6 Things to Do With Your Money Once Your Salary Reaches $70,000
Remember overdrafting while you waited for your next paycheck to come — that was the worst, am I right? You’d be short on cash and your bank would get its revenge by helping itself to $35 of all that money you didn’t have.
But you’re making $70,000 a year now, and those days are behind you.
It’s time to think about what you want to achieve next with your money. Do you want to invest? Plan for the future? Pay off debt? We’ve got some ideas for you:
1. Invest in Real Estate (Even If You’re Not A Millionaire)
Now that you’re earning a higher salary, you might have some extra room in your budget. Maybe you’ve thought about investing some of that cash, but you’re not sure where to start.
We found a company that helps you become a real estate investor — and you don’t have to be a millionaire.
You can get started with a minimum investment of just $500. Through the Fundrise Starter Portfolio, your money will be invested in portfolios of real estate around the United States.
You can see exactly which properties are included in your portfolios — like a set of townhomes in Snoqualmie, Washington, or an apartment building in Charlotte, North Carolina.
This is a good way to get started in the world of real estate. You could invest $500 or $1,000 or $2,000 to start with, and automatically add a little more every paycheck. The more you invest, the more you can make.
And you don’t have to be the landlord — Fundrise does all the heavy lifting.
As tenants pay their rent, you can earn money through quarterly dividend payments and potential appreciation of the property.
It’s a great way to get started in the world of investing now that you’ve got some additional income.
2. See if You Can Get Extra Cash From This Company
How’s an extra $100 sound? For free? Seriously. We found a company that will give you $100 just for opening a new debit card. It’s called the Aspiration Spend and Save account.
Sure, a lot of debit cards offer sign-up bonuses throughout the year, but they often require you to jump through hoops with minimum requirements that feel impossible to hit.
But Aspiration makes it simple. To earn your $100, here’s all you need to do: Open your Aspiration Spend & Save Account by Feb. 29, 2020 and deposit at least $10. Then set up and receive three direct deposits of at least $500 each from your paycheck or government benefits by June 30, 2020. That’s it! Then just wait for your check.
Even better? Your account comes with a debit card that gets you up to 5% cash back on your debit purchases, plus you’ll earn up to 11 times the average interest on the money you set aside to save (the FDIC reports that the average account earns just .09%).
It takes just five minutes to sign up and earn your bonus.
3. Leave Your Family up to $1 Million in Life Insurance (For as Little as $5/Month)
Have you thought about how your family would manage without your income after you’re gone? Chances are your checking account balance won’t last forever.
Now’s a good time to start planning for the future by securing a life insurance policy.
You’re probably thinking: I don’t have the time or money for that. But your application shouldn’t take more than about five minutes — and you could leave your family up to $1 million in life insurance (for as little as $5/month) with a company called Bestow.
You can change or cancel your plan at any time. Plus, the security 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, pushy sales calls or even getting up from the couch, get a free quote from Bestow.
4. Ask This Website to Pay Your Credit Card Bill This Month
You’re making good money now, but that doesn’t mean your debt magically disappears. If you need some help, we found a company that will pay your credit card bill this month. No, like… the whole bill.
Your credit card is getting rich by ripping you off with insane rates, but a company called Fiona could help you pay them off tomorrow.
Here’s how it works: Fiona will match you with a low-interest loan you can use to pay off every credit card balance you have. The benefit? You’re left with just one bill to pay every month, and because the interest rate is so much lower, you can get out of debt so much faster. Plus, no credit card payment this month.
Fiona won’t make you stand in line or call a bank. 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.
You’re making great progress in your career. Don’t let your credit card company hold you back.
5. Let This Website Help You Pay off Your Student Debt 5 Years Faster
So, you’re doing everything right, but you still feel like you’ll be stuck with student loan debt forever. Truth be told, your student loan providers just might be ripping you off with some insane rates — yup, they’re getting rich off you.
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 student debt tab. Use that loan to pay off your federal and/or private loans. Now you’ll be left with one new monthly payment. This process is called refinancing.
The key to refinancing is to a loan with better interest rates or lower monthly payments. In fact, we talked to Ashley Williams, a financial analyst who graduated with $46,000 in debt. Refinancing allowed her to knock five years worth of payments off her loans, and it saved her more than $18,000 in interest.
Now, if you’re not sure where to start, we like Credible because you can easily compare your options, and it won’t make you stand in line or call a bank. 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. Save up to $865 a Year on Car Insurance — for the Same Coverage
When was the last time you shopped around for car insurance? Was it more than six months ago?
If so, you’re probably overpaying — by hundreds of dollars. Yep. Experts say you should compare rates twice a year to get the best deal.
Twice a year? Yeah, we don’t want to do that either.
A service called Gabi does all the shopping for you to find cheaper insurance — with the same coverage and deductibles you already have. And it saves customers an average of $865 a year.
You don’t have to fill out any forms. Just link your existing insurance account and enter your driver’s licence, and it will start looking for cheaper coverage.
Plus, after you sign up, Gabi will keep looking for savings. No more shopping.