Is saving for retirement important? Some people think so. But, if you love spending all of your money on things you want right now, like lavish vacations and designer clothing, then maybe learning how to save money for retirement isn’t for you.
Just kidding, that’s horrible advice.
Your future is very important and you can significantly damage it if you are only thinking about the present.
Let me tell you again, saving for retirement is extremely important. If you keep putting it off, it’s only going to get harder, and it’ll most likely add a lot of stress to your life.
Even though prioritizing your future is important, the average person is behind when it comes to saving for retirement.
Saving for retirement now is important for many reasons, such as:
It can help make sure you aren’t working for the rest of your life.
You can retire sooner rather than later.
You can lead a good life well after you finish working.
Compound interest means the earlier you save the more you earn.
You won’t have to rely on your children or others in order to survive.
As you can see, saving for retirement is very important.
However, according to a survey done by GoBankingRates, 56% of Americans have less than an average of $10,000 in retirement savings and 33% have no retirement savings at all.
This is a very scary statistic, and the image below illustrates is further.
Related:
Other interesting statistics found in this survey include:
42% of millennials have not begun saving for retirement.
52% of Gen Xers have less than $10,000 in retirement savings.
About 30% of respondents age 55 and over have no retirement savings.
26% report retirement savings with balances under $50,000, an insufficient amount for people nearing retirement age.
Nearly 75% of Americans over 40 are behind on saving for retirement.
These statistics terrify me.
And, it isn’t just young people without retirement savings, because as you can see around 30% of respondents age 55 and over have no retirement savings.
That is a lot of people who are close to or at retirement age with very little retirement savings!
So, why is this?
Why aren’t people saving for retirement?
They’re trusting ridiculous articles about not saving for retirement.
Sadly, there are many articles that say it’s okay to not save when you’re young.
However, you should never listen to a person telling you not to save money for retirement. Or perhaps, people are just agreeing with these ridiculous articles because it makes them feel better about how they aren’t saving for retirement?
Whatever the reason may be, everyone needs to face their fears and build their retirement savings.
I have read countless articles, such as If You Have Savings In Your 20s, You’re Doing Something Wrong, that tell people not to save money. I’ve even had people tell me that I’m not living the way I should because I’m saving for retirement.
I really hope no one is listening to this kind of advice, because there are so many reasons to start saving for retirement as early as you can. I don’t think I’ve ever heard someone say “I regret all that money I saved when I was younger.”
In fact, it’s usually the exact opposite.
You should start saving as much money as you can, as soon as you can, because it’ll help you be better prepared for the future.
Many people believe that 5% is enough to save.
There are a lot of people that think saving between 1% and 5% of their income is enough in order to be on track for retirement.
Sadly, that most likely won’t be enough to retire.
Instead, you should watch your spending now and/or find ways to make more money, so that you can start saving for retirement.
By spending less money, you’ll decrease the amount of money you need for the future, including money for emergency funds, retirement, and more.
Just think about it: If you are currently living a frugal lifestyle, then you will be used to living on less in the future. This means that your retirement savings doesn’t need to be as large, which means it may be easier to reach that savings goal.
According to the U.S. Bureau of Economic Analysis, the personal savings rate has averaged around 5% in the past year, and averaged 8.33% from 1959 until 2016.
While 5% is better than nothing, even just one small emergency each year could easily and completely wipe out that savings.
Further, saving just 5% means it will take you a very long time to retire. Mr. Money Mustache has a great graphic in his blog post The Shockingly Simple Math Behind Early Retirement that shows you how your savings rate can dramatically impact when you’ll retire. For example:
With just a 5% savings rate, it would take you 66 working years until you reached retirement.
A 25% savings rate means that it would take you 32 working years to retire.
A 50% savings rate means that it would take you 17 working years to retire.
A 75% savings rate means that it would take you 7 working years to retire.
So, by saving more of your money, you are likely to retire sooner. Sounds amazing, right?
Related: Do You Know Your Net Worth?
A lot of people don’t understand compound interest.
Saving for retirement as soon as you can is a great thing, especially because of the power of compound interest.
With compound interest, time is on your side- meaning you should start saving money as early as you can.
Compound interest is when your interest is earning interest. This can turn the amount of money you have saved into a much larger amount years later.
This is important to note because $100 today will not be worth $100 in the future if you just let it sit under a mattress or in a checking account. However, if you invest through your retirement account, then you can actually turn your $100 into something more. When you invest, your money is working for you and growing your savings.
For example: If you put $1,000 into a retirement account with an annual 8% return, 40 years later you will have $21,724. If you started with that same $1,000 and put an extra $1,000 in it for the next 40 years at an annual 8% return, that would then turn into $301,505. If you started with $10,000 and put an extra $10,000 in it for the next 40 years at an annual 8% return, that would grow into $3,015,055.
Side note: I recommend you check out Personal Capital if you are interested in gaining control of your financial situation. Personal Capital is similar to Mint.com, but much better. Personal Capital is free and it allows you to aggregate your financial accounts so that you can easily see your whole financial situation, including investments.
Some think it’s normal to not have retirement savings.
Many people normalize their debt or low savings rate (or even lack thereof) because they assume others aren’t doing so well either.
Well, why would you want to be normal, especially when it comes to saving money?
You should always strive to do your best as sometimes “average” is not good enough for you to live a financially successful life. Keep in mind that the average person is not the greatest with money, and many are wrecked with stress and hardship due to their unfortunate financial situation.
Just because the average person has a low average savings amount doesn’t mean that you have to be in that same financial situation. Instead, you should be in control of your own life!
If you want to be even better than the average, I highly recommend reading The Average Net Worth For The Above Average Person on the Financial Samurai website. It is an excellent article that can motivate you to improve your finances.
According to Financial Samurai, the average net worth of the above average person is:
Remember, striving to be above average means you can take control of your financial situation, retire on time or even early, and live a happier life.
People think that saving for retirement means you won’t have fun.
As you all know, I really dislike the myth that people who save money are boring. That’s not true at all.
I believe that you can find a balance while living a good life and saving a comfortable amount of money.
There are plenty of ways to live an awesome life while saving money and budgeting realistically. Yes, you can still see your friends, have fun with your loved ones, go on vacations, and more.
Here’s a list of some early retirees who are leading great lives. I definitely recommend reading about them:
If you want to learn how to save for retirement, then learning how to be happy with yourself and figuring out affordable ways to enjoy life are key.
Related article: How To Have Frugal Fun
Women are 27% more likely than men to have no retirement savings.
In fact, 63% of women say they have less than $10,000 saved for retirement to NO savings for retirement at all, which compares to 52% of men in the same situation.
To change this money statistic, please read The Smart Woman’s Guide To Investing Success. Here’s a quick snippet from that blog post:
“Women face different obstacles than men do when it comes to investing in the stock market. Right off the bat, they tend to have less in savings because women often take time off to raise children. With years of not earning a salary, there is no money being saved and compounded upon.
In addition to this, women typically outlive men by close to 10 years on average. Therefore, it is important as a woman to invest in the stock market.”
Some people think they don’t need to save yet.
Instead of thinking that you’re invincible and that you have all the time in the world to improve your finances, you should stop procrastinating and learn how to build your wealth now.
Many people push things off and/or spend their money carelessly because they think they can start tomorrow, next month, and so on. However, for everyday that you push off saving for retirement, the further away and harder you’ll have to work towards your goal.
Stop wasting time and take control of your financial situation now.
Read Why Saving Money In Your 20s Is A Good Idea to learn more.
Many think their income will never end.
Yes, there are many different types of jobs and your income potential is pretty much unlimited. However, you never know how long you’ll be making money, whether you’ll come across medical issues, or how long your job will last.
You might be thinking “But I enjoy my job!”
While it’s great to love your job, you should still be saving for retirement. I have heard far too many people say they don’t need to build their retirement savings account because they love their job enough to just work forever and still be happy.
However, what happens when you can no longer work? You don’t know what the future will bring. You may encounter a medical problem, a serious life event, you may hate your job 20 years from now, and so on.
Remember, nothing is guaranteed.
So, instead of spending every last penny, you should find ways to start saving for retirement.
What you need to do to jump start saving for retirement.
The sooner you start saving, the sooner it will become a habit. By saving for retirement now, you will learn good retirement savings practices that will help you well into the future.
I always say that the first step to investing is to just jump in. However, what if you don’t even know how to start investing and saving for retirement?
If you are like many who don’t know how to begin, here are the easy steps to start saving for retirement:
Start saving your money. In order to invest your money, you need to start setting aside money specifically for it. The amount of money you save for investing is entirely up to you, but in general, the more the better.
Do your research. Before you start dumping your money into the stock market and other investments, it’s a good idea to know what you’re putting your money towards. Researching various investment-related tips will help you become more informed about your investing decisions, which only means you will make better decisions well into the future.
Find an online brokerage or someone to manage your investments. There are two main ways to invest your money- yourself through a brokerage or you can find someone to manage your investment portfolio for you. You will need to chose one of these options to actually start investing your money. Personally, I like to do everything myself through Vanguard.
Decide how you will invest. How you invest depends on your risk tolerance, the time period for which you are investing (when will you retire?), and more. Generally, the sooner you need your funds the less risk you will take on, whereas the longer your time period is, then the more risk you may be willing to take.
Track your investment portfolio. This is important because you may eventually have to change what you are invested in, put more money towards your investments, and so on.
Continue the steps above over and over again. To invest for years and years to come, you will want to continue the steps above over and over again. Now that you know the steps it takes to invest your money, it only gets easier.
As you can see, saving for retirement isn’t impossible. By starting now, you’ll set yourself up for a much better future.
Have you started saving for retirement? Why or why not?
Investing in the stock market has never been easier. Many of the best online brokerages are designed for beginner investors and offer unique incentives for signing up. The good news is that you can enjoy free stocks just for signing up.
Investing in the stock market, real estate, or crypto has never been easier. Gone are the days when you had to be an expert or work with a stock broker to buy company shares or invest your money. You can invest your money in several ways, with options for every level of risk tolerance and investment understanding.
Many of the best online brokerages are designed for beginner investors and offer unique incentives for signing up. The good news is that you can enjoy free stocks just for signing up.
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How to Get Free Stocks
You have so many options today for investing in stocks, real estate, or crypto that investing platforms must work harder to gain your business. This means you can find many new discount brokerages and established investment platforms offering free stocks or financial bonuses to lure in investors.
We decided to look up the best free stock offers for those looking to take advantage of this opportunity.
Ready? Let’s dive in!
1. Public
Public is an investing platform offering commission-free stock trades, and it’s become a hit with young investors just starting. The platform is also a social online stock brokerage that lets you see how others invest so that you don’t feel alone in your financial journey. Public allows you to track the trade activity of verified investors with proven track records, so you’re always learning about investing options.
Another feature that makes Public attractive to young investors is that you can purchase fractional shares, meaning that you can start investing in more prominent companies even if you’re not in the financial position to buy whole shares.
Public’s platform also gives you access and exposure to asset classes like ETFs, crypto, luxury goods, and artwork. They plan to add real estate and music royalties to this list of asset classes soon.
We should note that Public doesn’t participate in payment for order flow like many other brokers do. This means that the company doesn’t sell your trades to third parties.
How do you get free stocks with Public?
Open an approved brokerage account with Open to the Public Investing.
Deposit at least $20 in your account.
Claim your reward from the top right of your home screen.
The reward, in this case, is a fractional share of a specific stock, ETF, or crypto token (you must open an account with Apex Crypto LLC for a crypto asset reward). The cash value of the reward you receive will vary from $1 to $300, with about 95% of participants receiving a reward valued at $1. According to Public, about 4.9% of participants will earn a reward valued at $5, and only 0.1% will earn a reward valued at $300.
2. moomoo
Moomoo claims that you can trade like a pro on their platform. There are no commissions, account minimums, hidden fees, or trade minimums with moomoo. The platform offers free investing tools with real-time data and AI support, plus you have access to global markets (US, Hong Kong, and China-A-shares) under one account. It also has US-based licensed specialists who are available for professional support.
How do you get free stocks with moomoo?
The moomoo home page states that you can get up to 15 free stocks valued between $3 to $2,000 each when you sign up. The offer is subject to change at any time.
Here are the different ways to get free stocks with moomoo:
Open a brokerage account and draw for a chance to earn one free stock worth between $3 and $2,000.
Deposit $100 into your account during the promotional period, and you will be entered into a draw four times to earn one free stock worth between $3 and $2,000.
Deposit $1,000 into your account during the promotional period, and you will get ten chances to draw for free stock worth between $3 and $2,000.
According to moomoo’s current promotional page, the free stock is completely random based on a specific probability distribution. There’s a 95% chance you’ll get a free stock worth $3 to $9.99, a 4.9% chance of getting a stock worth $10-$99.99, and a 0.1% chance of getting a stock worth $100 or more.
3. M1 Finance
M1 Finance is a free investment platform with a wide variety of professionally chosen portfolios for you to invest in. M1 Finance also offers various brokerage accounts, so there’s likely an account that will match your investing preferences.
The company refers to its platform as the “Finance Super App” since you can manage all of your financial tasks, like investing, spending, and borrowing, in one place to simplify your life. The platform comes with a checking account and lending services, and you can earn 1% cash back as a Plus user of the M1 Finance checking account.
M1 Finance is known for letting users invest in pies, which means that you can invest in different securities that make up slices of the whole pie. You can create a custom pie of stocks and ETFs based on your investment strategy. If you want to leave the guesswork to the professionals, you can use one of the expert pies created for different investors.
How do you get free stocks with M1 Finance?
M1 currently offers up to $500 for free if you deposit at least $10,000 within 14 days of opening a new brokerage account.
