Do you have extra money just lying around and don’t know what to do with it? Everybody does, unfortunately most people don’t even know it. Found money comes from many places. It comes in the form of a windfall, a raise at work, tax refunds, paying off a credit card, paying off a vehicle, birthdays, Christmas, anniversary, refund from the insurance company, bonus from work and many other sources. It’s money that comes to you in addition to your normal income. Often times this found money gets spent and not utilized to its best advantage.
Assuming you have your bills under control, you put this ‘found money’into your retirement account. As you accumulate money in your account, you will be able to invest it into your portfolio. A minimum of $1000.oo is a good amount when you want to buy a stock or buy more of one you already have. This is because of the trading fee.
The objective is to use the found money to your advantage. Because it’s unexpected, you didn’t have it designated to be used. So why not make it work for you? After all, the plan is to retire as soon as possible. So the faster you get your account funded and your money working for, you can stop working for money.
If you have outstanding credit card or other bills refer to the debt stacking article.
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