3 Ways to Invest Your Christmas Cash

Welcome back to Business & Budgets! We have successfully survived the Christmas frenzy! Now it's time to strategize for 2020 and make a plan of action for that Christmas Cash. To those of you who are still blessed with friends and family who like to give you gifts, use this opportunity to leverage your goals, instead of blowing it in the mall. So, let's jump into four ways to invest your Christmas Cash before you start buying bottles and dresses for New Years.

  1. Invest in stocks. Stocks are a great additional to your portfolio. Make sure you do your research and get ready to ride. In my experience stocks generally make you more money when you allow them to. I say this to say, don't buy and sell everyday unless you are a pro at it. I no longer check my stocks daily, it just gives me anxiety, I instead check them twice a month when I am ready to buy new stocks. If I see a pretty consistent trend I make my buying and selling decisions based off of that. My favorite apps for the US stock market are Robinhood and Stash. Robinhood charges no fees and is easy to use. Stash has small fees but does allow you to invest in portfolios that consist of a variety of stocks. Which allows you to invest in more companies for less because you aren't buying whole units. I am currently researching the Jamaican stock market, the world's best performing stock market. I haven't started investing so I can't provide you with a ton of information but I would recommend you start your research today.

  2. Start or add to your IRA account. What is an IRA account you ask? An individual retirement account. This is a financial tool that has become more popular in recent years as more employers have removed pensions and retirement packages. Which of course has led to employers shifting jobs more often to take advantage of better opportunities and has launched a new generation of entrepreneurs. If you want to retire comfortably, without being dependent on government benefits, you'll have to build a nest egg yourself. An IRA is a great way to do just that. As with most things in the world of finance, the sooner you start, the better. A few companies that offer IRAs are TDAmeritrade, Fidelity and Vanguard. Do your due diligence and set yourself up for a successful future.

  3. Start or enhance your business. If you are a current business owner, invest in your business! Whether this be new equipment, software, courses to enhance your knowledge, paying your taxes early or something else, it's a great idea. Don't put your business on the back burner because you are caught up in the chaos of the holiday season. If you want to start a business, use your money to gift yourself a gift that keeps on giving! Whether you pay for your LLC to be registered, buy your startup equipment, pay for your website to be developed or register for my start-up bootcamp, just make the decision and do it!

  4. Pay off/down debt. Invest in yourself. If you have debt, work on it ASAP. Trust me you don't want to be dragging around that ball and chain forever. I currently have $180K in debt, including my house, and I cannot wait for it to be paid off. Even if it's paying off something small or sending an extra payment for your car note, it puts you ahead of where you were yesterday. Don't make excuses to blow the money. If you have debt, deal with it, because it isn't going anywhere. It also helps your credit, so it's a win-win!

I hope these tips have been helpful to you as you plan what to do with your new pile of wealth. The most important thing is to not buy a ton of materialistic stuff that you will look back on and think nothing of. Every dollar is an opportunity, so take advantage of it! I hope you have a wonderful New Year and I hope you stay tuned for the content I have planned for 2020. As always make sure to like, share and sign-up for my email list if you haven't already!