When you deposit $10,000 to $29,999.99 to your account, you get a $75 bonus. When you deposit $30,000 to $49,999.99, you get a bonus of $150. When you deposit $50,000 to $99,999.99, you get a $250 bonus. To earn a cash bonus amount of $500, you have to deposit over $100,000.
You can also use the M1 referral program to get $10 for free. When you sign up for an account through a friend’s link, you both get $10. You can then use this money to invest how you wish through the platform.
* Account Minimum $100
* Build custom portfolios (or)
* Choose expert portfolios
* Stocks, ETFs, REITs
Open an account
4. Robinhood
This investing platform was a game changer during the pandemic as many young folks turned to Robinhood to begin their investment journey. While there were some controversies related to Robinhood that came along with the 2021 meme stock rallies, you can’t ignore this easy-to-use app that has changed investing.
Robinhood’s popular commission-free app is designed for investors of all levels. You can invest in stocks and crypto through Robinhood, and it also provides ETFs, margin trading, and options trading for those looking to level up their investments. With 24/7 professional support, educational resources, and the ability to purchase fractional shares, it’s clear why many young investors have turned to Robinhood and its straightforward mobile app.
How do you get free stocks with Robinhood?
To get free stocks with Robinhood, you must open an account. Once you’ve linked your bank account, you’ll be given a specific dollar amount and will pick your gift stock from a list of America’s top 20 leading companies, based on market cap, in their respective industries. You can use the cash value you’re gifted to purchase fractional shares of the companies offered on the list in case you don’t earn enough to buy a total share.
The Robinhood website doesn’t specify the exact cash value you’ll receive, though it ranges from $5 to $200, with about 98% of the new account holders being granted a reward running from $5 to $10. You can use whatever amount you’re gifted to purchase stocks or fractional shares of a company.
You do have to keep the stock for three days from the day you claim it. When you sell the shares, you can use the money to purchase other stocks. If you want to withdraw this money from your account, you must keep the share’s cash value in your account for at least 30 days. Once the 30-day window is up, you can withdraw your funds without restrictions.
5. SoFi Invest
SoFi Invest is a part of the SoFi family of products. Their mission is to help people reach financial independence and realize their ambitions. SoFi Invest is an app designed to let you track and trade money. The investment platform lets you trade stocks and ETFs with no commissions, invest in IPOs before they hit the public market, invest in crypto, and even set up simplified automated investing.
The platform also offers educational resources to help you learn more about investing if you’re not comfortable with it yet. SoFi has many other personal finance products, including student loans, credit cards, banking, credit score monitoring, and personal loans. You can essentially use SoFi to handle all of your personal finance needs.
How do you get free stocks with SoFi Invest?
You must open an Active SoFi Invest Brokerage Account with SoFi Invest and deposit $10. Then you become eligible for a signup bonus that ranges from $5 to $1,000. The promotional offer gives a 0.028% probability of earning $1,000 and an 85.488% chance of gaining the $5 reward.
6. Webull
Webull is one of the new players in the stock broker space, offering zero commissions and no deposit minimums. Every member gets smart tools for smart investing. Webull allows you to diversify your portfolio with various investment products like stocks, fractional shares, options, ETFs, ADRs, and OTC.
Webull also attracts more sophisticated investors by offering innovative tools like advanced charting and comprehensive financial analysis. When you become a member, you get access to a community with millions of folks discussing investment strategies, so you’re not alone during your investment journey.
How do you get free stocks with Webull?
According to their website, Webull’s process is fairly simple, and you can get up to 12 free fractional shares with a value ranging from $3 to $3,000. This promotional offer ends on January 4, 2023.
Here are the two ways you can get free stocks with Webull:
Open an account with Webull to get two free fractional shares.
Deposit any amount of money in your new account and get up to 10 free fractional shares.
The free stocks, which include NYSE or NASDAQ-listed companies with a minimum market cap of $2 billion and a share price ranging from $3 to $300, are chosen randomly. The odds of being rewarded a stock ranging between $151 and $300 is approximately 1:10000.
7. Groundfloor
Groundfloor is a real estate crowdsourcing app aimed at debt investments, so you can get into real estate without allocating a significant portion of your savings. Real estate investing platforms have become more popular over the last few years, with more apps like Groundfloor popping up.
You can invest with Groundfloor in two ways:
The “Stairs” saving account: This is essentially a high-interest savings account with a 4% APR, no fees, and no minimum balance. You can leave your money there and let it grow until you’re ready to start investing.
Groundfloor real estate crowdsourcing: You can invest in individual renovation loans or use automatic investing tools to find projects you can fund based on your chosen criteria.
Groundfloor claims to be the only investing platform where you can securely earn up to 10% on your money with investments backed by real assets. The platform is known for “savesting” since they try to combine saving with investing.
Groundfloor has grown to about 200,000 users and over $240 million in assets under management. Groundfloor generally repays all investments every 4-12 months, which is rare considering that real assets back your investments.
How do you get free stocks with Groundfloor?
When you invest $100 into your new Groundfloor account, you get a $50 credit within 30 days. All you need to do is link your bank account, pick your investments (or let Groundfloor do it for you), and collect your interest. You and a friend can also earn a $50 referral bonus when you get them to sign up for Groundfloor using your referral link.
8. Plynk
Plynk is an app designed to make investing easy for beginners, helping you learn about financial investments as you go. You can start investing for as little as $1, so you don’t have to be intimidated by the investment process or by setting aside a large chunk of capital.
Plynk uses simple language that’s easy to understand and teaches you about investing concepts as you work on growing your money. They offer many tips and how-tos to guide you through the process. Plynk will ask you some questions that it will use to narrow down investment opportunities based on your interests.
How do you get free stock with Plynk?
You create an account, then link your bank account to earn the $10 signup incentive. You can also get up to a $100 deposit match as a bonus for a limited time.
9. Fundrise
Fundrise helps you start real estate investing with only $10. This real estate crowdsourcing app is focused on long-term investments. The best part of investing with Fundrise is adding real estate exposure to your portfolio without dealing with any of the hassles typically involved in owning and renting out properties.
Fundrise has multiple investment options depending on how much capital you have to work with. There’s a Starter level for those who want to begin with as little as $10 and packages that go in tiers up to $100,000 for accredited investors.
Fundrise also recently launched the Innovation Fund for those who want additional diversification. This investment is focused on high-growth private tech companies that could provide lucrative returns in the future.
How do you get free stocks with Fundrise?
Fundrise will automatically deposit $10 as a bonus when you open your new account and link your bank account via its promotional page. Several terms and conditions apply as to who qualifies for this offer. You can use the bonus cash for investing in one of Fundrise’s fund options. For more information on Fundrise, check out our full review.
* Invest in real estate with $10
* Open to all investors
* Online easy to use site and app
Invest now
10. Firstrade
Firstrade is a full-service online brokerage that allows you to invest in stocks, options, and mutual funds while you get access to a full suite of investment products, research, tools, and even customer service. The best part is that you get all of these services for free. Firstrade offers zero-dollar commission trades and $0 options contract fees on its award-winning platform.
Firstrade has an extensive list of services for investors, including some of the following perks:
Extended-hours trading: You can get pre-market news and after-market-hours sessions.
Trade ideas: You get access to premium research from trusted platforms like Morningstar, Benzinga, and Zacks.
Free educational resources: There are free tools and live webinars for investors of all levels.
According to Firstrade’s website, you can get up to $4,000 in cash bonuses when you sign up. While you don’t get paid in stocks, you get the next best thing, cash.
How do you get free stocks with Firstrade?
It’s very easy to earn free stocks with Firstrade, as all you have to do is fund your account to get a cash bonus. This promotion ends on January 17, 2023, and there’s a list of criteria for earning free stocks based on how much you invest. Here’s how much you can earn in cash with Firstrade:
Deposit or transfer amount
Cash bonus
$5,000+
$50
$10,000+
$100
$25,000+
$300
$100,000+
$700
$500,000+
$1,500
$1,000,000+
$3,000
$1,500,000+
$4,000
You can also get up to $200 in transfer fee rebates for account transfers and $25 in wire transfer fee rebates.
11. Acorns
Acorns allows you to save, invest, and learn with one simple app. You can set the Acorns app to save and invest for you automatically. For example, you can turn on the Round-Ups feature to invest your spare change by rounding up your purchases to the next dollar and allocating the difference to your portfolio. According to Acorns, the average new user will invest an extra $166 within four months by just rounding up and investing their spare change.
Acorns also offers diversified portfolios that experts create, including ETFs that professionals from top investment firms manage. With over 10 million sign-ups, Acorns has been helping millennials save money daily.
With Acorns, you can earn bonus rewards by purchasing products from many top brands. Since Acorns works with over 15,000 brands, including Apple, Amazon, and many others, you have multiple opportunities to earn rewards.
How do you get free stocks with Acorns?
To get your $10 sign-up bonus on Acorns, simply create a new account and make your first investment of at least $5. Acorns also offers a $5 investment referral bonus to you and a friend when you get your friend to sign up. Find out more about Acorns in our full review.
12. Stash
Stash is an investing app tailored for beginners, allowing users to start investing with very little cash. With only a $5 investment minimum, Stash allows new investors to start small until they’re more comfortable.
Stash offers banking and investing tools to its ten million-plus users. You can automate your investing, put your money into stocks, or let Stash create a customized investment based on your financial preferences. If you’re unsure which investment option to choose, the Smart Portfolio will automatically expose you to stocks, bonds, and cryptocurrency.
Among other unique features, Stash can work with parents or guardians who want to open a custodial account for their children to invest in their future. Stash also offers a Stock-Back debit card that lets you earn 1% in stock on all of your purchases. The Stock-Back card rewards you with stocks of the companies you shop with.
In addition to no hidden fees, Stash offers a Stock Round-Up feature where you can round up your purchases to the nearest dollar and invest your spare change in stocks. This platform is an easy, educational, and convenient way to invest in stocks.
How do you get free stocks with Stash?
Stash is currently offering $5 to anyone who signs up for a Stash Invest account which you can use to spend on more investments.
Stash also has weekly stock parties, where investors can earn bonus stock in a well-known company for participating in the party and sharing a referral code with friends.
13. Charles Schwab
Charles Schwab is one of the country’s biggest, most well-known banks and brokerages, with many physical locations available nationwide.
The Schwab digital platform offers various financial tools and accounts for investors of every level. You can find different brokerage accounts depending on your investing goals. The Schwab brokerage account features options trading, margin trading, and checking account features like paper checks and debit cards.
You can utilize the robo-advisor investing tool for a more hands-off approach to investing your money. You can also visit a physical branch near you if you have any pressing issues. There’s also 24/7 access to investment professionals if you have questions.
How do you get free stocks with Charles Schwab?
Charles Schwab touts that new investors will get its investing 101 course and a $101 cash bonus. You have to open up a Schwab Starter Kit, which includes $101 of Schwab Stock Slices, investing education, and other financial tools (like budget planners, for example).
To get free stocks with Schwab, you must open your account and fund it with $50 within the first 30 days. Then you’ll receive $101 to split equally between the top five stocks in the S&P 500.
Which is the Best Online Broker For Free Stocks?
If you’re looking for free stocks while opening up a new investment account, the good news is there are plenty of options. Those newer to investing will want to explore the various choices to see which broker works best for their unique financial situations. Every app offers distinct features and benefits that will hold different values depending on your current financial situation.
The investing app you go with will also depend on what you’re looking to invest in, as you can choose between different assets like stocks, ETFs, real estate, crypto, and so on. The best part of investing in 2023 is finding a platform that will match your investment strategy, so you can shop around until you’re satisfied.
As always, we urge you to carefully read the fine print to ensure that you qualify for free stocks if you’re solely signing up for the financial incentives.
Save more, spend smarter, and make your money go further
Finances are often talked about like some enigma that can’t be cracked unless you’re an accountant, investor, or a CFO. In fact, according to a study from Statista, only 25% of respondents said they considered themselves to be very financially literate, while 4% said they were not financially literate at all.
But the stigma around financial expertise has got to go! By using your resources and taking charge of your own financial standing, you can make a difference in your own life and even inform friends and family who are struggling to manage their own finances.
One of the best ways to glean financial knowledge is to read about it. From financial news and our #RealMoneyTalk series, to the best finance books of all time, there are plenty of opportunities to learn more about your money. Whether you’re looking to boost your budgeting skills, try your hand at investing, or want to learn how to save for retirement, you’re in the right place.
In this post, we’re discussing the 16 best financial books of all time. From books by spunky financial advisor Suze Orman to finance books specifically for millennials, there’s something in here for anyone who wants to strengthen their financial prowess.
Looking for a quick book recommendation? Use the links below to skip ahead, or read end to end to get the most out of our comprehensive list of the best finance books of all time.
Best financial books by category
To help you find the right book for your financial needs, we’ve broken this list down into 7 categories, with some of the best book selections in each.
Best financial books for all readers
Whether you’re just opening your first credit card or you’re trying to figure out how to start a budget, there’s a lot to learn in the finance world. But pick up the most recent issue of the Wall Street Journal as a finance novice, and you might feel a little lost, to say the least.
Before you dive into market trends and economic policy, it’s a good idea to establish some foundational knowledge first. Our list of the best financial books of all time in the general category include titles that encourage changing your perspective on money, to a book that gives a cynical yet informative run-down of the top financial terms consumers need to know.
Nudge: Improving Decisions About Health, Wealth, and Happiness
In addition to providing advice on finances and wealth, Nobel Prize winning author, Richard H. Thaler tells readers how they can shift their decision-making skills in all facets of life including health and happiness.
Thaler and co-author Cass R. Sunstein include rich behavioral data to look at how humans make decisions and how they can improve their “choice architecture” to avoid investment mistakes, unhealthy habits, and even relationship faux pas. If you’re in search of a new perspective to help you better manage your finances and related decisions, Nudge could be just the push you need to take hold of your personal finances and start meeting your financial goals.
