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. 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. 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 commercial real estate — specifically, in apartment complexes that it owns — and you only need $500.
Real estate can potentially earn you more money than the stock market. Over the long term, investing in the stock market will earn you an average annual return of 7%, adjusted for inflation, according to a number of studies. DiversyFund can’t guarantee how its investments will perform in the future — no one can — but historically, it has earned an annual return of 17% to 18%.
So you don’t need a fortune to invest in real estate. All you need to get started is $500.
3. 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.
4. Get Paid For Raising Your Credit Score
It’s not that banks don’t care about your financial health… but they’re not exactly jumping over each other to help you improve it, either. And they’re definitely not rewarding you for the little victories you should be celebrating.
Except for one (that we know of).
The Sesame Cash online bank account from Credit Sesame comes with a debit card that will reward you with up to $100 cold hard cash for improving your credit score.
When you sign up for an account and put in $25 a month, Sesame Cash will monitor your credit score and give you up to $100 when your credit score goes up. To help you keep track, the Sesame Cash account lets you see what’s changed in your score every day.
When your reward is deposited into your Sesame Cash Account, you can spend it however you want to. And if it’s at one of the 5,000 stores Sesame Cash partners with, like Burger King, Sephora or Walmart, you could earn up to 15% back instantly on your purchase. It’s like a gift that keeps on giving.
Creating a Sesame Cash bank account is quick and secure — we’re talking bank-level encryption and FDIC-insured. And if you need to raise your credit score anyway, getting paid to do it makes the process that much sweeter.
See full program terms and details here.
5. 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.
6. 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.
7. Buy Another Company For $1
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.
That’s why a lot of people use the app Stash. It lets you be a part of something that’s normally exclusive to the richest of the rich — buying pieces of other companies.
That’s right -- you can invest in pieces of well-known companies, such as Amazon, Google or Apple, for as little as $1.*
The best part? When these companies profit, so can you. Some companies even send you a check every quarter for your share of the profits, called dividends.
It takes two minutes to sign up, plus Stash will give you a $5 sign-up bonus once you deposit $5 into your account.**
8. Get Your Medical Bills Covered — Without Insurance
Life is scary when you don’t have health insurance. Roughly 30 million Americans don’t.
It’s not easy, paying out-of-pocket for everything from a doctor’s appointment to an emergency room visit. When you don’t have health insurance, you’re far more likely to skip getting medical treatment — or to be bankrupted by medical bills if you get sick.
But there’s a way to get your medical bills covered — even if you don’t have any insurance. You can join a health sharing community called Unite Health Share Ministries, which will help take care of your medical bills.
You pay a fixed monthly rate (starting at $147). You get access to 1 million doctors and 60,000 pharmacies across the country, with low pre-negotiated rates. When you need help with a medical bill, you submit it to UHSM, which will cover it 100% after you’ve reached your Annual Member Care Share (think of it like a deductible).
If you’re healthy, active and looking for an affordable alternative to health insurance, a health share might be the right choice for you. Connect with one of UHSM’s experts to see how much money you could save on your medical bills.
9. 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.
10. 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.