So you have somehow found yourself with $100, and rather than spend it on wine and take out, you have decided you want to do something a little bit better with it. Well, luckily for you, a bunch of experts were asked what the best way to spend $100 is, and here’s what they suggest.
Pay your credit card bill – Mark Cuban, Shark Tank
This is not a glamorous option, but it is one that will benefit you for sure. By paying $100 off your credit card bill (on top of any normal monthly payments of course!) you will actually earn the amount of interest that you would have paid otherwise. It is a guaranteed investment and although it’s nothing huge, it will make you feel a little more like you have your life together, and after all, isn’t that what we all want?
Invest in self-education – Steve Siebold, writer of how Rich People Think
It seems as though rich people love to read. Not your usual fiction, but books that offer specialized knowledge and will help increase their success. Whether you want to buy a book, or a cheap online course that you’ve wanted to do for a while (sites like Udemy will offer them for under $100 and cover everything from palm reading to Photoshop!), invest in yourself.
Give it away – Dave Ramsey, writer of Total Money Makeover
Okay, so maybe this isn’t an investment that will come back to you monetarily, but that doesn’t mean you won’t get some sort of payback, even if it’s in gratitude and loyalty. There is something amazing about giving money to someone in need out of the goodness of your heart, especially when you know they will really appreciate it.
Don’t do anything with it – Mark Spitznagel, writer of The Dao of Capital
There is no pressure to do anything with it at all, except save it for a day when things are cheaper. According to Spitznagel, there will be opportunities that come around only once in a generation and those that have saved up and waited will be able to take advantage of them! Instead of rushing off and finding something to do with your $100, keep it and see when the right opportunity presents itself.
Treat yourself – Tom & Donna, Parks and Recreation
They may not be experts in finance, but they are experts in treating yo’self! If you are looking for something to do with $100, why not treat yourself, whatever that means for you. It could be a spa day, a fancy meal, some new shoes or a whole load of art supplies. Make sure it is something substantial or that will make good memories, so you feel as though you have spent it well!
So if you do find yourself with an extra $100 that you were not expecting to have, these are just some ideas of how you could best spend that money.