Shutterstock jd8You’ve reached a significant financial milestone, which you should be proud of.You’ve put aside 1000 dollars.
Now is the time to take the next step toward financial independence.And that means working as hard as you do for your money.How? By making sound financial decisions.
Consider this: if you invest $1,000 per year, or $3 per day, and earn 15% on it for 30 years, you’ll have more than $500,000.
But how can you earn 15%? While there are no guarantees, here are some ideas to get you started for less than 1000 dollars.
Invest in real estate (even if you only have $500)
Investing in commercial real estate, such as apartment or office buildings, used to necessitate a large sum of money and a high level of expertise.
Not any longer.
You can now invest in commercial real estate for as little as 500 dollars thanks to an online investing platform called Fundrise.
Fundrise combines cutting-edge technology, in-house expertise, and low fees to help you invest in institutional-quality real estate, including private projects not available on public markets.These are the kinds of deals that were previously only available to the wealthiest investors.
According to Fundrise, the average investor in their projects made a 26% gain in three years and a 50% gain in five years.
Past performance is never a reliable predictor of future results, so don’t put your hopes in it.Nonetheless, that’s a nice track record, one that requires almost no effort and is free of the stock market’s ups and downs.
Don’t be a spectator sport.Get started now if you’re ready to become a real estate investor.
Engage the services of an investment expert.
Previously, deciding what to do with your money was as simple as deciding whether to put it in a savings account or invest it in the stock market.
Investing, on the other hand, has become a lot more difficult over time.You can invest in mutual funds, exchange-traded funds (ETFs), cryptocurrencies, precious metals bonds, real estate investment trusts (REITs), stocks, and a variety of other options.You can do it in a regular IRA, a Roth IRA, a regular or Roth 401(k) or 403(b), 529 college savings plans, health savings accounts, and other places.
Not sure where to begin? Save yourself the headache and hire a professional, perhaps not with your first 1000 dollars, but as your savings grow.Even if you only have 1000 dollars, investing some of it in a financial plan that can guide you isn’t a bad idea.
Working with a financial adviser has different value for different people, but according to an independent study, people who work with a financial adviser feel more at ease about their finances and may have 15% more money to spend in retirement.
It’s easier than you think to find the right financial advisor.SmartAsset, a free matching service, can connect you with fiduciary advisers in your area who are legally obligated to put your interests ahead of their own.Before making a decision, you can usually get a free consultation.
A good investment advisor will assist you in setting goals and putting together a plan that is appropriate for your situation.
Start now if you’re ready to be matched with an adviser who can assist you in making the best decisions possible.
Leave a million dollars to your family.
You’ve got a lot going on.You have a family to look after, a house to clean, a job to complete, and a million other things to remember.One of those things should not be life insurance.
Life insurance is an important part of any financial plan, but it doesn’t have to be difficult to obtain.For a few dollars a month, you can get a term life insurance policy from a company called Bestow in minutes.
Bestow is known for its hassle-free insurance policies.To get started, you don’t even need a medical exam.Simply enter a few key details about your health and family, and choose a coverage amount between $50,000 and $1,000,000.5 million, and they’ll provide you with a quick and painless quote.
Obtaining a quote online is free and takes only two minutes.
Earn 5% while assisting small businesses in their growth.
You wish you could find a 5% interest savings account.You’d be lucky to find anything close to 1% these days.There is, however, something you can do about it now.
Worthy is a new way to earn up to 5% interest on your money while also assisting small businesses.That’s right, 5% daily compounded fixed interest.
Worthy provides securities that are qualified by the Securities and Exchange Commission and focus on small businesses that have a positive impact on the community.
Furthermore, there are no fees or penalties, and you can access your funds at any time.
The 5% annual yield allows you to get more out of your money than you would with some other types of bonds, and it far outperforms high-yield savings accounts.
Visit Worthy to learn more and get started if you’re ready to join Worthy’s community of over 100000 American households.
With just one dollar, you can invest in Amazon, Facebook, or Tesla.
If you had put $1,000 into Apple stock when it first went public in 1980, how much would it be worth today?2,000,000That’s a nearly 20% annual rate of return.
Obviously, not every stock is a home run like Apple, but there’s no reason to sit on the sidelines while companies like Google, Facebook, Microsoft, and Amazon triple in value.
The good news is that you don’t need a large sum of money to invest in the stock market.Stash is an investing app that allows you to invest as little as $1 in virtually any company.As a result, your $1,000 can easily buy you a well-diversified portfolio of businesses.
Of course, stocks can go up as well as down, so stay informed and don’t overinvest in the stock market to the point of stress.Don’t get too carried away.
You can even receive regular dividend payouts as part of quarterly profit-sharing plans if you own a small portion of the company, depending on the stocks you choose.Dividends should be reinvested to keep your portfolio balance growing.
Signing up takes only a few minutes, and you could be well on your way to reaping the benefits of owning a piece of a major corporation in no time.
In addition, if you deposit $5 into your account, you will receive a 5 welcome bonus.
Earn 20 times your bank’s interest rate
Are you getting the most out of your savings? The national average annual percentage yield (APY) on savings accounts is a pitiful 0 percent.06%At that rate, a $10,000 balance earns only $6 per year.
Open a rewards checking account with Axos Bank instead of settling for a minuscule yield on a more traditional savings account and earn up to 20 times the national average.
You could potentially earn up to 1 percent when you combine the best services and accounts at Axos Bank, including rewards checking.APY of 0%The best part is that there are no monthly service fees and unlimited ATM fee reimbursements, so you can get your money whenever you want.
In addition, each account is FDIC-insured and comes with a 100% risk-free return.There’s no longer any risk, and there’s a lot more reward.
So, if you’re ready to outsmart the banks and earn up to 1 percent,Open an account today and get 0% interest on your insured savings.