Pay Down Debts
Think of all the money you owe. Here’s a short list of possible expenses:
- Car payment
- Student Loan
- Credit Cards
- Medical Bills
Take some of your billion dollars and erase your revolving debt with it.
Normally to pay off debt you would do the following steps:
1. create a budget
2. pay off the most expensive (highest interest) debt first
3. pay more than the minimum
4. refinance to lower interest debt
5. sell unwanted items
6. change and your habits
However, since you have to spend a billion dollars, you should just pay it all off. There are some useful strategies towards not paying off your house if you’ve come into some money and have a low interest rate, but since you have to spend your billion in a week, you should just pay off everything.