The Power of Habit: Why We Do What We Do in Life and Business
If you’ve tried budgeting before and you just can’t get it to stick, it could be time to take a closer look at your habits. In his New York Times bestselling book, author Charles Duhigg examines how people create habits and how we can change them.
Duhigg backs his methodology in The Power of Habit with scientific research and anecdotes that readers can apply to their own lives, whether it’s changing financial habits or learning how to be more productive in work and in life.
The Devil’s Financial Dictionary
One of the biggest roadblocks in financial literacy can be connected to the complexity of the financial jargon and processes we see on the news and in blogs. But in the name of readability, author Jason Zweig brings these convoluted terms back to earth with witty definitions that Wall Street executives and financial amateurs alike can appreciate.
If you’ve ever felt like the finance world is too pompous or complex for your liking, you’re certainly not alone. The Devil’s Financial Dictionary demystifies everything from Wall Street lingo to general terms you can apply to your everyday life.
Best financial books for retirement
Preparing for retirement is an exciting time. You’ve worked much of your life building your career and saving up money, and now it’s time to start catching sunsets instead of chasing deadlines. But as you’re preparing for your sunset years, a lot of questions tend to arise.
How much money should I have in my 401k? Can I really afford to retire? When can I access the money in my retirement fund?
Sound familiar? You’re not alone—a lot of new and upcoming retirees have experienced the same woes as they plan for life after work. But the good news is, some of the most successful finance experts and authors in the world have taken to this topic to provide consumers with the answers they need as they approach retirement.
With that said, here are some of the top finance books for retirement planning:
You’ve Earned It, Don’t Lose It
You probably recognize her spunky personality and hard-hitting financial advice from the Oprah Show and Dr. Oz, but applying her advice directly to your personal finances is a revelation all on its own. In her book You’ve Earned It, Don’t Lose It, author and financial advisor Suze Orman discusses exactly what consumers need to know as they’re prepping their finances for their upcoming retirement.
From choosing trusts vs. wills to maximizing retirement income, Orman’s national bestseller is nothing short of a complete guide to retirement planning.
How to Retire with Enough Money: And How to Know What Enough Is
Ever wondered how much money you need to retire or how much longer you’ll have to work to get there? In her book, How to Retire with Enough Money: And How to Know What Enough Is, retirement planning specialist Teresa Ghilarducci levels with upcoming retirees to tell them how much is enough and how to make your retirement savings grow all in a quick 144-page read.
Ghilarducci also discusses the external factors that might impact your retirement, including politics and the healthcare systems we currently have in place. If you’re looking for a way to ramp up your retirement savings, even if you’re still in college, this book is among the best financial books of all time…at least in our book.
Best financial books for millennials
If you’re a millennial in 2019, you’re likely in a more complicated financial position than people your age in past generations. Perhaps you’re a recent college grad trying to navigate the workforce on your own and you haven’t quite found a balance between entry level experience and a livable wage. Or, maybe you’ve reached the most exciting moment of your financial history thus far and you’re ready to meet another financial milestone such as buying a house or starting to invest in the stock market.
No matter where you’re at with your finances at the moment, it’s an exciting time to learn more about your money. If you’re looking for knowledge and advice specifically designed for millennials, check out these finance books.
Broke Millennial
Ever heard of #GYFLT? Author and personal finance expert Erin Lowry developed the hashtag to send millennials an important message: “get your financial life together!”. Whether you’ve started saving money or you’re living paycheck-to-paycheck , Lowry’s Broke Millennial book series acts as a guide as you prepare to tackle financial milestones such as getting married, buying a house, having kids, or trying your hand at investing.
So far, Lowry has two books in the Broke Millennial lineup: Broke Millennial: Strop Scraping By and Get Your Financial Life Together and Broke Millennial: A Beginner’s Guide to Leveling Up Your Money. Did we mention she’s also a contributor to our blog? Click here to read more from Erin Lowry.
Your Money or Your Life: 9 Steps to Transforming Your Relationship with Money and Achieving Financial Independence
Many of us need a step-by-step guide to help us get our habits in order—whether it’s revamping your personal finances or getting back on your fitness game. With their book Your Money or Your Life, authors Vicki Robin, Joe Dominguez, and Mr. Money Mustache team up to give readers 9 simple steps to help them shift how they deal with money to make progress toward financial independence.
If you want to learn the basics of managing money, figure out how to fund your dreams, and start taking control of your financial future, this book comes highly recommended as one of our favorite personal finance books for millennials.
Millennial Money: How Young Investors Can Build a Fortune
If you’ve been considering investing your money, congratulations! That’s a huge step to take in your financial future, and it’s an exciting time to learn about how the finance world really works, first-hand. In his guide, Millennial Money, author Patrick O’Shaughnessy discusses how young people can cash-in on the global stock market to make up for potentially limited access to pension plans and Social Security.
O’Shaughnessy recommends investing early to reap the most reward and provides a basic strategy to help you develop your stock portfolio.
Best financial books for women
From career paths and finances to family structures, women in the 21st century lead very different lifestyles now than they ever have in the past. But along with their triumphs and new opportunities, women today may find themselves facing unique challenges when it comes to managing their own money.
Whether you’re looking for help learning how to balance your family life or financial life, or you’re looking to take over the investment world, there are plenty of empowering finance books for women to boost their financial knowledge.
Here are some of the best finance books for women:
You Are a Badass® at Making Money: Master the Mindset of Wealth
You may have heard some buzz about author Jen Sincero’s premiere novel, You Are a Badass® , also informally known as the young person’s guide to self-worth and stability. Well, the first edition was so successful that Sincero has since released two other books in the series: You Are a Badass® Every Day and You Are a Badass® at Making Money.
In each of her books, Jen Sincero offers empowering advice to readers, along with real strategies to make your personal goals actually happen. In You Are a Badass® at Making Money, Sincero uses humorous personal experiences as the backbone of her monetary manifesto, while teaching readers to:
Find out what’s holding them back from making money
Generate wealth according to their own standards, rather than societal norms
Curate their own financial future instead of waiting for things to happen
If you’re in search of a modern take on money that’s relatable instead of intimidating, look no further than this one.
Smart Mom, Rich Mom
Finding a healthy financial balance can be tough when you’re raising a family…or getting ready to start one. From diapers to diplomas, having kids can end up taking a toll on your finances if you’re not armed with the right resources to keep things in check.
In her book, Smart Mom, Rich Mom, Kimberly Palmer explores different ways women can shape their financial future while raising a family. Palmer covers everything from career growth to creating budgets to help ease the stress on moms juggling household and financial responsibilities. If you’re curious about how you can prepare your budget for kids, or want to know how to repair your current financial situation, this book could be just the financial read you need.
Best financial books for budgeting
Budgeting can be one of the trickiest things to master when it comes to achieving financial wellness, but as you probably know, budgeting is an important skill to learn. Whether you’re wondering why you need a budget in the first place or where to begin, these budget-specific books are here to help.
How to Manage Your Money When You Don’t Have Any
One of the most frustrating roadblocks to saving money is feeling like you don’t even have enough money to cover your bills, let alone save. According to the U.S. Census Bureau, approximately 12.3% of Americans were living in poverty in 2017. With that statistic in mind, it’s easy to see that financial challenges are widespread across the country.
If you’ve ever been in a scenario where you’re scraping by to pay your bills but you want to save money, Erik Wecks’ How to Manage Your Money When You Don’t Have Any could give you the insight and inspiration you need to optimize your financial situation. Wecks speaks from his personal experience struggling to make ends meet in order to give context and provide readers with suggestions that might work for them, too.
The Financial Diet
Feeling lost at the thought of crunching numbers or developing a budget? Author Chelsea Fagan’s been there. In her book/life guide, The Financial Diet, Fagan gives millennials and Gen Zers the tools to take over their finances and build a better future. From budgeting to investing and slimming down spending, Fagan’s got your finance questions answered.
Best financial books for entrepreneurs
Are you planning your next business venture or world takeover as you’re reading this? You might want to take a moment to learn from the experts first. In these finance books for entrepreneurs, you can learn from their mistakes, find out how to optimize your business plan, and discover new strategies to boost your business.
You Are a Mogul
Entrepreneur Tiffany Pham has had to adapt to life fast—and she’s done more than just adapt. From attending business school at Harvard to founding her own company, Pham’s had a lot of experience building her empire from the ground up. In her book You Are a Mogul, Pham tells readers all about how she got to where she is and how they too can make their own entrepreneurial dreams come to fruition.
Whether you’re looking for guidance in identifying your passions or want to know how to “Crush it in Corporate Life,” You Are a Mogul includes the resources and real-life advice you need to jumpstart your career.
Good to Great: Why Some Companies Make the Leap and Others Don’t
Have you ever wondered what really differentiates two competing companies when it comes to success? They entered the market at the same time and both have strong branding, but why is one so much more successful than the other?
In his book Good to Great: Why Some Companies Make the Leap and Others Don’t, author Jim Collins analyzes what makes a company go from good to great, and why some companies are able to achieve success despite their mediocre reputation. Collins focuses on 4 key findings to support his theory:
Leadership structure
The Hedgehog Concept
Discipline
The Flywheel and the Doom Loop
If you’re thinking about starting your own business or what to optimize your current structure, consider using Collins’ book as your guide toward entrepreneurial success.
Best financial books for investors
Navigating the stock market as a beginner is no simple task. To help you learn the ropes, investment experts such as Warren Buffet and Burton G. Malkiel are spilling their secrets in these financial books for new and seasoned investors.
The Essays of Warren Buffet
As one of the most successful businessmen of all time, chairman and CEO of Berkshire Hathaway, Warren Buffet, is one of the most influential figures in the investment world. Lawrence A. Cunningham’s curation of Warren Buffet’s essays include topics from wealth management to investment strategy.
If you’ve considered investing in the stock market but you’re not sure where to start, The Essays of Warren Buffet could be the introductory guide you need to take the leap.
A Random Walk Down Wall Street
Jumping into the investment world can be intimidating, to say the least. But having a lay of the land, working knowledge of the terminology, and some insight on investment strategy, you could be cashing-in on Wall Street in no time.
In his investment guide, A Random Walk Down Wall Street, Burton G. Malkiel educates readers on a variety of investment topics that can easily be applied to the modern marketplace, thanks to updated editions. Malkiel covers just about everything consumers need to know about successful investing—from 401ks to digital currency trends.
More ways to learn about finance
In addition to reading some of the best financial books of all time, there are plenty of other resources out there to help you diversify and expand upon your financial knowledge. Try incorporating some of these strategies to become a self-taught financial expert:
Speak to a financial advisor
Learn more about your credit score by getting a free credit report
Listen to finance-related podcasts
Read financial news and blogs
Participate in conversations about finances with family and friends
Practice managing your personal finances by using a budgeting app
Take a class online or at a local college
Watch our #RealMoneyTalk series
Key takeaways: Best Finance Books of All Time
The financial world can often seem intimidating, but if you just take a little time to learn about it, you may find that you’ll have a better hold on your own financial standing. Use this list as a guide to help you learn more about how money works in general and as it applies to your personal finances.
Have any financial book recommendations of your own? Let us know in the comment section below!
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As part of back to basics month, let’s use today to explore how you can get out of debt without gimmicks or games.
After twelve years of reading and writing about money, I’ve come to believe that debt reduction ought to be a side effect and not a goal. Getting out of debt is a target, not a habit. And, as we’ve been discussing recently, good goals are built around actions instead of numbers. If you restructure your life so that you’re spending less than you earn, you will get out of debt. It’s a natural side effect.
Having said that, I realize that a lot of GRS readers are struggling to get to square one. Getting out of debt is their goal and primary obsession. That’s okay.
Before you can begin repaying your debt, you must be earning a profit. Unless your income exceeds your expenses, your debt is actually increasing. If you’re continuing to add debt, or if you’re only able to make minimum payments, you must first find ways to spend less and earn more until you have a positive “saving rate”. (Both businesses and people earn profits. But when individuals earn a personal profit, we call it “savings”.)
After you’re earning a personal profit, you can (and should) make debt elimination a priority.
Why You Should Pay Off Your Debt
Debt repayment can improve your credit score, meaning you’ll pay less on everything from rent to car insurance to future borrowing needs. Plus, debt reduction is one of the best returns you can earn on your money.
Investing in the stock market provides an average annual return of about 10% — but that return isn’t guaranteed. Some years the market is up 30%, but other years it drops by 40%. When you pay down a credit card, you earn a guaranteed return of 20% (or whatever your interest rate is). That’s tough to beat.
There are also non-financial benefits to paying off debt, including:
Simplicity. The more debt you have, the more bills you have. It’s easier to manage your money when you have a simple, efficient financial infrastructure. Each time you pay off a debt, you move one step closer to this ideal.
Cash flow. Whenever you eliminate a debt, the money formerly used for that monthly payment becomes available to pursue other goals – including fun stuff like ski trips and knitting supplies.
Freedom. When you have monthly payments to meet, you’re chained to your job. You’re unable to take risks. Once your debt is gone, a wider range of options becomes available to you.
Peace of mind. Best of all, once you’re debt-free, you can sleep easier at night. You’ll put less pressure on yourself, and you’ll have fewer fights about money with your partner.
When I first tried to get out of debt, I lacked a system. Without a plan, I sent extra money to one credit card and then another. As a result, I never seemed to make any progress.
After deciding to become boss of my own life, however, I researched how to get out of debt. Many books recommended a strategy called the “debt snowball”. Although I was skeptical, I gave it a try. The method worked. Using it, I managed to eliminate my debt and begin saving for the future.
Stop Acquiring New Debt
This may seem self-evident, but the reason your debt is out of control is that you keep adding to it. Stop using credit. Don’t finance anything. Cut up your credit cards.
