9 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. Take Money Out of Your Checking Account
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. How much does your current bank offer you?
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? Do yourself a favor and deposit $100 into an Aspiration account today so you can start taking advantage.
To get started, 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. Cancel Your Car Insurance
How would you feel if you found out you were wasting nearly $900 this year?
We found an app called Jerry, and it can tell you if you’re paying too much on your car insurance. In fact, Jerry says it finds that people, on average, are overpaying by about $887 a year.
Penny Hoarder writer and editor Robin Hartill cut her bill by $70 per month for the same basic coverage.
“It found a policy for me at a different company that I had tried getting a quote from on my own,” she says. “I’m not sure what kind of magic Jerry wrangled, but it saved me around $70 a month. That’s more than $800 that I’m planning to add to my emergency savings over the next year.”
Once you sign up, you don’t have to worry about shopping around for insurance again. Jerry will automatically do that for you. Also, it won’t cost you anything — it’s all free.
To find out if you’re getting ripped off (and how much you could save), start with the online questionnaire, then see your final price.
3. Add up to 300 Points to Your Credit Score
When it comes to your credit score, it’s important to stay organized and keep tabs on it. After all, it’ll play an essential role in any big purchase you want to make — whether that’s a home or a car.
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 two minutes, 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.
Want to check for yourself? It’s free and only takes about 90 seconds to sign up.
4. 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.
5. Stop Paying Your Credit Card Bill
If you have credit card debt, you know. The anxiety, the interest rates, the fear you’re never going to escape…
Your credit card is getting rich by ripping you off with insane rates, but there are other, nicer companies that’ll help you out. A website called Credible knows the best ones and could pair you up as soon as tomorrow.
Here’s how it works: Credible will match you with a loan that’ll cover your credit card tab. Use that loan to pay off your debt, then make monthly payments to repay the loan. It could lower your monthly payments and help you pay off that debt a lot faster.
Plus, no credit card payment this month.
And if you’re worried you won’t qualify, it’s free to check online. It takes just two minutes, and it could save you thousands of dollars. Totally worth it.
6. Spend $1 to Own a Piece of Amazon, Google or Other Companies
Take a look at the Forbes Richest People list, and you’ll notice almost all the billionaires have one thing in common — they own another company.
But if you work for a living and don’t happen to have millions of dollars lying around, that can sound totally out of reach.
But with an app called Stash, it doesn’t have to be. It lets you be a part of something that’s normally exclusive to the richest of the rich — on Stash you can buy pieces of other companies for as little as $1.
That’s right — you can invest in pieces of well-known companies, such as Amazon, Google, Apple and more for as little as $1. The best part? If these companies profit, so can you. Some companies even send you a check every quarter for your share of the profits, called dividends.1
It takes two minutes to sign up, and it’s totally secure. With Stash, all your investments are protected by the Securities Investor Protection Corporation (SIPC) — that’s industry talk for, “Your money’s safe.”2
Plus, when you use the link above, Stash will give you a $5 sign-up bonus once you deposit $5 into your account.*
7. Quit Your Job and Make $69/Hour
Are you tired of your job, but not sure how to venture out and start your own business? Look into bookkeeping. It’s the No. 1 most profitable business, according to an article in Inc. And you can earn up to $69 an hour, reports Intuit, the creator of QuickBooks.
You don’t have to be an accountant or good at calculus to start your own bookkeeping business, either. As long as you’re motivated, a company called Bookkeepers.com will teach you everything you need to know. It’s one of the leading training courses in the field, and it’ll even give you the first three classes for free.
It’s helped thousands of people launch their own businesses, including Daniel Honan, a military veteran in his 30s. He never considered starting his own company, but he signed up for Bookkeepers.com, and now he’s making around $50,000 a year keeping track of business expenses for his 10 clients.
It only took him three months to get started, taking one class a week. Oh, and he makes his own schedule and is able to spend more time with his wife than ever.
If you’re just a little curious, you just have to submit your email address here to take the first free classes. If you stick with it, you could be running your own business in just a few months.
8. Leave Your Family up to $1M
One of the best things about being a millionaire? You can leave behind a legacy and know your loved ones are secure. Here’s the good news: You don’t need to be a millionaire to leave a legacy like one. You just need a life insurance policy.
We know what you’re thinking: This is probably expensive and confusing. But a company called Fabric can help you apply for a term life insurance policy in just 10 minutes that could give your family a big chunk of money (the coverage amount you applied for) if you pass away. (We’ve heard people are getting policies for as little as $14 a month**.)
Maybe you’ve thought about this before, but it feels too overwhelming. The truth is, this is one of the easiest (and smartest) things you can do with your money right now. You don’t even have to leave your house — you can do it all from your browser.
So if you want to help make sure your family is set up for life after you’re gone, take 10 minutes to fill out an application.
*Coverage Amount is based on eligibility
**Sample pricing based on $100,000 in coverage for a 28 year old female in Colorado with excellent health.
9. Cut Your Cell Phone Bill to as Little as $5
When you’re trying to save money, every dollar counts. If you’re looking for bills to cut back on, we suggest looking at your cell phone provider.
How long have you been with your current company? Probably a while, right? Which means you’re probably paying way too much.
But we found a discount wireless company called Tello Mobile that offers plans starting at just $5 a month. How much are you paying now? Exactly. Imagine cutting that to just $5.
Tello recently switched to a nationwide GSM network, which means improved 4G LTE/5G coverage, faster data speed and a more stable network. It lets you choose a wireless plan based on how many minutes and how much data you want, and you can even use Tello’s coverage tool to see how strong its network is where you live. More than 7,000 customers have given it an excellent rating on Trustpilot.
Plus, Tello is super flexible. It lets you choose the plan that makes sense for you. Plans are priced based on how much data and how many minutes you want. For example, a family of four can get 2GB of data each, plus unlimited talk and text for just $56 a month total. Free hotspot and unlimited texts are included in every plan. Plus, there are no early termination or activation fees, no contracts or phone-exclusive plans and no tricks of any kind.
It’s easy to get started and see how much you could save. Tello makes it simple to switch and even keep your phone number. No need to even leave the house — you can do everything online. You can bring your own GSM phone or buy a new one through them. See how much you could save.
1Not all stocks pay out dividends, and there is no guarantee that dividends will be paid each year.
2To note, SIPC coverage does not insure against the potential loss of market value.
For Securities priced over $1,000, purchase of fractional shares starts at $0.05.
*Offer is subject to Promotion Terms and Conditions. To be eligible to participate in this Promotion and receive the bonus, you must successfully open an individual brokerage account in good standing, link a funding account to your Invest account AND deposit $5.00 into your Invest account.
The Penny Hoarder is a Paid Affiliate/partner of Stash.
Investment advisory services offered by Stash Investments LLC, an SEC registered investment adviser. This material has been distributed for informational and educational purposes only, and is not intended as investment, legal, accounting, or tax advice. Investing involves risk.