Many Americans were able to build up their savings accounts during COVID and now have extra cash at their disposal. With inflation on the rise, sitting on cash isn’t the best long-term strategy so what should you do with this extra money? Dan Cuprill will share nine different ways to use your cash and explain the pros and cons for each.
(Click the featured times below to jump forward in the episode)
One thing that we’ve noticed lately is that people have been accumulating more and more cash in their portfolio. It’s likely a result of COVID and not being able to do as much, but the uncertainty in the markets has also played a part as people have elected to stay out until things settle down.
So what can you do with the hordes of cash sitting in your account? Today we have nine options for you to consider and we’ll explain the pros and cons of each one as we go through the show. Any of these could benefit you depending on what goals you have for your money, but you need to ask yourself why you have more than six months of living expenses sitting in cash.
What we want to accomplish on this episode is to make sure you have a specific plan for that money and that it’s working for you to help you move closer to financial independence.
Listen to the entire episode or click on the timestamps below to hop around to different topics.
[2:26] – Spend it
[3:24] – Put it in the bank
[5:02] – Buy annuities
[6:03] – Address an exposure you have in your plan
[8:13] – Invest in an iBond
[8:59] – Take advantage of discounted stocks/bonds
[9:44] – Pay off debt
[10:21] – Give it away
[10:58] – Ask yourself this question
The Full Picture:
“This is the ideal time to consider at least buying more of the very same stocks that are in your portfolio. You want to buy things when they are cheap.”
– Dan Cuprill
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