That last one can be tough. Don’t make excuses. I don’t care that other personal finance sites say that you shouldn’t cut them up. Destroy them. Stop rationalizing that you need them.
You don’t need credit cards for a safety net.
You don’t need credit cards for convenience.
You don’t need credit cards for cash-back bonuses.
You don’t need credit cards at all. If you’re in debt, credit cards are a trap. They only put you deeper in debt. Later, when your debts are gone and your finances are under control, maybe then you can get a credit card. (I don’t carry a personal credit card. I don’t miss having one.)
After you destroy your cards, halt any recurring payments. If you have a gym membership, cancel it. If you automatically renew your World of Warcraft account, cancel it. Cancel anything that automatically charges your credit card. Stop using credit.
Once you’ve done this, call each credit card company in turn. Do not cancel your credit cards (except for those with a zero balance). Instead, ask for a better deal. Find a low interest credit offer online and use it as a bargaining wedge. Your bank may not agree to match competing offers, but it probably will. It never hurts to ask.
Establish an Emergency Fund
For some, this is counter-intuitive. Why save for an emergency fund before paying off debt? Because if you don’t save first, you’re not going to be able to cope with unexpected expenses. Do not tell yourself that you can keep a credit card for emergencies. Destroy your credit cards; save cash for emergencies.
How much should you save? Ideally, you’d save $1,000 to start. (College students may be able to get by with $500.) This money is for emergencies only. It is not for beer. It is not for shoes. It is not for a Playstation 3. It is to be used when your car dies, or when you break your arm in a touch football game.
Keep this money liquid, but not immediately accessible. Don’t tie your emergency fund to a debit card. Don’t sabotage your efforts by making it easy to spend the money on non-essentials. Consider opening an online savings account. When an emergency arises, you can easily transfer the money to your regular checking account. It’ll be there when you need it, but you won’t be able to spend it spontaneously.
The Debt Snowball
With the debt snowball, you set aside a specific amount of cash each month to pay off the money you owe. At first, progress is slow. In time, however, you begin to make rapid progress, picking up speed like a snowball rolling downhill.
Step One
The first step is to make a list of your debts. For each obligation, include the balance you owe, the interest rate, and the minimum payment. Arrange the list so that the debt with the highest interest rate is on top. Next comes the debt with the second-highest interest rate, and so on, until you reach the final debt on the list, which will be the one with the lowest interest rate.
For instance, here’s the actual list of my debts from October 2004, ordered by interest rate:
Computer Loan: $1116 @ 15% ($48 min)
Business Loan $2800 @ 11% ($30 min)
Home Equity Loan $21000 @ 6% ($100 min)
Car Loan $2250 @ 5% ($170 min)
Personal Loan $1600 @ 3% ($100 min)
Personal Loan $6430 @ 0% ($60 min)
I had $35,196 in debt and my minimum payments totaled $508 per month.
Step Two
Once you’ve listed your debts, decide how much you can afford to pay toward them each month in total. This should be at least the total of your minimum payments ($508 in the example above), and preferably more. In my case, I started by allocating $700 every month toward debt reduction.
Step Three
Now, for all of your debts except the debt with the highest interest rate, make minimum payments every month. Use the rest of the money you’ve allocated for debt reduction to pay down the debt with the highest interest rate.
The computer loan topped my list of debts with an interest rate of 15%. The minimum payments for the other debts combined to $460 per month. Under this plan, I’d then take the remainder of the $700 I’d allocated toward monthly debt reduction and apply it to the computer loan. Instead of making the $48 minimum payment, I’d pay $240.
Step Four
Repeat this process every month until the debt at the top of the list has been eliminated.
Step Five
Here’s where this method gets powerful. With your first debt defeated, you don’t use your improved cash flow to buy new things. Instead, you use the extra cash to attack the next debt on your list.
If I start by applying $700 toward debt each month, for example, I continue to apply $700 toward debt each month until all of the debt is gone. After the computer loan is retired, I focus on the business loan. Because the minimum payment on my other debts would be $430, I could funnel $270 to pay off the business debt every month.
When the business debt is gone, I’d then throw $370 per month at the home equity loan, and so on. Ultimately, I’d be left with a single loan: the $6430 personal loan at 0% interest. Every month, I’d apply all $700 to get rid of this debt.
Pros and Cons
The debt snowball is powerful and effective. Mathematically, it’s the best way to get rid of your debt. There’s just one problem.
When you attack your debts from highest interest rate to lowest, you’ll pay less money in the long run. Unfortunately, many folks – including me – find the going difficult. In my case, I hit a wall when I reached the third debt on the list, my home equity loan. That $21,000 balance was going to take years to repay. I didn’t have that kind of patience.
Fortunately, I learned there were other ways to order your debts. You don’t have to tackle the high interest rates first.
Building a Better Snowball
Humans are complex psychological creatures. They’re not adding machines. Many of us know what we ought to do but find it difficult to actually make the best choices. (If we were adding machines, we wouldn’t accumulate consumer debt in the first place!) It’s misguided to tell somebody so deep in debt that they must follow the repayment plan that minimizes interest payments. The important thing to do is to set up a system of positive reinforcement.
Because of this, many people prefer slight variations on the debt snowball method. These methods ignore math in favor of psychology.
Dave Ramsey’s Debt Snowball
Financial guru Dave Ramsey has popularized one variation of the debt snowball. Instead of ordering your debts by interest rate, he suggests you attack those with the lowest balances first.
Using Ramsey’s method, my debts from 2004 would be ordered like this:
Computer Loan: $1116 @ 15% ($48 min)
Personal Loan $1600 @ 3% ($100 min)
Car Loan $2250 @ 5% ($170 min)
Business Loan $2800 @ 11% ($30 min)
Personal Loan $6430 @ 0% ($60 min)
Home Equity Loan $21000 @ 6% ($100 min)
As with the standard debt snowball method, I’d make minimum payments on each debt except the top one on the list. At it, I’d throw everything else I’ve allocated for debt reduction each month. When the top debt was eliminated, I’d move on to the one with the next smallest balance.
Ramsey’s variation isn’t as quick as paying high-interest debt first, and in the long-run, you’ll lose slightly more to interest payments. (In my own case, the projections showed it’d take an extra month to repay my debt and I’d pay and extra $841.15 in interest.) However, there’s a psychological advantage to doing things this way.
By attacking your smallest debts first, you get some quick wins, which provide a mental boost. This psychological lift provides extra motivation to keep attacking that debt. Every few months, you get the satisfaction of crossing another debt off the list! Ramsey says this is “behavior modification over math”, and he’s right. In fact, I opted to use this variation of the debt snowball when I repaid my own $35,000 of debt in 39 months.
Adam Baker’s Debt Tsunami
Other experts, including my buddy Adam Baker from Man vs. Debt, suggest yet a third alternative they call the debt tsunami. They argue it’s best to pay off your debts in order of their emotional impact. Attack your debts from smallest balance to highest, they say, but for added psychological boost, prioritize any debt that particularly bugs you.
“I used to be addicted to gambling,” Baker says, “and I had debt that was specifically associated with gambling. To pay that off first changed me as a person. To pay off the $600 I owed on a credit card was great, but it didn’t change me. It didn’t signify that my life was going to be different and that I was going to live in a different way.”
But paying off his gambling debt did mean something to him, so Baker attacked that first.
Here’s another example: Many people borrow money from their parents. These loans may carry interest rates of only two or three percent (or maybe they’re interest free), but they come with a lot of psychological baggage. This is another instance where it might make sense to pay down low-interest debt first because the non-financial rewards are so great.
The most important thing when paying off your debts is to pay off your debts; the order in which you do so is ultimately irrelevant. Find a system that works for you and develop the discipline to stick with it.
Note: It’s less imperative to repay low-interest debt. Businesses use “leverage” to borrow money cheaply so that they can earn higher returns elsewhere. You do the same when taking out a mortgage at low rate (like three percent) or using school loans to improve your education (which will, in theory, provide high future returns). It’s good to repay all of your debt, of course, but it’s okay to make repaying the mortgage a long-term goal instead of lumping it in with your debt snowball.
Supplementary Solutions
You can do other things to improve your money situation while you’re working on these three steps.
First, focus on the fundamental personal finance equation: to pay off debt, or to save money, or to accumulate wealth, you must spend less than you earn.
Curb your spending. Re-learn frugal habits. (Frugality is something with which most college students are all too familiar.) You can find some great ideas in the archives of this site. Also check Frugal for Life.
While you work to spend less, do what you can to increase your income. If possible, sell some of the stuff you bought when you got into debt. Get an extra job. (But don’t neglect your studies for the sake of earning more. Your studies are most important.)
Finally, go to your local public library and borrow Dave Ramsey’s The Total Money Makeover. Don’t be put off by the title — this is a fantastic guide to getting out of debt and developing good money habits. I rave about it often, but that’s because it has done so much to help my own personal finances. After you’ve finished, return it and borrow another book about money.
Simple, Not Easy
Human beings are complex creatures. Some of us are highly logical. Some of us are emotional. Most of us fall someplace in between. We rarely make decisions based on optimal paths; more often, we choose what makes us happy in the short term. I’m not saying that this is the right thing to do — it’s just what happens. For those who routinely make financial decisions based on emotion, it can be difficult to turn things around.
Complaining that personal finance is easy and “why doesn’t everyone do what they ought” is like saying that running a marathon is easy so why can’t everybody run one? Most of us understand how to prepare for a marathon — eat right and run a hell of a lot — but few of us have the dedication and mental fortitude to complete one. However, with a little discipline and some hard work, most people can complete a 10k race.
It’s the same with personal finance. It’s easy to say, “To build wealth, you must spend less than you earn”, but it’s another thing to do it, especially over the long term. In some ways, building wealth is more difficult than running a marathon. Training for and completing a marathon takes months. Dedicating yourself to a sensible financial plan is a lifetime process.
If personal finance were really as simple as understanding the math, we would all be rich. But it’s not. And we’re not. That’s why I think any small financial victory is important. That’s why I run this web site, and why I share whatever tips I can find.
I always say “do what works for you”“. Some people are able to succeed by paying high-interest debt first. But some people — myself included — have only been able to succeed by trying another approach. The approach may not be best from a mathematical viewpoint, but I believe that any method that actually helps you meet your goals is better than one that doesn’t.
Personal finance concepts might be simple, but that doesn’t mean they’re easy. I don’t mean to imply that they are. It took a lot of hard work (and a little luck) for me to get out of debt. It didn’t happen quickly, and it wasn’t easy.
The Bottom Line
As I mentioned at the start, I’ve come to believe that debt repayment is a side effect and not a goal. You shouldn’t make it your primary purpose.
If you do the other things I recommend, such as creating a personal mission statement and boosting your profit margin, you’ll naturally pay off debt as a matter of course. But you’ll enjoy a benefit many people don’t have once their debts are gone.
You see, a lot of people feel lost once they’ve dug out of debt. Search online and you’ll find tons of questions and conversations about what to do next. Debt repayment had given them purpose, and now that purpose is gone. As a result, they lose financial direction. And like a dieter who had aimed for a weight instead of a lifestyle change, an unfortunate few of the newly debt-free find themselves resuming bad habits.
If you’re pursuing other goals and intentionally building good habits, you’ll get out of debt. And once you get out of debt, the good times will continue: That debt snowball you’ve been building will transform itself into a wealth snowball.
Congratulations! You’re on your way to financial freedom!
Have you ever had to dig out of debt? What methods did you use? Were some more successful than others? If you had to do it over again, would you have done anything differently? What advice would you give to others who have just taken on the role of money boss in their lives?
Inside: Learn how to invest $100 and make $1000 a day using these proven strategies. Find out the best ways to invest 100 dollars. Many from the comfort of your own home.
One of the biggest mistakes that people make with money is not investing.
You see, if you invest $100 and earn 10% interest a year, in just 12 months your investment would be worth $120!
It takes money to make money.
We all have heard that before.
Many people want to make some extra money, and that is why they are turning their attention to investments. There are a lot of ways to invest your money safely, but most importantly it should be done with a goal and for the long term.
The article will help you to invest $100 now to start making $1000 a day. Will this happen overnight? Nope. That would be some get-rich-quick scheme.
You must be willing to invest the time, resources, and money to start making $1000 a day.
If you are looking to invest $100, this guide will help provide you with the knowledge and strategies to generate a constant stream of income of $1000 a day.
Is Investing $100 To Make $1,000 A Day Possible?
There is no one-size-fits-all answer to this question, as the success of any investment depends on a number of factors. But, yes, many people have found ways to invest $100 to make $1000 a day.
There are a few strategies that investors can use to increase their chances of reaching $1,000/day. That is the part that takes commitment.
Best Ways to Invest 100 Dollars
There are a lot of different things you can invest your $100 in. You could put it into stocks, bonds, or even real estate. Those are the most effective strategies with the least amount of time commitment.
However, there are other options as well, which we will go into detail shortly.
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
What should I invest $100 in right now?
Whatever route you decide to take, remember that investing is a good way to learn and make money.
Not only will you likely see an increase in your overall wealth by investing your money, but you’ll also be happier because of the positive impact it has on your life!
How to Invest $100
You can take your $100 and invest it into the stock market or a savings account. Something that immediately starts paying you to make a return.
The other way is you could use that money to buy books and courses on how to make money with any of the ideas below.
Another option would be to invest in a service that others might not have thought of. This could be something like a start-up business or an online course that teaches you how to make money through investments.
There are plenty of ideas on how to invest $100 it just depends on your short-term and long-term goals.
In fact, learning how to make money online for beginners is a hot topic!
The step-by-step guide to making money with this simple trick
If you’re looking for a step-by-step guide on how to make money with this simple trick, look no further! In this ultimate guide, we’ll cover everything you need to know about the process.
