6 Things To Do Now If You Have More Than $5,000 in Your Checking Account

Create an Emergency Fund: Set aside 3-6 months of living expenses in a high-yield savings account for unexpected emergencies.

Pay Off High-Interest Debt: Use some of the money to pay down credit cards or loans with high interest rates to save on interest payments.

Invest in Retirement: Increase contributions to your retirement savings, like an IRA or 401(k), to build long-term wealth.

Start or Increase Your Investment Portfolio: Consider investing in stocks, bonds, or mutual funds to grow your wealth over time.

Save for Big-Ticket Items: Allocate funds for future large expenses, such as a home down payment, car, or vacation, to avoid going into debt later.

Upgrade Your Bank Account: Research if there are better banking options or higher interest accounts available to maximize your money’s potential.

Create a Diversified Portfolio: Ensure your investments are diversified across different asset classes to manage risk effectively.

Fund Your Health Savings Account (HSA): If eligible, contribute to an HSA to pay for medical expenses with pre-tax dollars.

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