inc DKNG, and Tesla Inc TSLA. Another reader mentioned investing in tech giants like Nvidia Corporation NVDA, and Microsoft Corporation MSFT.
Dividend Investing
Another would invest the extra $1,000 in a dividend account, creating yields from surplus. A strategy that could provide a steady income stream and potentially grow their wealth over time.
Read also: Ride Western Alliance’s Volatility Into Dividend Gains, How To Yield $500 Per Month
Paying Down Mortgages
Some readers would use the extra cash to pay down their higher interest mortgages. One reader, who said they own several rental properties, mentioned they have some mortgages near a 7% interest rate.
Doubling Up on House Payments
One reader would double up on their house payment. Paying down your principal balance could potentially save thousands in interest over the life of the loan and help you own your home outright sooner.
Investing in Retirement
Several mentioned they would put the extra money into their IRA or a broad market fund, a smart move for long-term financial security.
Philanthropy
Last but not least, one reader said they would put the extra money towards their philanthropy work. This is a wonderful reminder that money can be a powerful tool for making a positive impact in the world.
What would you do with yours?
Read next: Bill And Melinda Gates Foundation Sells 20% Stake In Berkshire Hathaway
Image and article originally from www.benzinga.com. Read the original article here.