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Is $1,000 Dollars a Lot of Money

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So, someone hands you a grand and you’re thankful. I mean, who wouldn’t be? But then you start thinking about it. Is $1,000 dollars a lot of money? What can you really do with that wad of cash? Will it really make a difference in your life? Let’s find out…

Is $1,000 Dollars a Lot of Money

If you don’t have any money and someone handed you a thousand dollars it would seem like a great deal of money.

But…if you have a good job making a lot of money, then $1,000 dollars won’t seem like much at all.

Let’s find out just what $1,000 dollars will and won’t do for you.

$1,000 Dollars as a Salary

If you are making $1,000 dollars a month, that’s $12,000 per year and it isn’t a lot to live on especially after taxes.

Every bit of money you made would have to go towards bills and most likely this cash won’t cover all of your bills or living expenses.

There won’t be any money left over to have some fun.

The cost of living is simply too high in most places in the United States to be able to get by on this amount of cash.

Of course, if you were making that weekly or as an hourly rate, then we would be looking at a very different picture.

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$1,000 Dollars as a Gift

Now, if someone handed you a grand as a gift, that’s different. 

Most people would consider that a lot of money whether it is in the form of cash or gift cards.

I know I wouldn’t turn it down, and I’m sure you wouldn’t either.

Just think about all the things you could do with that money. We’ll talk about some of them in a bit, but you could really have some fun.

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$1,000 Dollars for Retirement

You can’t retire on just $1,000 dollars. That wouldn’t even last you a month.

But, if you have a thousand dollars to invest, then you would start to get somewhere.

Even if you invested the grand and didn’t add any money to it, with compound interest of 10 percent you would have over $45,000 dollars in forty years.

That’s not a ton to retire on, and certainly won’t give you any kind of financial freedom, but it is certainly better than nothing when you add it to social security.

$1,000 Dollars to Live On

Let’s face it, most of us can’t live on $1,000 dollars for even a month.

I know that my monthly expenses come in around $1,100 dollars a month and that is pretty darn low.

That doesn’t include groceries, gas, or entertainment.

The point is, most people have much higher monthly expenses, so you might be able to live on a grand for about two weeks unless you live at your parent’s home. 

Then it would last a bit longer.

If you want to move overseas, you could live in Indonesia for $1,000 dollars a month.

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$1,000 To Have In Your Savings

A thousand dollars is a great start to an emergency fund.

Too many people don’t have any money set aside and not even a thousand dollars, so you would be ahead of the game if you put this extra money into a savings account. 

If you already have a little money set aside, and you have credit card debt, then you might want to consider using this cash to pay some of it off.

There is no doubt it will make your life a little easier and less stressful.

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$1,000 Dollars to Invest

Now, if you already have a full-time income and some savings set aside, then you might want to consider investing your money in some sort of risk-free investment.

Stay away from things such as penny stocks. That’s a great way to lose your money fast.

Talk to a financial planner to get some ideas on the best way to invest for you.

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What Can You Do With $1,000 Dollars?

There are a number of fun things you can do with $1,000 dollars. Here are some examples:

  • Buy a new iPhone
  • Buy a laptop
  • Take a weekend trip
  • Start a small business from home

What Can’t You Do With $1,000 Dollars?

Of course, there are plenty of things you can do with a grand including:

  • Buy an engagement ring (a big one)
  • Buy a boat
  • Take a week-long vacation that includes flying
  • Buy a weekend place

Can You Live Off $1,000 Dollars a Year

No, you really can’t live a year on a thousand dollars no matter what part of the world you live in. It simply isn’t enough money to pay for all of your living expenses.

Can You Live Off $1,000 a Month? 

While it would be really difficult to live off of $1,000 dollars per month here in the United States, it might be possible if you find a really cheap apartment and have a roommate.

You could, however, live quite comfortably on a $1,000 dollars per month in Thailand, so if you don’t mind living overseas, you should consider it.

What is $1,000 Per Year an Hour?

If you are working full-time, 40 hours per week, then $1,000 dollars per year would mean you are making 48 cents per hour which is well below the federal minimum wage of $7.25 per hour.

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How Much Per Month is $1,000 

If you are making $1,000 dollars per year, that would mean you are making $83 dollars per month.

Can You Buy a House with $1,000 Dollars?

No, you can’t buy a house with a grand in your pocket. You might be able to rent one for a month, but that’s about it.

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To Sum it All Up:

If someone gives you a thousand dollars as a gift or you want to start an emergency fund, then a thousand dollars is a decent amount of money. It is even a good amount if you want to stick it into an investment fund. Otherwise, $1,000 bucks aren’t going to get you very far.

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