What to do with $1,000?

Once you start earning a living,you quickly learn that you always seem to need more money, no matter how much you make. You can easily spend $1,000 in a day, perhaps to update your wardrobe, book a holiday or buy the latest iPod.

However, the money can be wisely invested in your future. As a young adult, you know it is time to get serious about money, especially if you have been living from pay cheque to pay cheque. You may be keen to start investing but do you have a rainy day fund to see you through the unexpected? Here are a few things to consider

1. Start paying off your debts
2. Cultivate a saving habit
3. Invest in a growth fund
4. Build a cash cushion
5. Buy peace of mind
6. Get financially savvy
7. Enhance your earning power
8. Invest in a hobby

Article excerpted from Personal Money, November 2006 issue