10 Quick Steps That’ll Have You Managing Your Money Like A Millionaire
Life would be a whole lot easier if someone would just Venmo us $1 million, but unfortunately the chance of that happening is, well, probably zero. (Venmo doesn’t allow transactions that large anyway.)
But even though our chances of becoming a millionaire are slim, we can still manage our money like one. No, we’re not going to tell you how to buy hundreds of shares of Apple stock. Or how to pick out the perfect yacht.
These are simple money moves any normal, non-millionaire person can make today. Each tip can get you closer to achieving your big goals.
Take a look:
1. Get up to $500 in Free Stock
If you feel like you don’t have enough money to start investing, you’re not alone. But guess what? You really don’t need that much — and you can even get free stocks (worth up to $500!) if you know where to look.
Whether you’re got $5, $100 or $800 to spare, you can start investing with Robinhood.
Yeah, you’ve probably heard of Robinhood. Both investing beginners and pros love it because it doesn’t charge commission fees, and you can buy and sell stocks for free — no limits. Plus, it’s super easy to use.
What’s best? When you download the app and fund your account (it takes no more than a few minutes), Robinhood drops a share of free stock into your account. It’s random, though, so that stock could be worth anywhere from $5 to $500 — a nice boost to help you build your investments.
2. See if You’re Wasting $690/Year on Homeowners Insurance
You’re probably wasting money right now. And it’s probably on something you’d never expect — your homeowners insurance policy.
This isn’t something you actively think about — you just know you’re required to have it.
It’s easy to find out, though. To see if you’re overpaying for your policy, check out a website called SmartFinancial. It’s a digital marketplace where you can get quotes and compare rates to make sure you’re getting the best price.
Homeowners can save hundreds of dollars when they switch home insurance companies this way. It takes just two minutes to get quotes from multiple insurers, so you can see all your options side-by-side. Get started here.
3. Leave Your Family up to $1 Million in Life Insurance; Rates Start at $5/Month
Have you thought about how your family would manage without your income after you’re gone? How they’ll pay the bills? Send the kids through school? Now’s a good time to start planning for the future by looking into a term life insurance policy.
You’re probably thinking: I don’t have the time or money for that. But your application can take minutes — and you could leave your family up to $1 million with a company called Bestow.
Rates start at just $5 a month. The peace of mind of knowing your family is taken care of is priceless.
If you’re under the age of 54 and want to get a fast life insurance quote without a medical exam or even getting up from the couch, get a free quote from Bestow.
4. Your Savings Account Probably Pays Less Than This One
Listen, millionaires want to do everything they can to earn money on their money. Enter: A good savings accounts.
If you have a savings account, that’s awesome! But chances are you’re not earning much money from it.
These days, the average savings interest rate is limping along at a measly 0.07%, according to the FDIC. Deposit a hundred bucks, and you literally won’t earn a dime in a month’s time.
But with Credit Karma Savings, you’ll earn more than 23 times the national average.
And unlike other savings accounts, Credit Karma doesn’t make you jump through hoops to collect interest. As long as you have at least 1 cent in your account, you’re good to go. Best yet: No fees. The account is completely free.
It takes no more than a few minutes to open an account.
5. Have the Same Credit Score as a Millionaire — Without The Bank Account
Good news for us “normal” folk: Your credit score has nothing to do with your income. Yes, having more money might mean you don’t have to take out loans or buy groceries on credit. But, in reality, you and me could have the same credit score as, say, a certain someone who owns Amazon. Heck, ours could be even better.
So if you’re looking to get your credit score back on track — or even if it is on track and you want to bump it up — try using a free website called Credit Sesame.
Within 90 seconds, you’ll get access to your credit score, any debt-carrying accounts and a handful of personalized tips to improve your score. You’ll even be able to spot any errors holding you back (one in five reports have one).
James Cooper, of Atlanta, used Credit Sesame to raise his credit score nearly 300 points in six months.* “They showed me the ins and outs — how to dot the I’s and cross the T’s,” he said.
Getting your free credit score takes less than 90 seconds.
6. Ask This Website to Help You Pay Your Credit Card Bill This Month
If you have credit card debt, you know. The anxiety, the interest rates, the fear you’re never going to escape…
And the truth is, your credit card company doesn’t really care. It’s just getting rich by ripping you off with high interest rates. But a website called Fiona wants to help.
If you owe your credit card companies $100,000 or less, Fiona will match you with a low-interest loan you can use to pay off every single one of your balances.
The benefit? You’ll be left with one bill to pay each month. And because personal loans have lower interest rates, you’ll get out of debt that much faster. Plus: No credit card payment this month.
Fiona won’t make you stand in line or call your bank, either. And if you’re worried you won’t qualify, it’s free to check online. It takes just two minutes, and it could help you pay off your debt years faster.
7. Use up Your Entire Paycheck
No, we’re not talking about going to Whole Foods and buying out its fancy cheese supply (though that’s the first thing we’d do if we had $1 million). Instead, we’re talking about creating a zero-based budget, a budget that finds a place for your every dollar.
You’ll want to start by tracking a month of expenses. How much do you (or don’t you) have remaining? Then, consider your financial goals. Do you want to save money? Invest money? Pay off debt?
Work backward to cut your expenses until you can achieve that goal. It might take some patience, but it’ll pay off.
8. Grow Your Wealth By Learning From Others
One of the best ways to get your money in order? Learning from others! These could be the millionaires themselves, personal finance experts or real-life people who’ve had success. Search the internet for blogs and websites, listen to podcasts and read books.
Here are a few of our favorite resources (ahem, besides ourselves):
- “How to Money” podcast
- “The Total Money Makeover” by Dave Ramsey
- “The Side Hustle Show” podcast
- “Rich Dad, Poor Dad” by Robert Kiyosaki
- “The Money Nerds” podcast
- “The Richest Man in Babylon” by George Samuel
9. Add $225 to Your Bank Account Every Month
What if we told you a research company would pay you to watch cooking videos on your computer?
It’s too good to be true, right?
But we’re serious. InboxDollars will pay you to watch short video clips online. One minute you might watch someone bake brownies and the next you might get the latest updates on Kardashian drama.
All you have to do is choose which videos you want to watch and answer a few quick questions about them afterward.
No, InboxDollars won’t replace your full-time job, but it’s something easy you can do while you’re already on the couch tonight wasting time on your phone. It’s possible to earn up to $225 per month watching these videos.
It’s already paid its users more than $56 million.
It takes about one minute to sign up, and you’ll immediately get a $5 bonus to get you started.
10. Cancel Your Car Insurance
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.