The first step is to invest $100 per month in order to get started. By doing this, you’ll be setting yourself up for a lifetime of financial security.
In order to make money with this simple trick, you’ll need to follow these simple steps:
Decide How You Plan to Make $1000 a day
Invest in Learning How to Do It
Invest your $100
Stay Persistent
Start making profits!
Will everything work out as simply as that? No, but you have to commit to a plan in order for it to happen!
Once you’ve invested in your future, it’s time to learn how to be successful and start making some serious profits!
Invest $100 Make $1000 A Day – Strategies for Success
People have different strategies for success, and the best way to succeed is by figuring out what works for you.
A strategy that might work well for one person may not be suitable or acceptable in another’s situation.
In this article, we’ll explore a few different strategies for success and how they can help you make money from home or on the job. In fact, many of them I implement to make money.
Idea #1: Savings Account
The best way to start investing is to open a savings account. For every $100 you deposit in a savings account, you will earn about a small amount of interest. This may not seem like a lot, but it can add up over time.
In reality, investing $100 into a savings account is a habit that will continue to lead to saving higher amounts of money. While you may not be able to make $1000 a day off your first 100 dollars, your efforts will multiply as your saving percentage increases.
In addition, many banks offer special promotions for new customers, such as a $500 bonus for signing up.
To get the most out of your savings account, be sure to shop around and compare rates at different banks. CIT Bank offers some of the highest interest rates available, so be sure to check them out!
Idea #2: Retirement Accounts (401k or Roth IRA)
Investing in your 401(k) is a great way to secure your financial future. Not only do you get matched contributions from your employer, but the tax benefits make it easy for employees to invest. Contributions are tax-free until retirement, so it’s a good place to put money while you’re working a side hustle or contract gig.
A solo 401(k) is a great way to take advantage of these benefits if you don’t have an employer.
In addition, investing in a Roth IRA is a smart idea as well.
Idea #3: Invest in Cryptocurrency
Cryptocurrencies are digital or virtual tokens that use cryptography to secure their transactions and control the creation of new units. Cryptocurrencies are decentralized, meaning they are not subject to government or financial institution control. Bitcoin, the first and most well-known cryptocurrency, was created in 2009.
Cryptocurrencies have experienced a wild ride over the past year! In the past five years, bitcoin prices have swung from a high of $68,000 in November 2021 to the lowest dip of $3236 in December 2018 (source). Many experts believe that crypto will be adopted widely in the future, and some predict that one Bitcoin will be worth $200,000 or more.
Investors can purchase a range of cryptocurrencies through reputable platforms such as Coinbase and Bitstamp. The most common crypto are Bitcoin, Ethereum, Litecoin, and USDC (a stablecoin pegged 1:1 with USD).
Idea #4: Invest In The Stock Exchange
Like an active trader – either as a day trader or swing trader.
When you invest in the stock market, this is a way to make money on your investments.
In fact, you can make money fast in stocks. But, you need to have a solid trading plan first.
My favorite course is Trade and Travel with Teri Ijeoma. In fact, check out my Trade and travel review and begin your journey to making $1000 a day.
Idea #5: Peer-to-Peer Lending
If you’re looking for a solid investment opportunity, peer-to-peer lending may be a good option for you.
Peer-to-peer (P2P) lending service that connects borrowers and investors. Because it’s a peer-to-peer platform, it can be more profitable for the investor.
Both Lending Club and Prosper are examples of investment platforms in this space.
Idea #6: Become an Entrepreneur
There are many options for entrepreneurs to make money. You can start a restaurant, retail store, or offer your services for a fee.
Another great way to make money is by investing in something you’re passionate about. For example, if you love cars, you could open a car detailing business. This requires some planning and dedication but can be very rewarding.
As an entrepreneur, your goal is to invest in ways that have the potential to turn over $1000 per day.
Idea # 7: Invest in Yourself
When you think about it, the best investment you can make is in yourself.
If you have 100 to invest, find what you are missing and fill it with new knowledge. Learning never stops – it’s a continuous process that will help you grow as an individual and stay ahead of the competition.
This is one area where you have the possibility to make well beyond just $1000 a day.
In fact, many of the best millionaire quotes focus on investing in yourself.
Idea #8: Invest Money in Index Funds
Outside of retirement accounts, many people overlook investing in the stock market as an individual.
Index funds have been a popular choice for investment managers for many years. They are a type of mutual fund that tracks the movements of an index, such as the S&P 500 Index. Because these types of funds follow an index, they provide diversification and typically come with lower fees than actively managed funds.
For these reasons, investors may want to consider using index funds when building their taxable investment portfolio.
Idea #9: Enroll in a Course or Certification
There are many different courses and certifications you can take to improve your skills.
This “new skill” could help you transition into a different career. A “certification” might help you get promoted in your current position, or it might allow you to begin working in a new field.
Either way, you are investing $100 or more today to make 10x your money in the future. Consider what skill can be useful in your professional or personal life and invest in a course.
Idea #10: Clear Your Debt
Paying off debt is a guaranteed return on investment.
This may seem a little backward but hear me out…
If you add an additional $100 to paying off your debt consistently, that means you are that much closer to freeing up a huge amount of debt payments to go somewhere else.
In this case, your overall debt payment can be invested in other ways and you will quickly improve your rate of return.
Idea #11: Work As A Sales Person
Commission payments are a large part of income for salespeople. In fact, US News reports that the average sales professionals earn an average salary of $73,500 in 2020.
This is a competitive field, but it can be very rewarding for those who are driven to succeed.
You probably will have to invest in a business degree to make this career field worth it.
Idea #12: Write A Book
Books are a great way to make money. They are one of the few investments that can be made with the intent to generate passive income. In other words, you put in some work at the beginning and then receive payments over an extended period of time without having to do anything else.
Writing a good book is an easy way to make money in 2023. As an independent self-publisher, if your book sells 100 copies per day at $10 each, you will make $1000 on every copy sold.
Publishing companies can help pay an advance for your work and handhold you throughout the process. You might need skills beyond writing if you want your book published at one of the larger publishing companies.
If you are serious about becoming an author, it is best to go through a publishing company and have them edit your work for you. This will ensure that your book is high quality and likely to sell more copies.
Remember: publishing a book is not cheap! It takes a lot of hard work and dedication, but if done correctly it can be an excellent way to make 1000 dollars a day or more.
Idea #13: Become a Book Nerd to Build Skills
Investing in books is a way to improve your knowledge and increase productivity. It’s impossible to become an expert in every field, but it’s possible to become one by reading about them. Books can change the way you view life and give you fresh perspectives on how to handle finances, as well as other aspects of life.
An investment of $100 in 2023 would yield $1000 or more depending on the non-fiction niche books you choose.
So, what are you waiting for? Start reading!
Idea #14: Online Flipper
So you want to flip 100 bucks to 1000? Well, it’s not as hard as you might think. In fact, with a little bit of effort and some basic knowledge, you can turn that hundred into a thousand in no time at all! Here are a few tips to help get you started:
Find something to flip. This could be anything from furniture to clothes to electronics. Keep an eye out for items at local retailers that are on sale and look like they could be resold for more online.
Know your market. What is the average price for the item you’re looking to sell? Knowing this information ahead of time will help make sure that you don’t sell your product for too little (or worse, too much).
Have the proper tools ready before starting your flipping business. This includes having a good camera or phone with which to take pictures of your products, a computer or laptop with which to list them online, and PayPal or another payment processing system set up and ready to go.
Be prepared for some work! Flipping isn’t always easy–you may have to spend time researching what items are selling for how much online, traveling long distances to find good deals or dealing with frustrating customers.
A great way to get started is to learn more from the Flea Market Flippers! They are very successful and teach others how to flip items
If you’re willing to put in the effort, flipping can be a great way to make some extra money on the side.
Idea #15: Invest in Real Estate
There are a number of great reasons to invest in real estate in 2023. In fact, real estate is one of the best investments for making money.
To start investing today, set aside a few hundred dollars each month and invest in real estate over time. This will help you build your wealth slowly and steadily.
Ways to Invest in Real Estate:
Rental Properties: Investing in rental properties can prove profitable with monthly renters and appreciation from rental income or capital gains as a property is worth increasing over time. However, rental properties require more upfront money and more work to maintain than other types of real estate investments.
Flip Houses: Another option is buying properties at low prices, fixing them, and selling them for a quicker profit.
REITs: Real estate investment trusts are a great way to access real estate much like mutual funds. These are highly regulated. However, learn about the best paying jobs in REITs.
Crowdfunded Options: Crowdfunded real estate can be accessed by anyone with a little bit of money – you don’t need to be a millionaire to get started! The returns tend to be more significant than the stock market so it’s a good choice for beginners. Plus, EquityMultiple lets you invest in real estate without worrying about managing a property yourself. It’s possible to make $1000 per day through EquityMultiple, depending on the time frame and market conditions.
Between crowdfunded real estate, rental properties, and REITs – there are plenty of options to choose from when it comes to investment vehicles. Each has its own unique advantages and disadvantages, so it’s important to do your research before settling on an option.
Overall, though, investing in real estate is a great way to grow your wealth and secure your financial future!
Idea #16: Get a New High Paying Job
There are many high paying jobs in the world, but the skill necessary to get one of those jobs is managing people. People who manage other people are able to get paid more because their skills are rare and in high demand.
Management positions are typically the highest paying, but there are also many other responsibilities as well. other lucrative options to consider.
This will help you find more money to invest on a regular basis and start making more money each day.
Idea #17: Affiliate Marketing / Influencer
Affiliate marketing is a great way to make money online. In fact, many affiliate marketers earn six figures or more per year. So what is it?
Affiliate marketing is the practice of advertising a company in exchange for payment. Affiliate marketers work with blogs to post about products and services, which makes them eligible for receiving payment when someone clicks on the link and purchases something from the company they’re advertising for.
It’s not likely that you’ll make this kind of money right away, but as your influence grows, you can certainly make some good cash through affiliate marketing programs.
The costs associated with getting started are relatively low–you can probably get started for less than $100–and it takes about the same amount of time to build up your blog’s audience and reader base from scratch. So if you’re looking for a solid way to generate some extra income online, give affiliate marketing a try!
Idea #18: Start Your Own Blog
With just $100, you can start your own blog and make money.
Blogging is a great way to make money and requires little in the way of cash or startup costs. In fact, many bloggers start their sites for free and then upgrade to more expensive hosting plans as their blogs grow in popularity. The cost of starting a blog is minimal and you’ll need to find your topic to write about first, but it’s possible over the course of years.
There are many different types of blogs that can be started with their own benefits – from personal finance advice to cooking tips – so finding the right one for you is essential.
To monetize your blog, consider offering services or digital products to consumers interested in what you have to say on the topic of your blog’s content. For example, if you’re a great cook, you could start a cooking blog and sell recipes through an online store; or if you’re an expert on personal finance, you could create e-courses teaching people how to save money and invest for their future.
Blogging is a long game; SEO traffic requires patience, but the payoff will be worth it in time. It can take anywhere from 6 months to over 18 months for bloggers to start seeing results. However, those who stick with it and reinvest their profits back into their sites can make $1,000/day from their blogs.
So what are you waiting for? Start blogging today!
Idea #19: Charity
Philanthropy is an excellent investment, so donating to charity is a wise choice.
Not only do you help others in need, but you may also be rewarded with tax breaks or other benefits.
Additionally, many charity works are good investments because of the promise of reward. For example, building a well in a developing country can provide access to clean water for years to come.
Look for ways to give where your donation can be matched.
Idea #20: Save For College
You can invest $100 and make $1000 a day by saving it.
One way to save for college is to invest in a 529 plan. A 529 plan allows you to save money for college tax-free. In addition, many states offer tax deductions or credits for contributions made to a 529 plan. Another benefit of a 529 plan is that the money invested grows tax-deferred. This means that you don’t pay taxes on the earnings from your investments until you withdraw them from the account.
Many parents find it difficult to save for college because they face high tuition costs and other expenses associated with sending their children to school. However, if they start early and contribute small amounts on a regular basis, they can accumulate enough savings overtime to cover most or all of their child’s education costs.
Idea #21: Use Gig Economy Apps to Earn Money Fast
Now, it’s easier than ever to find work. There are a number of apps and websites that can help you find short-term or long-term work. These include apps like:
These apps provide a new way for people to make money when they’re not working traditional jobs.
How can I invest $100 and make money everyday?
There are a variety of different ways that you can invest your money in order to make a profit.
The most hands off approach for many is investing in index funds. As a buy and hold strategy, you are likely to earn 6-8% plus on your investment.
As you hold onto the index fund for the long term, you are able to participate in any upside should the stock prices go up.
Invest $100 to Make $1000 a day is possible!
It’s true–you can make a lot of money by investing just a small amount at first. For example, if you invest $100, you could earn up to $1000 in profits! This is possible by following the strategies outlined in this article.
When you need to know how to make 2000 fast, this is how you do it!
Of course, it’s important to remember that investing isn’t limited to those who have a lot of money. In fact, anyone can benefit from this type of activity financially and make more money in the process.
So don’t be discouraged if you don’t have much saved up already. You can start by investing $100 into the stock market and then reinvesting your profits as soon as possible, in order to grow that initial investment. And who knows? With a little bit of hard work and patience, you could be making thousands of dollars per day before you know it!
This is how you can double $10k quickly.
Don’t delay in investing. You have to start at one point to start making money.
Then your next goal will be how to turn 10k into 100k.
Know someone else that needs this, too? Then, please share!!
Insurance companies are always trying to develop new insurance products to meet their clients’ needs. While the idea of life insurance started out as a simple concept, through the years, it has evolved into much more. There are dozens of different kinds of insurance plans.
