6 Secrets to Paying off Debt, Building Wealth and Never Worrying About Money Again
Stop worrying about money — it’s bad for you.
Studies show that financial stress can aggravate all kinds of health issues, like migraines, insomnia, heart disease and weight gain — not to mention our old pals anxiety and depression!
Money worries can rip apart relationships and ruin your peace of mind. If you want to stop worrying, what you need to do is take action. That’s right, TAKE. ACTION. And we’ve got an action plan for you.
You’ll feel better once you take these seven simple, strategic steps. They’ll give you a real financial edge, and you’ll be on your way to paying off your debts and building your wealth for real.
1. Stop Paying Your Credit Card Company
A big part of this is forming new habits and thinking of new ways to do things.
For instance: Credit card debt is the most expensive kind of debt, and your credit card company is just getting rich by ripping you off with high interest rates. But a website called Fiona can help you fight back.
If you owe your credit card companies $250,000 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 (Fiona rates start at 2.49% APR), you’ll get out of debt that much faster. Plus: No credit card payment this month.
It takes two minutes to see if you qualify for up to $250,000 online. You do need to give Fiona a real phone number in order to qualify, but don’t worry — they won’t spam you with phone calls.
2. Stop Overpaying for Stuff Online
Wouldn’t it be nice if you got an alert any time you’re shopping on Amazon or Walmart.com and you’re about to get ripped off?
That’s exactly what this free service does.
Just add it to your browser for free, and before you check out, it’ll check other websites, including Walmart, eBay and others to see if your item is available for cheaper. Plus, you can get coupon codes, set up price-drop alerts and even see the item’s price history.
Let’s say you’re shopping for a new pair of shoes, and you assume you’ve found the best price. Here’s when you’ll get a pop up letting you know if that exact pair of shoes is available elsewhere for cheaper.
In the last year, this has saved people $160 million. You can get started in just a few clicks to see if you’re overpaying online.
3. 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.
4. Leave Your Family up to $1M
There’s been a surge of interest in life insurance during the pandemic, as more Americans are realizing they probably need it.
Overall, Americans purchased about 10% more life insurance policies in 2020 than they did in 2019. That may not seem like a lot, but it’s actually the biggest increase in nearly two decades.
Also, more people are seeking out no-exam life insurance because they don’t want to go to a doctor’s office for an in-person exam. Companies like Bestow use algorithms instead of medical exams to evaluate applicants.
Rates start at just $16 a month. You could leave your family up to $1 million. The peace of mind 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 leaving your home, get a free quote from Bestow.
5. Get Paid up to $80/Month — Just for Sharing Your Opinion
Taking surveys might not sound like the best way to make money, but if you’re just vegging out on the couch — or pretending to be interested in your partner’s new favorite show — why not click a couple buttons? It could earn you up to $80 a month. Seriously.
There are a bunch of paid survey sites out there, but one of the best we’ve found is Survey Junkie.
They’ll ask you questions about things like, what kind of laundry detergent you use, or if you prefer Pepsi or Coke. You get points for answering, and many people accumulate enough points to request a check within a few hours.
More than 10 million people already use Survey Junkie, and it has 4.5/5 stars on TrustPilot.
Join for free and take your first survey to start earning points — you could cash out as soon as today.
6. 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.
Real estate has historically been very stable compared to 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, 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.
Mike Brassfield ([email protected]) is a senior writer at The Penny Hoarder. He tries not to worry too much about money — aside from writing about it, of course.