If You Have More Than $1,000 in Your Checking Account, Make These 6 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 to take your finances to the next level?
We’ve got some ideas for you:
1. See if You Can Get More Money From This Company
Here’s the deal: If you’re not using Aspiration’s debit card, you’re missing out on extra cash. And who doesn’t want extra cash right now?
Yep. When you sign up for a debit card called Aspiration, you could get up to 5% back when you swipe at certain stores — plus they give you up to 50 times the normal national interest rate on your savings balance.
It’s perfect for earning extra cash for things that are already on your shopping list. You were going to buy these things anyway — why not get this extra money in the process?
This card used to have a huge waiting list, but now you can sign up for free.
Just enter your email address here and link your bank account to see how much extra cash you can get with your free Aspiration account. And don’t worry. Your money is FDIC insured and under a military-grade encryption. That’s nerd talk for “this is totally safe.”
2. Invest in Famous Art (Even if You’re Not a Millionaire)
Here’s the deal: If you’re not investing in contemporary art, you might be missing out on an asset whose prices have historically outpaced the S&P by 164% from 1995 – 2020. (FYI, the S&P tracks 500 of the largest companies in the stock market)
You’re probably thinking you need at least a few more zeros in your checking account before you can even start thinking about that, right?
But a company called Masterworks lets normal people like us invest in multimillion-dollar works of art — something normally only available to the super rich.
But you don’t need hundreds of thousands of dollars to buy a masterpiece outright; with Masterworks, you can invest in multimillion dollar paintings.
It takes less than a minute to sign up for a free account.
Investing in contemporary art is a long-term strategy, so patience pays off here — literally. But once your piece of art sells, you get your share of the potential profits.
3. Here’s How to Knock Up To $715/Year Off Your Car Insurance in Minutes
When was the last time you compared car insurance rates? Chances are you’re seriously overpaying with your current policy.
If it’s been more than six months since your last car insurance quote, you should look again.
And if you look through a digital marketplace called SmartFinancial, you could be getting rates as low as $22 a month — and saving yourself more than $700 a year.
It takes one minute to get quotes from multiple insurers, so you can see all the best rates side-by-side. Yep — in just one minute you could save yourself $715 this year. That’s some major cash back in your pocket.
So if you haven’t checked car insurance rates in a while, see how much you can save with a new policy.
4. Get Up to $1,000 to Become a Better Investor
Are you tired of trying to game the stock market and want to actually become a smarter investor?
An app called Tornado — created by Wall Street veterans — will give you up to $1,000 just to better understand the different ways to grow your money and help you become a more educated investor.
Yep — just by focusing on understanding the why behind the stock market, making smarter trades and investments and growing your net worth, you can get anywhere from $10 to $1,000. Plus, you’ll also get a first-deposit bonus.
With your subscription, you can get expert-level insight and ask leading investors your burning questions. Plus, the Tornado newsfeed is tailored to cover your investments and your interests — think of it like a personalized replacement for your Wall Street Journal ticker (but for a quarter of the cost).
Subscriptions are $4.99 a month, but that’s it. No skimming a little off the top of your account’s growth like some of those other “free” apps. Plus, when you participate in their Learn and Earn program – which serves up professionally vetted educational content tailored to your experience level – you can earn up to $50, easily offsetting your monthly subscription cost.
So if you’re ready to become a better investor, create your Tornado account now and start improving your net worth right away with up to $1,000.
5. Let This Bank Spot You Up to $200 (with No Fees)
We’ve all been hit with an overdraft fee at one time or another. It’s like a cruel joke — “Woops; looks like you don’t have any money. Here, now pay this fee!”
It’s a major part of how banks make their money. But a debit card with Chime will let you overdraft up to $200 without any fees. Seriously. Then, the next time you deposit money, Chime puts that money toward repaying what they spotted you — no fees.
All you have to do is take a few minutes to sign up for an account. Then, when you set up a monthly direct deposit of at least $200, you’ll be able to enroll.* It’s super easy — plus, you won’t have to stress about overdrafting anymore.
6. Become Part Owner of a Hotel — Even if You’re Not Rich
What do you think of when you think of hotel investors? Probably the Monopoly Man, with his top hat, bow tie and mustache. And there’s a good reason the classic board game focuses on buying hotels — it’s a classic investment strategy for the ultra wealthy.
But there’s no reason you can’t invest in hotels, too — even if you’re not rich.
A company called Yieldstreet lets you get started in the world of real estate by giving you access to private commercial and residential real estate deals in key markets. The best part? You don’t have to be the landlord. Yieldstreet does all the heavy lifting.
Normally this is something only available to the super wealthy, but now you can have access to investment opportunities like luxury apartments in Nashville, multi-family property in Dallas — and yes, even a resort-style hotel in Scottsdale, Arizona.
Private real estate has outperformed the average S&P 500 return for the last 25 years, with average annualized returns of 10.3%. And Yieldstreet has a stringent vetting process to decide what properties to invest in to minimize any surprises.
Once invested, you can track your performance on Yieldstreet’s website, and watch as properties are acquired, improved and operated. You could earn money through quarterly dividend payments, and over time, you could earn money off the potential appreciation of the property.
So if you want to get started in the world of real-estate investing, it takes just a few minutes to sign up and create an account with Yieldstreet.
*Chime is a financial technology company, not a bank. Banking services provided by, and debit card issued by, The Bancorp Bank or Stride Bank, N.A.; Members FDIC.
*The Aspiration Spend & Save Accounts are cash management accounts offered through Aspiration Financial, LLC, a registered broker-dealer, Member FINRA/SIPC, and a subsidiary of Aspiration Partners, Inc. (“Aspiration”). Aspiration is not a bank.
* The Penny Hoarder is a Paid Affiliate/partner of SoFi. This material is not intended to serve as a recommendation and is not meant to suggest that any of the products mentioned are suitable for all Members, as individual results, needs, and financial situation may vary.
** Please refer to SoFi.com to review all product disclosures, terms and conditions, state restrictions, and fees where applicable.
Chime is a financial technology company, not a bank. Banking services provided by, and debit card issued by, The Bancorp Bank or Stride Bank, N.A.; Members FDIC.
1According to a GOBankingRates savings survey
2Round Ups automatically round up debit card purchases to the nearest dollar and transfers the round up from your Chime Spending Account to into your savings account. Save When I Get Paid automatically transfers 10% of your direct deposits of $500 or more into your savings account.
*Investing involves risk. Performance not guaranteed.
*Based on October 20, 2021 Bankrate.com weekly national average interest rate for savings accounts survey of 0.06% APY
**Annual Percentage Yield effective as of 9/1/2020 and subject to change. 3.00% APY available on all Auto-Save balances. Maximum contributions of up to $1,000 per month for paycheck Auto-Save and no maximum contribution for card Auto-Save. 1.00% APY available on Save balances up to $5,000, up to $25,000 with a qualifying paycheck direct deposit.