The 9 Biggest Money Secrets Teachers Need to Know
Life would be a whole lot easier if someone would just Venmo every teacher $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 teacher can make today. Each secret can get you closer to achieving your big goals.
Take a look:
1. You Can Invest in Fine Art (Even if You’re Not a Millionaire)
You might be thinking you need at least a few more zeros in your checking account before you can even start thinking about investing in art. Warhol? Monet? Banksy? Yeah right. You just managed to finally put away $1,000. Those guys are way out of your league, right?
Wrong. You could still get started with what you’ve got. Seriously.
A company called Masterworks is helping us average folk invest in multimillion-dollar paintings — traditionally one of the most lucrative investment options that’s only available to the super rich. But you don’t need hundreds of thousands of dollars to buy a masterpiece outright; with Masterworks, you can buy shares, instead.
Here’s why it’s a good option: Fine art is super valuable, so it can potentially earn you more money than the stock market. Over the long term, the stock market will earn you an average annual return of 7%, but Masterworks lets you invest in art that’s historically seen a 10% to 25% price appreciation.
This is a long-term strategy, so patience pays off here — literally. But once your piece of art sells, you get your cut of the profits.
It takes less than a minute to request an invitation, and you could become a Masterworks member by the end of the day.
2. You Can Get Free Stock From This Company
Imagine if you had bought one share of Amazon for $18 when the stock first went public. Today, it would be worth more than $20,000 — despite all the ups and downs in the stock market.
Here’s the thing about millionaires: They know the sooner you start investing, the better. And we found a company that will give you free stock to get started.
An investing app called Robinhood will give you up to $500 worth of free stock in companies like Visa, Microsoft and GE, just for downloading its app and opening a free account.
Robinhood is free and easy to navigate, which is why more than 10 million people use it — including both news junkies looking to outsmart the market and people who want to carefully put a few bucks away in a long-term investment.
It takes just a couple of minutes to sign up and get your free stock — you may even just get a share of the “next Amazon.”
3. You Can Get 10x the Interest on Your Money — Plus $250
Is your bank helping you reach your goals? With the average bank only offering a measly .06% interest, the answer is probably no.
But a mobile-only bank called Monifi will pay you 10 times the national average interest on your money. Plus, it’s got customizable tools to help you actually reach your savings goals.
When you sign up with Monifi, you’ll get access to a checking account, called Spend Balance, with a Visa debit card and an interest-earning checking account, called Save Balance, with a 0.70% APY — 10 times the national average. Plus, no monthly fees or minimum account balance required.
Monifi’s Save Balance also lets you create customizable goals, which you can fund with one-time or recurring automatic transfers to help you easily reach those money milestones by the date you want them — whether it’s saving for a vacation or growing your emergency fund in case your car starts making that funny noise… again.
Even better: Right now, you’ll get a $250 sign-up bonus when you set up a direct deposit and maintain a minimum balance of $1,000*. It only takes a few minutes to download the app and get started.
4. You Can Cancel Your Car Insurance
Did you know you can save some serious money just by switching car insurance companies?
Its true — rates are at historic lows, and you could be paying way less for the same coverage. All you need to do is look for it.
But don’t waste your time hopping around to different insurance companies. Use a website called EverQuote to see all your options at once.
EverQuote is the largest online marketplace for insurance in the US, so you’ll get the top options from more than 175 different carriers handed right to you.
Take a couple of minutes to answer some questions about yourself and your driving record. With this information, EverQuote will be able to give you the top recommendations for car insurance. In just a few minutes, you could save up to $610 a year.
5. You Can Give Your Family $1M
This is one of those occasions when spending a little bit of money each month can pay off later.
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 $16 a month. 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 a medical exam or even getting up from the couch, get a free quote from Bestow.
6. You Can Stop Paying Your Credit Card Company
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 — some up to 36%. But a website called Fiona could help you pay off that bill as soon as tomorrow.
Here’s how it works: Fiona can 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.
If your credit score is at least 620, Fiona can help you borrow up to $250,000 (no collateral needed) with fixed rates starting at 2.49% and terms from 6 to 144 months.
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.
All that credit card debt — and the anxiety that comes with it — could be gone by tomorrow.