Indexed Universal Life
One new product they’ve recently developed is indexed universal life insurance, and there are pros and cons to indexed universal life insurance.
These policies are interesting because they allow you to use your life insurance funds to invest in the stock market. Additionally, they can be one of the most confusing types of policies that you can purchase. There is a lot of confusing surrounding these plans and the benefits that they offer. It’s vital that you understand all of the options and the advantages of each kind of plans. We want to help you understand indexed universal life insurance plans.
Is this policy a good fit for you?
Let’s take a look…..
What Is Indexed Universal Life Insurance?
Indexed universal life insurance is a combination of other types of life insurance. First off it is a type of permanent life insurance. This means that it’s a policy that’s meant to last your entire life; it doesn’t eventually expire like term insurance. Indexed universal life also builds up cash value, which is money you can take out and spend while you are alive.
Since indexed universal life insurance is a type of universal policy, the amount you need to pay each month isn’t fixed.
You get to decide how much you can pay each month, usually with a minimum requirement. However, if you don’t pay enough into your policy, it could run eventually run out of money and expire.
How Do The Stock Investments Work?
What is unique about indexed universal life insurance is that it invests your cash value in the stock market, using a market index like the S&P 500. This means your cash value growth is based on how well the stock market performs. If the market goes up, you can earn more money with these plans. However, if the market goes down, you won’t earn anything.
The good thing about these policies is that they can’t lose money.
If the stock market crashes, your cash value won’t go down; it just won’t grow that year.
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How Does Indexed Universal Life Insurance Compare To Other Policies?
Since indexed universal life insurance is a permanent policy, it is much more expensive than term insurance. You’d likely pay about ten times as much per month for the same death benefit. If you are looking for life insurance at the lowest possible cost and don’t mind that it expires, term is a better choice. If you want to permanent coverage or want to combine your life insurance with an investment plan, indexed universal life insurance could be a better choice.
Compared to whole life and universal life, indexed universal life insurance costs about the same per month. The main difference is how these accounts manage your cash value.
Whole life has a guaranteed, annual return so you know exactly how much this account earns. Universal life earns an interest rate that can change depending on the market interest rate. This goes up and down, but at least you earn something each year.
Indexed universal life has the most variation since your return is based on the stock market. When the market is good, you’ll earn the most money with these policies. When the market is bad though, you won’t earn any money with these policies.
What Are The Advantages Of Indexed Universal Life Insurance?
Indexed universal life insurance works best as a combination of your retirement plan and life insurance. As a stock investment, these plans can’t lose money which can be very appealing to some investors. This gives you a way to put money in the market without the worry of dealing with market losses.
In addition, indexed universal life policies can offer tax-free growth on your investment gains. As long as you keep your cash value in the life insurance, you don’t need to pay taxes on your stock income. If you take money out as a loan, you also don’t have to pay taxes on your investment gains. This means you can invest with this account and never have to pay taxes on your stocks.
Lastly, these policies give permanent insurance coverage so you never have to worry about your policy expiring; provided you make your monthly premium payments.
What Are The Disadvantages Of Indexed Universal Life Insurance?
The problem with indexed universal life insurance policies is that they can be a bit expensive. Between paying for the insurance coverage, administration expenses, and insurance agent commissions, it could take off about 2-3% of the return you would have gotten by just investing in the stock market.
Some policies also cap your gains. This is the trade-off for not having investment losses. You lose less when the market is bad, but earn less when the market is good.
The other problem with indexed universal life insurance is that to buy a policy, you need to meet an insurance company’s minimum health standards. If your health is poor, your policy will be more expensive and some people can’t qualify at all.
Suitability of Indexed Universal Life Insurance
These policies work best if you need permanent life insurance and want to invest your cash value in the stock market. These policies don’t tend to earn as much as a regular brokerage account so they aren’t as attractive as a pure investment. However, the fact that you can’t lose money with indexed universal life is attractive for investors that don’t like risk. If you can’t stand losing money and don’t mind a lower total return, these policies could also be appropriate.
By Peter Anderson8 Comments – The content of this website often contains affiliate links and I may be compensated if you buy through those links (at no cost to you!). Learn more about how we make money. Last edited April 20, 2017.
A couple of weeks ago I did a review of Betterment, a cool new super-simple investing platform that I had discovered. I have since signed up for an account, and am now investing a portion of my money with them. What I like about them is that they keep everything extremely simple for newer investors or average Joes, giving just a few options to choose from when investing. You just choose your stock/bond allocation, link your account, and start investing. You can even make it automatic every month – and they’ll re-balance your portfolio on a regular basis. Simple, and very accessible to new investors.
It seems like a lot of companies are realizing that new investors want to be able to invest, but sometimes they’re just intimidated by the number of options available to them when they sign up for a brokerage account, and they want things simplified. Because of that there has been a trend towards simplifying the process for people through sites like Betterment, and now through one of my favorite banks and brokers – ING Direct.
This week ING Direct announced that they would be renamed from ING Sharebuilder to ING Direct Investing. While the name change isn’t that big of a deal, there are also some significant changes in the works for their site as well that aim to make the site even simpler and less time consuming for self directed investors.
ING Direct ShareBuilder Renamed To ING Direct Investing
So first things first – ING Direct ShareBuilder is being re-branded as ING Direct Investing, Inc. Why the change? I reached out to Jeff at Sharebuilder:
Over the past ten years, ING DIRECT has become synonymous with simplifying savings. The thought behind ShareBuilder’s new site was to make investing as simple as possible, without all the unnecessary information that you’ll find elsewhere. The name change (ShareBuilder will always be ShareBuilder, now it’s just located under the ING DIRECT Investing umbrella) is just one aspect of trying to bring our customers a simplified investing platform.
So basically they wanted everything to start out fresh with their new website and platform that they’re launching this month. Start everything off with a clean slate. The new name is certainly direct and to the point. ING Direct Investing. Who they are and what they do right in the title. Simple.
ShareBuilder Background
From Wikipedia:
ShareBuilder Corporation, is a United States based online stock brokerage firm founded in 1996 (as NetStock Direct). It encourages recurring, automatic purchases of shares of stock, ING Mutual Funds (Class O) and exchange-traded funds. All transactions occur online and are entirely at the discretion of the account holder, thus it is an execution-only service. The company does not have brokerage sales representatives or advisors.
Account holders can use ShareBuilder’s online research tools to investigate stocks, similar to other online brokerages such as Scottrade, TD Ameritrade and Fidelity. In 2005, ShareBuilder began offering 401(k) plans to small businesses. On November 19, 2007, ShareBuilder Corporation was purchased by ING Direct, a subsidiary of ING Group for USD 220 million. In June of 2009, ShareBuilder moved its headquarters from Bellevue, Washington to 83 King Street, in the Pioneer Square district of Seattle, Washington.
ING Direct New Website And Tools
So why did they decide to simplify the website, and hopefully make it more accessible? Their press release says it loud and clear – they’ve been doing market research and found that people found doing research and investing was too complicated and confusing.
A new online survey among 1,009 investors conducted by Harris Interactive on behalf of ING DIRECT Investing shows that information overload is not helping investors make better financial decisions. More than four in ten investors (44 percent) say the amount of research available to consult — graphs, charts, financial news, social media — is “complicated,” “confusing” or “overwhelming,” according to the survey. Just 18 percent of investors say the available information is easy to understand.
“Brokerages have created a perception that investing in the stock market is complicated and incredibly onerous,” said Arkadi Kuhlmann, President and CEO of ING DIRECT. “We’re challenging these notions and offering an alternative approach that won’t force investors to be a slave to their portfolio. ING DIRECT Investing solves the issue of complexity and confusion by eliminating unnecessary bells and whistles and investing jargon.”
So 44 percent of investors find the amount of research available overwhelming and hard to understand. It’s no wonder they decided to take some steps towards simplifying.
So What Has Changed At ING Direct Investing?
So there’s a lot of talk of simplifying and making it easier to investors to invest – and not get bogged down in un-necessary details. So what specifically is changing?
Simpler, wider design: They’ve taken the site’s design and made it wider, removed un-necessary components and cut out un-needed and technical investing jargon.
More focused research: Less of the information you probably don’t need, and more focused research from Standard & Poor’s, TheStreet.com and Sabrient.
Important information where you need it: A new floating quote toolbar lets investors see important information from their account at a glance. Searches are also tailored towards users historic interests.
Portfolio management tools improvements: Their new tools will allow investors to see investments by sector, region, assets and market cap as well as by performance ratios, returns, historical pricing and more.
Better integration with ING Direct Bank accounts: You can now automatically connect your ING Direct Savings or ING Direct Checking account directly to ING Direct Investing – and set up automatic investing.
ShareBuilder Fees, Commissions And Minimums
For the most part ING Direct’s fees, commissions and minimums remain the same.
Stock Trades Cost
$9.95 stock trades
Automatic investment trades for only $4
Options Trades Cost
$9.95 per online trade, + $1.25 per contract
$7.95 per online trade, + $0.75 per contract if you’re on the advantage plan
Fees And Minimums For An Account
ING Direct Investing currently has no account maintenance fees, monthly minimums or inactivity fees. All prices are charged on a flat rate, and what you see is what you pay.
Conclusion
Personally I think that the trend towards simplified investing is a good thing as it makes investing accessible to a whole lot more people than it has been in the past – simply because they were scared off by the complexity of things. Whether ING’s changes will actually result in making it easier remains to be seen. To check it out for yourself, sign up for a free account through the link below.
Sign Up For The New Simpler ING Direct Investing
Tell us what you think of the new ING Direct Investing name, along with their redesigned site in the comments!
Technology is changing many aspects of our world — including change. When I was young, I remember the thrill of cash and the spare change it generated when I spent it. I would scour my change looking for rare coins and deposit the ordinary ones into my trusty piggy bank.
Today that thrill is gone, along with the simplicity a piggy bank or coin jar brought to saving money. Whether you were working on building an emergency fund or simply wanted to save money for a rainy day, change was always there to give you a head start. Today we swipe a piece of plastic or pay for everything online with no paper bills or coins changing hands.
Thankfully, a new type of technology is filling the void electronic transactions have created. Savings apps that automatically round your purchases to the nearest dollar are bringing back the simplicity that spare change brought to saving.
The Best Round-Up Savings Apps
The apps on our best money-saving apps list all do one or two things very well, if not more. For example, some use psychological triggers to help you save wisely while others focus on helping you teach your children how to set and manage long-term financial goals. And while most aren’t officially banks, most have FDIC-insured checking accounts built in, protecting your money from the unknown.
Acorns
Our Rating
Acorns is a comprehensive personal finance app with a built-in checking account, automated budgeting and savings tools, and multiple investment accounts for all stages of life.
Monthly Fee
Deposit Insurance
Up to $250,000
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Acorns is built around the idea that you can build your finances to be as sturdy as an oak tree with a start as small as an acorn.
Though Acorns is much more than a round-up app, its simple round-up feature is key to its value. Just connect your credit cards and debit cards to your account and it will automatically round your purchases up to the nearest dollar and deposit the change for you. Once you have at least $5 in round-ups ready to process, Acorns transfers the money from your checking account to your investment account.
Acorns offers four different types of financial accounts: a general (taxable) investment account, a custodial account for children, a retirement investment account (IRA), and a checking account. It has two paid plans, with monthly membership fees starting at $3.
Acorns offers mobile apps for Android and iOS devices. They have all the features and capabilities of the desktop version.
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Chime
Our Rating
Chime is a personal finance app that helps you manage your money, save for the future, and build credit. It has one of the best savings yields of any FDIC-insured round-up app.
Monthly Fee
Deposit Insurance
Up to $250,000
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Chime is a mobile-first personal finance and online banking app. You don’t have to use it as a round-up savings app, but it’s easy enough to do so — just opt in to have your Chime Visa debit card purchases rounded up to the nearest dollar and transferred to your Chime savings account.
And that savings account is among the best on this list. Your cash earns 2.00% APY¹, far higher than what most other round-up apps can manage.
¹The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is accurate as of May 12, 2023. No minimum balance required. Must have $0.01 in savings to earn interest.
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Qapital is a goal-based savings app that makes it easy and fun to save automatically. Its biggest downside: an unavoidable monthly fee of at least $3.
Round-up savings is actually just one way Qapital does this — it’s one of several custom rules (in this case, the “Round-Up Rule”) you can set to put your extra cash to work. Other rules include the Set & Forget Rule (which puts aside a set amount every week or month) and the Freelancer Rule (which saves a set amount from each deposit to cover estimated taxes).
Qapital also has an FDIC-insured checking account and debit card for everyday spending. Balances earn interest at a low rate, but it’s better than nothing.
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Worthy Bonds
Our Rating
Worthy Bonds is a crowdfunding platform, not a banking app. But it does allow round-up investments from a linked bank account, starting at just $10. With all bonds paying 5.65% APY, it’s the highest-yielding option on this list.
Monthly Fee
Deposit Insurance
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Worthy Bonds is not a traditional round-up savings app, if there even is such a thing. It’s a crowdfunding platform that sells shares (also called Worthy Bonds) in loans made to small businesses and development projects across America.
All Worthy Bonds yield 5.65% APY. If you want, you can link an external bank account to your Worthy Bonds account and round up each purchase to the nearest dollar. Once your balance hits $10 — the value of a Worthy Bond — Worthy Bonds buys you a new bond.
Worthy Bonds is a fun and rewarding way to support everyday entrepreneurs, but there’s a catch: no FDIC insurance. So don’t invest more than you can afford to lose.
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Greenlight
Our Rating
Greenlight is a family finance app that helps kids (and parents) manage and grow their money. With high-yield savings, an investment platform, and even a credit card for parents, it’s the most comprehensive app on this list.
