CSU Time Value of Money Journal

I’m working on a management writing question and need the explanation and answer to help me learn.

Assume that your aunt recently gifted you $12,000. You are both excited and worried about what to do with the money. You evaluated your options and came up with five possible uses: 

pay off credit card debt, 

set aside money for a major investment, such as a car or house, 

• invest the money in a retirement account, 
• use the money for career training/education, or 
• donate funds to a charitable organization that serves the needy within the community. 
• Which option would you choose? Go through each option and explain how the time value of money concept affects each option. How does the time value of money concept play a part in your final decision about the use of the $12,000 gift? Explain.