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Kitty


Hermes

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Financial advice
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I've been freelancing for my old job for the past 3 months and I've accumulated a large sum of money. I'm about to get one huge check for the work I've done so far.

I'm trying to figure out what would be the best use of the money.

I do have debt (cc debt, loans, ect.) but I was also thinking of putting the whole thing in an IRA. I don't know which would be the better move.

Advice?


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jah


Dooney & Bourke

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Ms. Orman would say pay off that cc debt.  I think it depends at the end of the day what interest rate you are paying on the cc debt.  If you can pay it off and then open an IRA and put in the monthly sum you previously paid against the cc bill, this is what I would recommend. 

Don't worry about the loans if they are student.  Generally, financial advice is to put that at the bottom of the list.   

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Bastet


Kate Spade

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I would pay off the cc debt first and put the remainder into an IRA if you can.

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greendiamond


Marc Jacobs

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Pay cc debt if you trust yourself not to charge them up again. Otherwise do the IRA.

-gd

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-gd
member


Hermes

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Like the other girls said, pay off your cc debt first.  According to Suze Orman, you're not really saving anything if you have cc debt.

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TheLovelyLady71


Hermes

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I agree, pay off those credit cards, and invest the rest!!! Good luck. And maybe a 'little' shopping.....LOL

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zeitgeist4


Gucci

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greendiamond wrote:

Pay cc debt if you trust yourself not to charge them up again. Otherwise do the IRA.


 Agree.



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