You’ve done it. You’ve built up a little cushion in your bank account — $500! It feels good, right? Those days of checking your account balance in a panic are behind you.
Congrats! You’re on the right path. Now it’s time to think about some longer-term goals. What do you want to accomplish next with your money? Do you need to save more? Do you want to buy a home someday? Invest?
What’s the next step you should take? What are some specific things you can do to take your finances to the next level?
We’ve got some ideas for you:
1. Invest in Real Estate (Even if You’re Not a Millionaire)
The stock market can be a scary place. Stock prices shoot up and down like a roller coaster ride, and who knows when the whole thing might crash?
It would be nice to diversify and invest some of your money in real estate, but don’t you have to be wealthy to do that?
Now you can invest like the 1% does, and all you need to get started is $500. A company called DiversyFund will invest your money in commercial real estate — specifically, in apartment complexes that it owns — and you only need $500.
Real estate can potentially earn you more money than the stock market. Over the long term, investing in the stock market will earn you an average annual return of 7%, adjusted for inflation, according to a number of studies. DiversyFund can’t guarantee how its investments will perform in the future — no one can — but historically, it has earned an annual return of 17% to 18%.
So you don’t need a fortune to invest in real estate. All you need to get started is $500.
2. Secure Up to $1 Million in Life Insurance (Costs as Little as $8/Month)
Have you thought about how your family would manage without your income after you’re gone? Chances are your checking account balance won’t last forever.
Now’s a good time to start planning for the future by looking into a term life insurance policy. You’re probably thinking: I don’t have the time or money for that. But your application can take minutes — and, if you’re approved, you could leave your family $1 million by spending a low monthly fee on term life insurance with a company called Bestow.
The peace of mind of knowing your family is taken care of is priceless.
If you’re under the age of 54 and want to get a fast life insurance quote without a medical exam or even getting up from the couch, get a free quote from Bestow.
3. Get up to $500 in Free Stock
If you feel like you don’t have enough money to start investing, you’re not alone.
But guess what? You really don’t need that much — and you can even get free stocks (worth up to $500!) if you know where to look.
Whether you’re got $5, $100 or $800 to spare, you can start investing with Robinhood.
Yeah, you’ve probably heard of Robinhood. Both investing beginners and pros love it because it doesn’t charge commission fees, and you can buy and sell stocks for free — no limits. Plus, it’s super easy to use.
What’s best? When you download the app and fund your account (it takes no more than a few minutes), Robinhood drops a share of free stock into your account. It’s random, though, so that stock could be worth anywhere from $5 to $500 — a nice boost to help you build your investments.
4. Add $100 to Your Wallet
How’s an extra $100 sound? For free? Seriously. We could all use that right now and we found a company that will give you $100 just for opening a new debit card. It’s called the Aspiration Spend and Save account.
Even better? Your account comes with a debit card that gets you up to 10% cash back on your debit purchases, plus you’ll earn up to 16 times the average interest on the money you set aside to save. (The FDIC reports the average account earns just .06%.)
Just open and fund your account with at least $10 by May 31, 2020, and use your Aspiration debit card to make at least $1,000 of cumulative transactions by July 30, 2020. There’s no need to spend extra money — just use your card to buy groceries and pay your utilities.
It takes just five minutes to sign up and earn your bonus.
Some of the links in this post are from our sponsors. We provide you with accurate, reliable information. Learn more about how we make money and select our advertising partners.