In a hand-to-mouth lifestyle, it’s never easy to reach a decent financial checkpoint in savings. However, you’ve managed to finally get your bank balance securely up to $1,000. All the struggles of saving up bits and pieces from each of your paychecks have paid off. Such an accomplishment always feels good!
If you’re smart though, you should already be contemplating the next wise step for your finances. Do you have to save a larger amount? Do you have an aim for buying a house? Have investment opportunities crossed your mind? From a safe amount of $1,000, you’re set to think about upping your finances to a higher tier. To highlight some of the wise ideas you can consider moving forward, this article has got your back. 😃
1. Use 5 bucks to buy a piece of a corporation.
The richest people of our time all have one thing in common – they’re own multiple companies. As ideal as that seems though, that option is out of reach for many middle class 9-5 employees.
The app “Stash” presents an effective solution for this. While you may not be able to buy all the shares or even one whole share of a big company – you can afford smaller bits. Stash makes that possible, allowing you to buy fractional shares (ETFs). These are worth nominal amounts of money starting from mere cents. With only a $5 investment, you can get your hands in the world of corporate investment.
You can even buy pieces of the companies you’re already a consumer of. These include giants like McDonald’s, Apple, Tesla etc.
Whenever these companies make a profit and you own a piece of them, you’ll also turn profits. Some companies pay these dividends up on a quarterly basis through timely checks.
Signing up will only take up two minutes of your time, but that’ll get rewarded by a $5 starting bonus. Pair that with your initial investment, and you’d have already doubled the amount. Their subscription plans range starts from a measly $1 monthly. The investment comes with risk though, so do keep that in mind!
2. Ask Upstart to pay your credit card bill this month.
It’s common to see people with their feet stuck in credit debt. Many people can’t quit their job because of their racking up monthly card payments. Although you’ve saved up a decent amount in your bank, but you’ve got to make sure it lasts. That firm financial footing could get stripped away credit card companies any day. Don’t worry though, a company called ‘Upstart’ may be your saving grace.
Upstart works to match you with a low-interest loan that would pay off your credit card(s) balance(s). Then, you’d only have to pay off one loan bearing a much lower interest rate. It’s an effective way to get debt-free quicker, without even a card payment to worry about this month. 💳
You also dodge standing in lines or making gruesome calls to a bank. It’s free to check for their qualification acceptance online; it’ll only take you a couple of minutes. For saving thousands of dollars in interest charges, it’s worth it if you ask me.
3. Invest $5 a month on a $1 million life insurance.
Are you the sole provider in the family? Ever worry about the financial needs of your family in case something bad happens to you? Your bank balance won’t last a long time, would it? Investing in life insurance is a great way to rid yourself of this stress – and it takes as little as $5 a month. For that amount, you’d be leaving $1,000,000 in life insurance for your family for when you’re gone.
With a company called ‘Bestow’, it’s all simplified to the fullest. To get started, install their app and register yourself. The mental peace you get from securing your family’s future is way more precious than 5 bucks a month.
4. Invest like a big shark, even if you aren’t one.
You might have already had the thought of investing a part of the $1,000 you’ve saved. You don’t know where to start though, and you’re too scared to go with your gut. That’s understandable! Through the help of ‘Fundrise’, these investment decisions become painless. Almost every guy with a decent amount in savings could become an effective investor.
Fundrise makes it possible for people who have even $500 to invest. That’s the least amount you can start with, and then leave the rest to Fundrise! Your funds will go into purchasing promising real estate portfolios from all over the US.
It works quite like the concept of fractional shares in corporate investments. Fundrise does the heavy lifting in the world of real estate. You don’t have to own 100% of a property to make profits out of it. Only through buying pieces of a property, you’ll get pieces of the rent paid by tenants. Not only that, but the property’s value appreciation also forms dividends. It’s one of the safest and most rewarding ways to invest your savings! 📈
Interested in ways to make money online? Check these out!