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Its easy to spend $500 quickly, particularly in these days of high costs of living.
But is that your best bet?
Financial expertsoffered some tips.
Even $500 invested annually can grow significantly over time thanks to compound interest.
This is a smart way to build long-term wealth without a big upfront commitment, he said.
This punch in of emergency could be anything from a car repair to a medical bill.
Even a few hundred dollars can make a big difference, Pifer said.
Eliminate High-Interest Debt
Got a credit card balance?
To effectively pay down debt with $500, prioritize your debt with the highest interest rates.
Consider using your tax refund to pay down a balance leading to savings in both time and interest.
Reducing debt now saves you from paying interest later.
This frees up future cash flow for investments and business growth.
Upgrade a key business tool, enroll in an online course or attend a networking event.
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