Monthly Fee
$4.99 and up
Up to 5.00% APY
Deposit Insurance
Up to $250,000
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Greenlight is an online custodial bank account that’s designed to help parents teach their children about money. A Greenlight account comes with a customized debit card and advanced ways to save and earn, including round-ups. Every time your children swipe their customized debit cards, the total value of the purchase is rounded to the nearest dollar and the spare change is transferred to their savings account.
That spare change has the potential to earn much more change. Depending on the type of account you open, your children can earn between 1% and 5.00% APY interest on their savings.
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Methodology: How We Select the Best Round-Up Apps
We used six metrics when comparing the micro-saving and micro-investing apps that offer round-up saving functionality. These metrics relate to the cost of the service, allocation of money saved through round-ups, the types of accounts they offer, and other functionality. Here’s what we paid the most attention to in our analysis.
Cost
Round-up apps are all about saving money, so it’s pointless to use them if the fees eat all your savings. To be fair, most apps with this functionality charge reasonable fees, but we did come across a few with fees that were a huge turnoff.
All apps on our list cost under $10 per month, even for the most premium memberships. Two options — Chime and Worthy Bonds — are 100% free to use with no monthly or hidden fees.
How Round-Ups Are Used
It’s important that the money you save grows over time. After all, inflation is a very real force in finance — if your money isn’t growing, it’s shrinking. All the options on our list offer ways to grow the money you set aside, whether through investing in the stock market or earning a meaningful interest rate on your savings balance.
Custodial Accounts
Financial education is valuable at any age, and the sooner you start teaching your kids concepts like savings, the better off they’ll be.
That’s why options like Greenlight are on our list. Custodial accounts and giving kids access to financial information are a great way to teach your children about money management.
Risk Management
Many of the best round-up apps focus on micro-investing — investing small amounts of money over time — to begin building a meaningful portfolio. But investing can be risky. We paid close attention to the risk management features each investing-focused round-up app offers. Every investment-focused app on this list offers highly diversified stock and bond ETFs to help keep risks at bay.
Savings Triggers
Round-ups are a great way to start your savings, but if you’re only saving your spare change, it will take forever to generate a meaningful safety net. All options on this list offer round-ups as well as at least one other savings trigger, like the ability to automatically transfer money to savings on a weekly, biweekly, or monthly basis.
Some apps offer other, more elaborate savings triggers.
For example, Qapital offers several triggers. You can set a spending budget, and when you spend less, the difference automatically goes into your savings.
Additional Banking Features
According to the FDIC, about 5.4% of Americans — more than 7 million people — don’t have bank accounts. That’s why we love to see companies like Chime make quality banking services available to everyone. Many of the companies that made our list offer accessible online banking services.
Round-Up App FAQs (Frequently Asked Questions)
If you’ve never used a round-up app, chances are you have a few questions you need answers to before you get started. Answers to some of the most common are below.
Do Round-Up Savings Work?
Round-up savings apps are a great way to kick start your savings, but their effectiveness largely depends on you. If you don’t spend frequently, round-up savings won’t generate meaningful balances. It’s best to use this feature as a small part of your work toward your overall goal of saving money.
If you want to aggressively save money, consider using round-ups in conjunction with other features, like scheduled savings contributions.
Which Is Better: Acorns or Stash?
That depends on how you’d like to invest your savings. If you’re interested in building and managing your own investment portfolio of individual stocks and ETFs, Stash is the way to go. If you’d rather let the pros handle the investment decisions and rebalancing efforts, Acorns is your best bet.
What Is the Best Round-Up App for Kids?
The hands-down best round-up app for kids is Greenlight. The platform was designed to give children some financial independence while giving parents a fun way to teach financial literacy. However, if you want a family experience on a platform where your and your children’s accounts can be viewed in the same place, you may want to consider Acorns.
Final Word
The options listed above are our favorite automatic savings apps, but by now you know they’re not all the same. Each app has its own features, costs, pros, and cons. Here are a few features you should compare before you decide which one to sign up for:
Cost. Some round-up apps are free and others have monthly fees. Consider the cost and how it might impact your savings before you sign up.
Banking Features. Are you one of the millions of Americans who are underserved by traditional banks? If so, consider signing up for an option like Chime that offers complete online bank accounts.
Investing or Saving. Do you want to grow your money in the stock market or a savings account? Have you considered investing in high-yield savings products like those offered at Worthy Bonds? Make sure you consider where your money’s going when you round up before you sign up with a provider.
Do You Have Children? If you have children, consider signing up for an app that offers custodial accounts, or signing up for Greenlight for your children and using a different app for yourself.
STASH DISCLOSURES
Paid non-client endorsement. See Apple App Store and Google Play reviews. View important disclosures.
Nothing in this material should be construed as an offer, recommendation, or solicitation to buy or sell any security. All investments are subject to risk and may lose value.
1 Stash Banking services provided by Stride Bank, N.A., Member FDIC. The Stash Stock-Back® Debit Mastercard® is issued by Stride Bank pursuant to license from Mastercard International. Mastercard and the circles design are registered trademarks of Mastercard International Incorporated. Any earned stock rewards will be held in your Stash Invest account. Investment products and services provided by Stash Investments LLC and are Not FDIC Insured, Not Bank Guaranteed, and May Lose Value.
2 All rewards earned through use of the Stash Stock-Back® Debit Mastercard® will be fulfilled by Stash Investments LLC and are subject to Terms and Conditions. You will bear the standard fees and expenses reflected in the pricing of the investments that you earn, plus fees for various ancillary services charged by Stash. In order to earn stock in the program, the Stash Stock-Back® Debit Mastercard must be used to make a qualifying purchase. Stock rewards that are paid to participating customers via the Stash Stock Back program, are Not FDIC Insured, Not Bank Guaranteed, and May Lose Value.
3 Group life insurance coverage provided through Avibra, Inc. Stash is a paid partner of Avibra. Only individuals who opened Stash accounts after 11/6/20, aged 18-54 and who are residents of one of the 50 U.S. states or DC are eligible for group life insurance coverage, subject to availability. Individuals with certain pre-existing medical conditions may not be eligible for the full coverage above, but may instead receive less coverage. All insurance products are subject to state availability, issue limitations and contractual terms and conditions, any of which may change at any time and without notice. Please see Terms and Conditions for full details. Stash may receive compensation from business partners in connection with certain promotions in which Stash refers clients to such partners for the purchase of non-investment consumer products or services. Clients are, however, not required to purchase the products and services Stash promotes.
Stash has full authority to manage a “Smart Portfolio,” a discretionary managed account. Diversification and asset allocation do not guarantee a profit, nor do they eliminate the risk of loss of principal. Stash does not guarantee any level of performance or that any client will avoid losses in their account.
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Joshua Rodriguez has worked in the finance and investing industry for more than a decade. In 2012, he decided he was ready to break free from the 9 to 5 rat race. By 2013, he became his own boss and hasn’t looked back since. Today, Joshua enjoys sharing his experience and expertise with up and comers to help enrich the financial lives of the masses rather than fuel the ongoing economic divide. When he’s not writing, helping up and comers in the freelance industry, and making his own investments and wise financial decisions, Joshua enjoys spending time with his wife, son, daughter, and eight large breed dogs. See what Joshua is up to by following his Twitter or contact him through his website, CNA Finance.
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
If you’re looking to make a big difference with your money, then read on.
You might be thinking that it’s unlikely for anyone to generate $100k in revenue on their first go.
But we have good news: You don’t need to – people can earn more than 10x the amount they had initially invested into them!
This is possible because there are so many ways to make money today that cost less than what most would consider “big-ticket” investments like a car or a house.
Today, you will learn from this article provides tips on how to turn $10k into more money in 2022.
The goal is to learn how to make your money work for you.
We have included 20 different ways to make quick and easy money.
The methods included are varied and include things like investing in stocks, starting a business, and finding work that pays well. This guide will help you get started on making extra cash quickly and easily!
What can I do with my 10K to make money?
There are many ways to make money with your 10K. You can use it to invest, save, or spend.
You can also use it to purchase items that will generate income such as rental properties, stocks, and businesses.
The most important thing is to find something that you enjoy and that will help you grow financially. Making passive income is even better!
How can I grow 10K to 100K?
The goal is to find the method that works best for you and makes the most money. That is who you will grow 10K to 100K this year.
There are many options available below to help you grow your money, so choose what will work best for you.
You don’t need expensive equipment or special skills to start making your money multiply. In fact, learning how to invest $100 to make $1000 a day is a common question answered here by Money Bliss.
You can start with simple methods and add on as you get better at it.
What are some fast ways to invest 10k to make 100k?
While it is difficult to make a living from one job, the ability to work multiple jobs has been shown in many studies as an effective way of generating income.
More and more people today, are focusing on ways to build passive income to grow their wealth.
Setting a goal of how to turn $10k into $100k is a great way to multiply your money.
Option #1 – Stock market investing
The goal of investing in the stock market is to earn profits by buying and selling stocks at a higher price than what was paid for them.
There are several ways to invest in the stock market, but the simplest way is to buy and sell individual stocks. You can also purchase mutual funds, which are collections of different stocks that are managed by an investment company or ETFs. Other investors prefer to look at dividend stocks.
Investments in the stock market can be risky, but if you do it correctly, you could see significant returns over time.
Related Learning: How To Invest In Stocks For Beginners: Investing Made Easy
Option #2 – Invest with Retirement Accounts
Investing in retirement accounts can help you turn 10K into 100K over time. By investing in a 401k, IRA, or other retirement accounts, you will have access to growing assets that can help you reach your financial goals.
When you invest money in a retirement account, the funds are held by the company and grow over time. This means that even if the stock market experiences tough times, your 401k or IRA will still be growing steadily. This is important because it allows you to delay taking major financial risks and focus on long-term planning instead.
By investing early in your career, you can build up a sizable nest egg that will provide security for yourself and your loved ones when you retire.
Option #3 – Invest in Rental Property
Investing in rental property can be a great way to make money. Rental properties often have high yields (the percentage of income returned to investors), and there’s never been a better time to invest in this type of property.
Rental properties are an attractive investment because they tend to have stable yields, which means you can count on making a certain amount of money every year.
In addition, rental properties are usually less risky than other types of investments, so you can feel confident about your returns even if the market goes down.
There are many ways to buy and sell rental properties, so you can find one that’s right for your financial situation. And since rents always go up (to some degree), investing in rental property is a guaranteed way to grow your money over time.
Option # 5 – Flip Stuff To Make Money
Flipping is the process of buying and selling assets in order to generate profits. It can be done through stocks, bonds, real estate, furniture, art, sports equipment, or any other type of material item.
There are a few ways to flip stuff for money. One way is to buy assets and then sell them at a higher price later.
For example, you might buy stock in a company and then sell it two months later for a higher price. This technique is called “swing trading.” Others do the buying and selling within the same day for “day trading.”
Another way to flip stuff is to wait until the asset has reached its peak value and then sell it. For example, you might buy property in downtown Chicago for $100,000 and wait six months until the market reaches its peak value of $200,000 before selling it for $200,000 minus commission.
On a smaller scale, many people flip items found at Flea Markets and easily make $100k with a few transactions. If that sounds like you, then take a free flippers class!
Option # 6 – Start An Online Business
Starting an online business is a great way to make money. There are a variety of ways to do this, and the sky is the limit!
Some people start their own businesses to create something they’re passionate about, and others start businesses in order to make extra money. Whatever your reasons for starting an online business, there are plenty of ways to do it fast.
In fact, learning how to make money online for beginners is a hot topic!
Option #7 – Start a Side Hustle
Not willing to start a full-fledged online business yet? Then, look at a side hustle. This is an extra job or business you do on the side to make money.
It is flexible, easy to start, and doesn’t require much time commitment. You can work part-time or full-time, as long as you’re able to devote enough time each week to it. And since it’s your own gig, you have complete control over its success!
There are plenty of resources available online that will help guide you through the process (including this blog post on best gig economy jobs). Just remember: don’t give up on your side hustle until it becomes profitable and meaningful to you – because once it does, that’ll be worth double the effort!
Option #8 – Invest In Cryptocurrency
Cryptocurrencies are digital tokens that use cryptography to secure their transactions and control the creation of new units. Cryptocurrencies are decentralized, meaning they are not subject to government or financial institution control.
Many people view cryptocurrencies as a way to make money online. Bitcoin, for example, has increased in value by over 1,000% since its inception in 2009! While there is a lot of speculation involved with cryptocurrencies, if you’re patient, you can find opportunities to invest in them as well.
There are two main ways you can invest in cryptocurrencies: buying them on an exchange and mining them. Buying cryptocurrencies on an exchange allows you to quickly and easily trade them for other currencies or assets. Mining coins involves trying to solve complex mathematical problems that reward participants with cryptocurrency tokens.
While it’s important to do your own research before investing in any type of cryptocurrency, these fast ways could help you double your money within just a few short weeks!
Option #9 – Peer-to-peer lending (P2P)
P2P lending is a type of online lending where individuals lend money to other individuals, usually without any collateral.
P2P lending has become increasingly popular in recent years because it offers borrowers and lenders an alternative to traditional banking products. Borrowers can borrow money from multiple lenders at once, which gives them more options and access to financing. Lenders can earn interest on their loans while also taking advantage of the high demand for P2P lending products.
Because P2P lending is a new product category, there are still some risks associated with it. For example, borrowers may not be able to repay their loans, and lenders may not be able to collect on the loans they have lent out. However, the growth of P2P lending indicates that there is room for this type of financing in the marketplaces.
Peer-to-Peer Lending Options:
Option #10 – Invest in Yourself with Education
The fastest way to turn $10,000 into $100,000 is to invest in yourself. This is very often overlooked, but one of the best returns on investment that you can have.
Consider taking courses to improve your skillset or investing in real estate or stocks.
