So i went to a focus group purely to provide feedback, now i have a 75 dollar giftcard which i have to select and withdraw but im not sure what to put the money towards? my older brother also got one. Yes i live with parents so most of my living needs are already covered.
What would be the smart thing to do here? what would you suggest and why so?
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Buy a blinding stew
A stew that makes you blind for one day.
If nothing comes to mind right away, then perhaps set the money aside for when you do need it.
I did focus groups and surveys for money. I often would just stock up on toiletries from Amazon when I had gift cards. That shit is expensive so it lets my grocery budget breathe.
It’s entirely dependent on what you want or need. If you’re good right now throw it in savings until you want or need something.
Save it, preferably in something interest bearing. Pretend you never got that money.
Having $75 when you really need it is worth a lot more than spending $75 just because you have it.
Go to a mom & pop nonprofit thrift store. You’ll have a fun time and the money often goes to supporting non profits
2rocks and a handy
The absolute best use is opening a Vanguard account, putting $75 in VOO, and forgetting you did it for about 20 or 30 years. Even better, put a $10 in there every month as well.
For a gift for myself when I’m not strapped for cash, I use gift cards and cash for something I would never buy myself. It just feels like it makes a bigger impact that way. I remember it.
If going the charity route, go to your nearest unhoused shelter and ask what they need. I volunteer at one that is hanging on by a thread (no real funding other than a small grant from the county, it’s just volunteers). Sometimes donations aren’t hitting everything we need and something has run out. Hot chocolate packets and cup of noodles are so valuable (easily transportable, usable, stable, and withstand outdoor weather) that we were giving out handfuls yesterday instead of our typical limit of 1 per person per day. It’s wild how important those little things are.
To do the math;
$75 x 25 years at (a conservative) 5% = ~$253
@7% it’s over $400.
Probably not worth your time to wait 25 years for that.
However,
$10/mo at 7% is much more interesting: $8,200
And $10/week: $34,500
Over 25 years this isn’t huge, but it’s *something.”
I used a very conservative % because past gains do not guarantee future performance, and one should not put all their eggs on one basket…But VOO over 30 years averaged 10%, so $10/week with $75 start @ 10% for 25 years is just under $55,000. Double it to $20/wk and you’ve got $108,000.
IDK what’s in store for the world, but for now, people should invest early and regularly. If it all goes to shit even money under the mattress won’t help, so go for the % IMO.
Yea, it would be more about starting a habit that would result in future security. In a perfect world, it starts here with $75 and a tenner every month, then they start putting in $20, then they ramp it up as they’re able.
$75 might get you a power washer or a lawn mower, maybe a snowblower depending on your area. Could make that money back real quick if you have a little charisma.
A box of nails
They got 8 inch windows tablets with full sized USB ports. Very VERY light gaming. But definitely new Vegas and original borderlands capable.
One gallon of gas.
1.25 in may area
Invest it.
Do you have to spend it right now? You could just wait until you need the money and spend it then.
Can you use that gift card anywhere? If yes, then first convert it to cash. Your parents may be covering all your expenses, but they still need to buy groceries. The next time they do, ask them to use your gift card and give you the equivalent amount in cash. Now you have more flexibility to do whatever you want with that cash. Buy something nice, save/invest, etc. You have plenty of advice from others on this already.
