If You Have More Than $1,000 in Your Checking Account, Make These 5 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. Buy a Company (Even If You’re Not a Tycoon)
You’re a long-term investor. You want to choose your own portfolio, then set yourself up for the long haul. Sound like you? We found the perfect investing app — and it’s free. It’s called M1 Finance, and not only does it have some seriously powerful tools, it’s also easy to use. You can build your own custom portfolio of stocks, bonds and ETFs. Or, if you want, you can choose from dozens of pre-made portfolio options that follow different strategies.
You can also buy “fractional shares” — pieces of shares — in companies. That way, you can own stock in companies like Amazon or Netflix and not have to worry about shelling out thousands of dollars every time you want to invest.
You can set up regular automatic deposits to funnel money to your investments. Any new money you invest will be used to rebalance your portfolio, bringing its percentages back in line with your goals.
Even better? Once you’ve deposited $1,000, you’ll get a free $30 bonus. It only takes a few minutes to sign up.
2. 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?
Yep. A debit card called Aspiration gives you up to a 10% back every time you swipe.
Need to buy groceries? Extra cash.
Need to fill up the tank? Bam. Even more extra cash.
You were going to buy these things anyway — why not get this extra money in the process?
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.”
3. 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. Stop Wasting Thousands Because of Your Bad Credit Score
Do you know how much money your bad credit score has cost you? Between higher interest rates on car loans or interest fees on your credit card balance, it could be thousands of dollars each year.
You know you need to fix it, but you don’t have the time, money or energy. But there’s a debit card called Extra that can help raise your credit without any of the hassle. And you could get rewards, too.
The Extra debit card is the first debit card that can positively impact your credit score without any of the risks from a regular credit card — there’s no credit check, no interest rates and no deposit required to use it. Plus, you get to keep your money in the bank account you’ve always used.
Sign up for an Extra debit card by securely connecting your bank account. You’ll get a credit limit based on your real-time cash balance. Every time you make a purchase with your Extra card, they’ll spot you the cash now and pay themselves back the next day.
At the end of the month, all of your purchases are reported to the credit bureaus as credit-worthy payments — just like a credit card company would. But you won’t be paying any interest fees since it’s your money you’re spending. You will earn rewards though!
It takes just a few minutes to sign up for an Extra debit card, and you can get all the perks of a credit card without the risks of a credit card. You can save thousands of dollars in interest, build your credit score and quite literally reap the rewards.
5. Invest in Real Estate (Even if You’re Not a Millionaire)
The stock market can be a scary place. Stock prices shoot up and down like a roller coaster ride, and who knows when the whole thing might crash?
It would be nice to diversify and invest some of your money in real estate, but don’t you have to be wealthy to do that?
Now you can invest like the 1% does, and all you need to get started is $500. A company called DiversyFund will invest your money in private real estate — specifically, in apartment buildings it co-owns with its investors — and you only need $500.
You can see exactly which properties are included in your portfolio through their online dashboard — like a 54-unit apartment complex in Salt Lake City, Utah, or a 30-unit waterfront property in Stuart, Florida. And you don’t have to experience the headaches that come with being a landlord — DiversyFund does all the heavy lifting for you.
DiversyFund can’t guarantee how its investments will perform in the future — no one can — but historically, real estate has outperformed the stock market for the past 30 years.
So you don’t need a fortune to invest in real estate. All you need to get started is $500. Sign up here to start investing today.
*Please refer to Overdrive Features Terms and Conditions
**Faster access to funds is based on comparison of traditional banking policies and deposit of paper checks from employers and government agencies versus deposits made electronically. Direct deposit and earlier availability of funds is subject to payer’s support of the feature and timing of payer’s funding.
*Keep in mind that every project comes with some amount of risk–high risk, high reward–so there is always the chance you could lose your investment. To date, investors have used CrowdStreet to invest in over 524 deals and have earned more than $240 million in distributions. 56 deals have fully realized, meaning they either sold or refinanced, and those projects have averaged a 17% IRR. You can get their full Marketplace performance stats here.
*Investing in securities involves risks, including the risk of loss. M1 Finance LLC is an SEC registered broker-dealer. Member FINRA/SIPC.