If You Have More Than $1,000 in Your Checking Account, Make These 4 Moves
You’ve done it. You’ve built up a little cushion in your bank account — $1,000! It feels good, right? Those days of checking your account balance in a panic are behind you.
Congrats! You’re on the right path. Now it’s time to think about some longer-term goals. What do you want to accomplish next with your money? Do you need to save more? Do you want to buy a home someday? Invest?
What’s the next step you should take? What are some specific things you can do you to take your finances to the next level?
We’ve got some ideas for you:
1. Invest Like a Tycoon (Even If You’re Not Rich)
It’s no secret: Investing is a great way to grow your money. But that’s something only wealthy people do, right?
You don’t have to be Warren Buffet to get started with investing. In fact, you can get started with just $50, using a company called Swell Investing. They’ll do all the heavy lifting for you.
Plus, when you invest $50 in one of its portfolios, Swell will match you with a $50 bonus! Just use the code PENNY after making your initial investment.
Oh, and with Swell, you’ll be investing in companies that are committed to clean water, zero waste, renewable energy or disease eradication, to name a few.
2. Try to Double the Balance — By Leaving Your House
Look. We get it. Your home is your sanctuary. Your place to be alone. Some days, you don’t even want to have your own family over — let alone people you don’t know.
So, the idea of listing your place on Airbnb is daunting for a lot of folks.
Use Airbnb’s price calculator to see how much money you could make in your area.
Tonya Peters’ husband, Miles Rugh, was one of of those skeptics.
She wanted to list their Virginia Village basement apartment in Denver, Colorado, on Airbnb, but he wasn’t keen on welcoming strangers into their place.
Finally, though, he agreed to give it a try. Now, three years later, the couple has hosted too many guests to count. And the extra income has been a great for them. They plan to use it for some home renovations they’ve been wanting.
“He’s definitely changed his tune,” says Peters, now an Airbnb Superhost. “And he loves having the extra income.”
(Hosting laws vary from city to city. Please understand the rules and regulations applicable to your city and listing.)
3. Secure $1 Million in Life Insurance for Just $25/Month
Have you thought about how your family would manage without your income?
“The biggest mistake I see millennials making is being duped by insurance salesmen,” says Andy Yadro, a financial planner with Googins Advisors in Madison, Wisconsin. “Everyone needs insurance, but a very small subset of young people need the insurance that is sold by most ‘financial advisors.’”
You might still consider a basic life insurance policy, which can be useful if you have loved ones who rely on your income — a significant other, a child or even a relative you help out financially.
If you’re under the age of 54 and want to get a fast life insurance quote without the medical exam, pushy sales calls or even getting up from the couch, check out Bestow. The company is built around one concept — helping you get the term life insurance policy you want, simply and fast.
It just takes five minutes to answer some basic lifestyle questions, and you can get quotes for up to $1 million in coverage without a medical exam. If you’re approved, you can personalize your coverage to fit your budget. You can change or cancel your plan at any time.
4. Earn 23 Times More Interest
It’s time to move your money into the 21st century. An app called Varo Money combines traditional banking tools with modern technology to help its customers become financially healthy.
Here’s the best part: With a Varo Savings Account, you’ll earn 2.12%* Annual Percentage Yield (APY).
That’s 23 times — repeat, 23 times — the average savings account, based on a 0.09% average reported by the FDIC.
Varo goes easy on the fees, too. As long as you use one of the more than 55,000 Allpoint® ATMs in its affiliated network across the world, you won’t pay ATM fees.
Additionally, the minimum balance to open the account is just a penny; you’ll pay no monthly service fees, no minimum balance fees, no foreign transaction fees and no cash-replacement fees. You’ll just pay any fees charged by out-of-network ATMs and cash deposit fees if you deposit cash in-store through the Green Dot® Network.
*Varo disclosure: APY is accurate as of Jan. 29, 2019. This rate is variable and may change. No minimum balance required to open account. Balance in savings must be at least $0.01 to earn interest. Deposits are FDIC insured to at least $250,000 through The Bancorp Bank; Member FDIC.
Swell InvestingDisclosure: We have a financial relationship with Swell Investing LLC and will be compensated if consumers apply for an account and/or fund an account with Swell through links in our content. However, the analysis and opinions expressed here are our own.