January 27, 2023

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10 Things You Can Do or Buy with $5,000

3 min read

If you have $5,000 to spend but don’t know what to get, this article will clear up all your questions.

Start A Business

With an investment of $5,000 or less, you may launch a variety of low-overhead enterprises, many of which are work-from-home opportunities like becoming a virtual assistant (expenses include computer, phone, Internet, and possibly training and marketing). For $5,000 or less, you might own a tiny franchise, like a hot dog cart.

Bank It

Even though interest rates are now low, depositing your money will still earn you some interest.

Since Ally Bank now pays 3.3% on money market accounts (some banks offer even more), you would have $5,881.28 after five years. In other words, if you save for five years, you’ll have accumulated enough interest to purchase a scooter or hire someone to clean your home once.

Eat a Burger

At Hubert Keller’s Fleur restaurant in Las Vegas, the Fleur burger 5000 is a specialty burger created with Wagyu beef, foie gras, shredded black truffles, and truffle oil. Along with fries, it includes a beautiful bottle of wine.

Grill Your Burgers at Outdoor Kitchen

While even the cheapest hibachis can be used to flip burgers, setting up a backyard kitchen with a nice grill, an island with a built-in refrigerator, and a dining set begins at roughly $5,000.

Get Yourself a Cat

The Bengal cat, a half-house cat, and a half-leopard are stunning animals that cost over $5,000 to own.

If being neglected by one cat isn’t enough for you, adopting will give you more cats for your money. You could purchase 50 cats for $5,000, each costing an average of $100. However, you may need to save cash for food, litter, and a nice vacuum cleaner.

Pay Off Credit Card Debt 

The typical American family owes almost $6,000 in credit card debt. If this applies to you, paying the minimum amount due each month at the standard interest rate of 15% would take several years, costing you between $2,000 and $3,000 in interest.

If you pay off $5,000 of that loan right now, you might pay off the remaining balance in a year and and save almost $2,000 in interest.

Recommended: 8 Easy Ways To Make $5,000 Fast

Give it to Old Guy: Future You

If you don’t already automatically contribute to an IRA from your salary, a lump sum commitment of $5,000 will cover practically the whole year’s maximum deposit.

You may be surprised at how much your $5,000 contribution might grow by the time you retire since conventional IRAs grow tax-free. If you put $5,000 down at age 20, you may have more than $50,000 by age 65, assuming a 7% annual return. Very good!

Donate Charity

You may write off your donation from your taxable income, which will make you feel wonderful. Make sure your receiver is a recognized nonprofit organization; you may check this on the IRS website. Also, remember that any gifts above $250 need a letter of confirmation from the charity.

Buy 82-inch LCD TV

The last time I looked, the price of an 82-inch Samsung flat-screen on Amazon was reduced from $5299 to $3497. You’d have a TV that occupies half of your wall at that point, and you wouldn’t want to leave home again, at least not until the end of football season. If you get it on sale, you will have an additional $1,000 to spend on cables, mounting hardware, and snacks.

Trip to Vegas

It wouldn’t take long to use up that $5000 if you added up the cost of a plane ticket, a three-night hotel stay, plus some amazing concert and show tickets.

Instead of choosing cheap motels because you’re concerned about your budget, you could stay on the strip and dine at upscale restaurants if you had access to someone else’s fun money.