7. See if You Could Lower Your Car Payment by Hundreds a Year
You know you can refinance your house to save money on your monthly mortgage payment — but did you know you can refinance your car, too?
It’s not a money-saving tactic people talk a lot about, but it could save you a ton of money. A website called Upstart is helping borrowers save an average of $1,025 a year on their car payments. That’s about $4,800 back in their pockets over the lifetime of their loan.
There are no origination fees, and you only need a minimum FICO score of 510. You don’t even need to enter your car’s VIN, and you won’t get any spam calls.
And with an APR range of 2.20% to 29.99% Upstart is saving customers over 17% per month when they refinance. Upstart has helped borrowers save more than $20 million on their car payments in the past year alone*.
Ready to start saving? It takes just minutes to check your rate and see how much you could save.
8. You Can Invest in Hotels — Even if You’re Not Rich
What do you think of when you think of hotel investors? Probably the Monopoly Man, with his top hat, bow tie and mustache. And there’s a good reason the classic board game focuses on buying hotels — it’s a classic investment strategy for the ultra wealthy.
But there’s no reason you can’t invest in hotels, too — even if you’re not rich.
A company called Yieldstreet lets you get started in the world of real estate by giving you access to private commercial and residential real estate deals in key markets. The best part? You don’t have to be the landlord. Yieldstreet does all the heavy lifting.
Normally this is something only available to the super wealthy, but now you can have access to investment opportunities like luxury apartments in Nashville, multi-family property in Dallas — and yes, even a resort-style hotel in Scottsdale, Arizona.
Private real estate has outperformed the average S&P 500 return for the last 25 years, with average annualized returns of 10.3%. And Yieldstreet has a stringent vetting process to decide what properties to invest in to minimize any surprises.
Once invested, you can track your performance on Yieldstreet’s website, and watch as properties are acquired, improved and operated. You could earn money through quarterly dividend payments, and over time, you could earn money off the potential appreciation of the property.
So if you want to get started in the world of real-estate investing, it takes just a few minutes to sign up and create an account with Yieldstreet.
9. Let This Company Cut Your Mortgage Payment
Things have changed since you bought your home. Maybe interest rates are lower right now, or maybe you want to cash out some of the equity you’ve built up since home prices have surged. Either way, you might’ve considered refinancing. But the whole thing can feel overwhelming.
Luckily, a company called loanDepot helps you refinance without all the unnecessary stress.
As one of the biggest non-bank lenders in the U.S., loanDepot combines a digital approach with a traditional in-person customer service — and it could save you big time.
It’s easy to upload all your necessary documents online — basically, they need to know who you are and other qualifying requirements.
Whether you want to refinance your mortgage to lower your monthly payment* or pull cash out of your home’s equity with cash-out refinance, loanDepot makes it easier to check your rate and get approved quickly.
Plus, they’re accredited by the Better Business Bureau with an A+ rating and are the fifth-largest mortgage lender in the country, working with 27,000 clients a month.
It takes just a few minutes to get started and see how much money you could save on your mortgage.
*Monifi: Terms and conditions apply
**subject to approval
*Upstart: Car refinance loans not available in IA, MD, NV, or WV. Car refinance loans in IL and MO are originated by Cross River Bank or Midwest BankCentre. Car refinance loans in CO, KS, and TX are originated by Cross River Bank or Rising Bank, Member FDIC. Car refinance loans in FL, GA, and AL are originated by Cross River Bank or Drummond Bank, Member FDIC. All other car refinance loans are originated by Cross River Bank, Member FDIC.
The full range of available rates varies by state. The average 5-year loan offered on Upstart will have an APR of 9.91% and 60 monthly payments of $426 per $20,000 borrowed. For example, the total cost of a $20,000 loan would be $25,540. APR is calculated based on 5-year rates offered in the last 1 month. There is no down payment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.
This information is estimated based on all consumers who were approved for an auto loan through Upstart and accepted their final terms. As of 2/1/2022 the average monthly savings amount is 17%. To evaluate savings on a loan you are considering refinancing, it is important to compare your APR and remaining term from your existing automotive loan to the APR and term offered by Upstart.
*loanDepot: By refinancing the existing loan, the total finance charges may be higher over the life of the loan.