Statista asked the question of how would you invest or spend $10,000 if it was given to you?
The site then produced an interesting infographic that shows how 27% of all Americans would pay down their debt first.
“Secondly, they would invest in real estate and if anything is left, they would rather add it in their savings account than put it in their children’s education,” said Statista.
Not surprisingly, nearly 10% of millennials are more open to converting their money into cryptocurrency.
But no matter where you live, you can go the safe route in spending $10k, or go crazy spending it wildly.
Take a walk on the wild side
Generally speaking where to invest an extra $10,000 isn’t always an easy decision, but goodfinancialcents.com gives 15 safe ways to do that including, high yield savings or certificates deposits, real estate, a coaching program, professional designation/certification, going back to school, online courses, starting a business and paying off debt.
Safe but nowhere near adventurous.
Here’s how you can fly high with $10 grand.
According to The Street, an online financial news, you can show your charitable side by giving it away to those who need it.
We’re guessing, there is tough chance for that, so try going on a Plastic Surgery Safari.
Call it medical tourism, if you like, but here’s your chance at combining aged-induced aesthetic procedures with relaxing in exotic locations.
Hmm, an idea, but how about buying tickets and heading for an all out 2 weeks at the World Cup this Russian summer. You’ll have a kick out of it, albeit your return home score will be NIL if not negative (-) $$ in your bank account.
Even better, why just go to Russia when you can fly around the world, with many “alliances” offering the right $10k deals.
The Street also mentions the possibility of yourself piloting or getting behind the controls of a fighter jet for that kind of cash.
But if you’re not given $10k, unlikely as it is, you can perhaps save it, and if you’re an expat living in the UAE, you need to hear this.
If you’s an expat living in the UAE with your family, VAT is the least of your worries.
Expats’ biggest worries are education fees which could run anywhere from $20k to 30k a year, and house help which drains another $8k a year alone.
According to HSBC’s Expat Explorer survey, expats who have moved to the city earn $138,177 per year, higher than the global average of $100,000.
But in terms of cost of living, Dubai and Abu Dhabi are as of 2017 ranked the 20th and 23rd costliest cities, respectively, according to Mercer, a global HR consulting firm.
Saving $10k a year may sound hard for expats, but here are a few suggestions:
1- Stop impulse buys
Resist the demands of your ego and don’t succumb to social media pressures to show off how smart a buyer you are. Globally $36 billion was spent in 2017 on social media, according to Social Media Today. That’s $5 per person average considering 7.3 billion population. What’s your average?
2-Give up coffee
Stick to tap water. It’s free and with plenty of lead in it to keep you awake. Some studies show that a day minus a cup of coffee saves you some $1500 a year.
3-Pay back interest accruing debt
According to figures from Payfort, last October 2017, about 50% of people in the UAE or approximately 4.3 million of the population have fallen into debt, while 12.8% are actively looking for a loan, as published by Gulf News.
On average Personal loans incur 5.5% interest in the UAE, while credit card interest on outstanding balance is 2.9% per month, with 5% minimum payment monthly. Quite some sums to pay needlessly.
4-Don’t eat out
You not only save on food and service but also on tips, money that goes straight to your pocket or savings account.
5-Watch home movies…lights off
Now that you have completely cut yourself out from society, why not go for cutting the power off and save on electricity bills, as you simulate that movie-going experience at home, without the popcorn (unhealthy and costs money)!
Follow these steps and see $10k in your account by year end, albeit you won’t have friends left.
On the bright side, you’ll have enough money to fly a jet.