What to do with $10,000

Low interest rates and the recent stock market surge make this a challenging time to find the best places for your extra cash.

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Add to (or open) a 529 college savings plan
Analysts predict college costs will keep rising twice as fast as inflation. Your best weapon: a 529 plan. You'll escape taxes on the account's growth and on your withdrawals -- and in your state's plan, you may get a partial deduction on the amount you contribute. According to savingforcollege.com, to fully fund education for two kids, you must save at least $5,000 per child per year.

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Last updated November 18 2009: 5:47 PM ET
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