When you have more money than you need

[Python49]

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Dude this is a dumb post. How much money is alot to you. I hope ur not talking about 5k. You probably play nl200 made some money and think your a star. Hold onto your money it will come in handy for the future.

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[soko]

If you really have all that money and only want to spend it on essential items then buy a house, nothing else you really need in life but a place to call your own. Even if you cant live in it now you can always rent it out.

[jaydub]

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If you really have all that money and only want to spend it on essential items then buy a house, nothing else you really need in life but a place to call your own. Even if you cant live in it now you can always rent it out.

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Cause a [censored] college freshman is really in a great position to be a landlord. Yeah, I can't see 80 reasons why that's a bad idea for the OP.

[beekeeper]

If you're college age, then investing in a Roth IRA right now is a great idea. I think the max contribution is $8,000, but you can also still contribute for 2004 (I think?), which will increase that amount. The great thing about a Roth is that the money you put in now has already been taxed, so you won't be taxed when you take it out. Any broker can tell you how investing any amount in your 20s yields far more than investing the same amount in 30s, 40s, etc.

Another suggestion, with the holidays coming up--you can contribute to charities in the name of persons you want to buy gifts for (e.g., I sponsor a cougar at a wildlife refuge for my mother every year; she gets a picture, quarterly updates, etc.).

Have you never heard of the concept of investing?

Put the money away and invest it for the future. This is not really a very hard decision. If you want to take a percentage of it to buy some stuff you may want or to go on a vacation, then do that - but take the bulk and invest it.

You will thank me later on in life.

[krimson]

Invest the money in such a way that it is locked in for 5 or more years. Your lack of access to it will make it feel like you have no money to do stuff with and you will regain incentive to make more.

[JTrout]

Brush up on the magic of compound interest, then start an IRA.
Invest. Let your money work for you.
When you have an interest (and knowledge) of +EV investments, you'll be motivated to make more $$.

And buy a TV.

[Shilly]

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If you're college age, then investing in a Roth IRA right now is a great idea. I think the max contribution is $8,000

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I started one this summer, but could only dump 4k into it. I think they're raising the limit to 5k next year, so you could dump 9k into it in the next two months. You also made an excellent point that the money is already taxed when you load it, so you'll be getting tons of money tax-free when you withdraw funds at retirement. Although I haven't even come close to making as much money as some people here, all of it is expendable, which means I'll be in a low tax bracket but still able to make sizable investments.

[smoore]

I'd personally buy gold for the long haul.

[Reef]

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i only think about how little i have compared to guys like the people in the hot tub.

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potd, if it's the same guys in hottub reference I'm thinking about

(someone please link it)