My favorite online courses to improve your income:
With hard work and dedication, you can make your money work for you and achieve your financial goals.
Option #11 – Day Trade (or Swing Trade) in the Stock Market
Investing in the stock market is a way to make money by buying and selling shares of companies.
There are two main ways to make money through investing: buying and holding (also known as long-term investing), and active trading (also known as short-term investing).
Many people in this popular investing course choose to become active investors by day trading or swing trading for income. In fact, many people have made the $1000 in a day club.
Option #12 – Trading Stock Options
Option traders can make money by predicting which direction prices will move and then trading on those predictions.
Trading options is risky because it’s possible for prices to change after you’ve bought or sold them – so your profits (or losses) may depend on how well you guess what’ll happen.
But if you do manage to make money by trading options, it can be very lucrative – especially over short periods of time (days or weeks).
First, before trading stock options, you must learn how to trade the underlying stocks first. Learn how to trade options with this VIP investing course.
Option #13 – Invest in an Initial Public Offering (IPO)
Wouldn’t you love to invest in Amazon (AMZN) or Google (GOOGL) when they first went public??
If you invested $500 into AMZN, it would be worth $855,505 (as of August 2022) – source)
If you invested $500 into GOOGL, it would be worth $27,502 (as of August 2022) – source)
An IPO is a type of stock market transaction in which a company sells shares to the public. An IPO offers businesses the opportunity to expand their reach and raise money quickly.
IPOs are popular because they provide investors with access to new companies at an early stage. As such, IPOs can be a great winner or a great loser of your capital. Thus, do your research.
Option #14 – Flip Websites
Flipping websites is a quick and easy way to make money. All you need is the right software and some knowledge of how the internet works.
Flipping websites means buying a website, fixing up the code, improving the SEO, and selling it to another owner or business. This process can be done quickly and easily with the help of some simple tools. By flipping websites, you can earn a profit while also increasing your web traffic.
Flipping websites is a great way to make money on the side and supplement your income. It’s also an excellent way to learn more about online marketing and build your own business skills.
Option #15 – Start Affiliate Marketing to Turn 10k into 100k
Affiliate marketing is a great way to turn 10,000 into 100,000 by earning money through promoting other people’s products. This is also known as an influencer. And you don’t have to carry inventory yourself!
There are a few different ways to get started with affiliate marketing, and the most important thing is to find an affiliate program that aligns with your goals and interests.
Once you’ve registered with an affiliate program, it’s time to start promoting! There are a variety of tools and resources available online that can help you build an effective affiliate campaign through social media or blog traffic.
Option #16 – Invest in REITs with Real Estate Market
Real estate investment trusts (REITs) are a type of investment that allows you to invest in real estate without having to own the property. This is done by investing in a portfolio of properties that are owned and managed by the REIT.
REITs offer investors several advantages over other types of real estate investments. These advantages include:
Low risk – REITs are typically less risky than other real estate investments, such as buying and holding single family homes or properties.
Lower fees – Unlike buying and holding individual properties, REITs pay relatively low management fees, which means your money is more likely to be returned to you quickly.
Liquidity – As long as there is demand for REIT shares, the prices will generally continue to rise, giving you an opportunity to make significant profits over time.
Investing in REITS can be a great way to diversify your real estate portfolio and achieve higher returns while avoiding some of the risks associated with other types of real estate investments.
My favorite REIT platforms are:
Option #17 – Invest in penny stocks
Penny stocks are a type of investment that is usually considered to be risky but can offer high returns if the right investments are made.
Penny stocks are small companies that trade on the stock market for under $2-10 per share. Because these companies are relatively new and often have little financial stability, penny stocks can be volatile – meaning they can rise or fall in price quickly while low or high volume.
Because penny stocks are so risky, it’s important to do your investigation before investing in them. However, if you make the right choices and invest in carefully chosen penny stocks, you could see high returns over time.
Option #18 – Make Money With Retail Arbitrage or Flipping
Retail arbitrage is the practice of buying products in one market and selling them in another market to earn a profit. Many do this with dropshipping.
There are a few fast ways to get started with retail arbitrage. The first is by using online tools like eBay, Facebook Marketplace or Amazon’s Selling Manager. These platforms make it easy to find specific items that you want to buy and sell at a profit.
All in all, you are looking for low price items and selling them for a profit.
By taking advantage of flipping methods like these, you can quickly increase your income without having to spend too much time researching each opportunity. Learn more withthis FREE webinar.
Option #19 – Start A Service-Based Business
Starting a service-based business can be a great way to make money by finding clients willing to pay for your services. There are many different types of service businesses, and each offers its own unique opportunities and challenges.
Service businesses can be profitable in a number of different ways. You may be able to charge high prices for your services or offer them at a discount in order to attract customers.
There are several advantages to starting a service-based business.
First, you have control over your own schedule and work environment.
Second, you can set your own hours and earn a flexible income.
Finally, service businesses tend to be more recession-proof than other types of businesses because they don’t rely as much on consumer spending habits.
Option #20 – Buy a business
Buying a business is a great way to increase your wealth and expand your empire. There are many different types of businesses available for purchase, so it’s important to choose the right one for you.
There are two main reasons why buying a business can be beneficial. First, buying a business gives you access to valuable assets that you couldn’t otherwise own – like cash flow, customer lists, and intellectual property. Second, buying a business can help you build a dynasty by passing on the company name and legacy to future generations.
There are many different factors to consider when purchasing a business, so it’s important to consult with an experienced advisor and do your due diligence.
How to Turn 10K Into 100K FAQs
Obviously, you probably have a lot of questions when trying to decide on which investment opportunities are best for you. While affiliate programs may work for some, you may want to use your stock market knowledge. Maybe even a dog walking business?
Ultimately, you have $10k in investment capital to start with, now you have to make some decisions.
What are the best ways to turn $10k into $100k?
A lot of people have been asking themselves this question lately and wondering what they could do with their money in order to make a big difference in their lives and achieve financial freedom.
In addition, you probably have questions before you make this a reality.
How Can I Get Rich With 10K?
One of the best ways to get rich is to start with a small sum of money and grow it over time by being consistent in your actions.
Learn the best ways to invest 10k.
It’s not about getting lucky, but rather developing habits that will help you achieve your goals. With hard work and dedication, anyone can become wealthy over time.
How to Turn 10k into 100k in 1 year?
There are a few key things you need to do in order to turn 10k into 100k in 1 year.
You need to look for a business to start that has a lot of potential for growth and profit. Don’t forget, that you must be willing to work hard and put in the time and effort required to make your business successful.
You need to be passionate (and adamant) about turning 10000 dollars into 100000. If you are wanting a 900% return on investment, then you must be willing to put in the effort to make that happen.
How to turn 10k into 100k in a month?
For most people, it will take more than just one month to turn 10k into 100k.
Regardless of the path you choose, it will take time to get the education and experience needed to achieve such a high return.
The best options for faster success include: starting an online business, becoming an active stock market trader, or investing in real estate. There are many options available, but it is important to do your research and find what works best for you.
How Can I Turn $10k into $100k Passively?
The key right here is … passive income!
You want to find ways to make money passively – also known as making money while you sleep.
The most common way is through passive income streams, which include investments, real estate, and online businesses. Whichever route you decide to take, the key is to be patient and let the money grow over time.
Many people want to make 10k a month – passive income is even better!
How Do I Convert 10K Into 100K With Stocks?
There are a few different ways to convert 10,000 into 100,000 with stocks.
Buy and hold: This is the simplest option and can be effective for those who are looking to invest for the long term. By buying stock in a company and holding on to it, you will eventually see your investment grow over time.
Day trading: This involves buying and selling stocks quickly in order to make money based on the movements of the market. While this can be very exciting, it is also risky because you could lose all of your money if the market goes down.
Investing in Options: Options allow you to buy or sell a security at a set price within a certain period of time. This type of investing is often considered conservative because you don’t have to worry about losing your investment if the market goes down – you only risk losing money if the option doesn’t expire or hits its expiration date without being exercised (sold).
Dividend stocks reinvestment: When companies pay out cash dividends each quarter, many investors choose to reinvest that money back into more shares of stock – which increases their total ownership stake in the company over time.
Trade shares for assets: Some people choose to trade their shares of stock for other types of assets, such as real estate or precious metals. This allows them to diversify their portfolio and increase their chances of making a profit.
What are some risks associated with these methods?
As always, there are risks with any method of looking for a high rate of return. You must do your due diligence first to make sure the investment is worthwhile and not a scam.
When looking to make a high return on investment, it is important to be aware of the risks involved. Sometimes, these investments are not as secure as low-return options and can result in losing the original investment. It is, therefore, crucial to do your homework before investing in anything.
What are some other things to keep in mind when trying to double your money?
There are a few other things to keep in mind when trying to find a way to double $10k quickly.
Though it can be difficult to turn 10k into 100k, there are ways to make this happen. For example, by investing in stocks or real estate, one can see an increase in their original investment. Additionally, starting a business can also lead to a doubling of one’s money. However, it is important to keep in mind the risks associated with these ventures.
When you are trying to double your money, make sure you are looking at smart investments, saving wisely, and increasing your income. Additionally, don’t forget about enjoying life while you’re working towards this goal!
Be cautious about get-rich-quick schemes
There are a lot of get-rich-quick schemes out there that promise you can make money quickly by following a certain plan or investing in a certain product. While these schemes may seem promising at first, they’re often nothing more than scams.
The reality is that most get-rich-quick schemes don’t work the way they’re supposed to. In fact, many of them actually lead to losses for the people who try them. This is because most of these schemes involve high-risk investments or unproven methods.
So if you’re thinking about trying one of these schemes, be sure to do your research first. You might be able to find a better way to make money without risking everything you have.
What Skills Will Help You Make 100k Fast
The goal of this article is to help you turn $10k into $100K by the end of this year. No need for a fancy MBA or years’ worth of experience, just some simple skills that will help you.
More than likely, you will have to invest in an online course or even a few books to help you along your journey. For instance, I purchased a blogging course to jumpstart my entrepreneurship. Also, I dived straight into an investing course to further my stock market knowledge.
When you are growing your liquid net worth, you are looking somewhere to have your money make more money. The strategy you choose will be different than the person reading this same post. Buy, you have to show patience and know that you will reach your target based on your timeline.
There is a lot of content available to help you along your path.
As we discussed above, there are many different ways to make 10K to 100K this year, so choose the one that works best for you and gets results!
Know someone else that needs this, too? Then, please share!!
Save more, spend smarter, and make your money go further
Making your money work for you is an important step on the road to financial security and independence. Earning money by trading your time is important, but it’s just as important to find a way to make money without having to be actively involved. While you might dream of being able to make money while you sleep, there are plenty of steps you can take that will help put your money to work.
Pay Down Your Debt
The most important thing that you can do to make your money work for you is to pay down and eliminate your high-interest debt. This includes things like credit card payments, some auto loans, and other types of consumer debt. You may be paying up to 20% or more in interest — which means that when you put money towards paying off that debt you’re getting a 20% return on your investment. It’s hard to beat that kind of guaranteed return.
Start a budget, figure out your income and expenses and start paying down that debt. The exact debt repayment strategy that you use is less important. What is important is that you make a plan and start sooner rather than later. Once you have eliminated your high-interest debt, you can start with the other suggestions in this article.
Open a High-Yield Savings Account
One place to start can be to open up a high-yield savings account that is separate from your checking account where you keep the money to pay your regular monthly expenses. This is important for two reasons. The first is that keeping your savings separate from the money you use for your regular savings helps keep you from raiding your savings to pay your bills.
The second reason is that a savings account may offer slightly higher interest rates than a checking account. Currently, interest rates are at historical lows. That is great for refinancing or taking out a mortgage, but not great for savings accounts. Still, a high-yield savings account is a great place to put your emergency fund money. For anything more than that, you’ll want to look at investments that offer higher returns.
Grow Your Wealth Through Investing
If inflation hovers around 2-3% every year, any investments you have should make at least that much. Otherwise, while you may have more money, that money will be worth less than it was the year before. If all of your money is in a savings account earning 1% interest or less, then you are actually LOSING money to inflation each year. There are many ways to earn residual income, and you’ll want to pick the one that makes the most sense for you. As one example, Investing in the stock market has historically returned around 7% per year.
Take Advantage of Credit Card Rewards
Another way to make your money work for you is to take advantage of credit card rewards. Many credit cards offer rewards of up to 5% back or more in certain spending categories. There are also several cards that offer initial welcome bonuses that are worth $1000 or more. Taking the time to strategically use credit cards can be a worthwhile investment. Check out our list of the best rewards credit cards to see if one of them might make sense for you.
Start a Passive Income Stream
The holy grail of financial independence is passive income. Passive income is income that continues to make money with little to no day-to-day involvement on your part. There are many different ways to generate passive income. A few passive income ideas might be creating and selling crafts, writing a guide or book, starting a blog, or investing in the stock market.
Investing time and money in real estate can also be a way to earn (relatively) passive income. While rental real estate is not without complications, when it is all working, each month you earn rental income. That helps pay down your mortgage balance, hopefully with some extra left over each month. If you think that becoming a landlord is not for you, another way to invest in real estate is through a Real Estate Investment Trust (REIT). REITs combine some of the best parts of real estate and investing in the stock market.
The Bottom Line
There is an important difference between earning money and having your money work for you. While earning money through a job is important, the real key to financial security is earning passive income. Pay down your debt, start investing and watch the returns come in. You may not make money while you sleep, but following these tips will help set you on the right financial path.
Save more, spend smarter, and make your money go further
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Dan Miller is a freelance writer and founder of PointsWithACrew.com, a site that helps families to travel for free / cheap. His home base is in Cincinnati, but he tries to travel the world as much as possible with his wife and 6 kids. More from Dan Miller