what can i do with 30 000 dollars

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If you have $30,000 to invest, you have many options. Some things, like making the down payment on a house, might be a bit out of reach, but you can still invest in securities ranging from stocks to treasury bonds. No matter your financial situation, there are also a few things everyone can do to put themselves on the path to success. For example, you can almost always help yourself by paying down debt and increasing your retirement savings. Following are some of the best ways for most people to invest $30,000.

Before You Invest: Pay Down Debt and Build an Emergency Fund

Before you do any investing in the market, it’s smart to take care of a few personal finance fundamentals.

Pay Off Your High-Interest Debt

One of the best ways to help yourself financially is to pay off your debt as quickly as possible. So if you have debt, especially high-interest debt from a credit card, use this $30,000 to pay at least some of it. If you owe money on multiple credit cards, consider consolidating that debt with a balance transfer credit card. A balance transfer card allows you to put everything you owe into one place. It’s also common for them to offer an introductory period of 18 or more months with 0% APR. That means you can focus on what you already owe, without worrying about accruing more debt from interest.

Build an Emergency Fund

After paying down debt, it’s a good idea to build some savings for yourself.  Start by creating an emergency fund. An emergency fund is just money you set aside so that you can use it when something unexpected happens. This could mean anything from repairing a leak in your roof after a big storm or covering your living expenses if you lose your job. A good emergency fund will cover six months of your living expenses. If you have children or other dependents, or big expenses like a mortgage, you may want to have a bigger emergency fund.

To help yourself build an emergency fund, look for a high-interest savings account. These have much higher interest rates than standard savings accounts. While a big bank like Chase will offer about 0.01% interest on a savings account, a savings account from Ally or Synchrony will earn you more than 2% interest. You should also consider money market accounts (MMAs). These function much like savings accounts, but they typically have slightly higher interest rates. The caveat is that they often require a higher minimum balance than savings accounts.

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