Get rid of debt
If you have debt financially slowing you down, use your extra funds to pay it off. For example, you might enjoy Netflix binging on your new smart TV, while sitting in your newly redecorated living room but that personal loan of $30,000 is not going to pay by itself. You are the one who must deal with all those insufferable monthly payments. Considering a 9 percent APR for 10 years, you will have to pay around $380 per month; not to mention the extra $15,603 in interest you will have paid by the end of the loan period.
However, by using your found money, you might be able to get rid of your debt and save a nice amount of money in interest payments. If you invest those monthly $380, your money might grow to a little over $63,000 in 10 years’ time (considering an average investment income of 7 percent per year). Not bad, is it?
