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 secret can get you closer to achieving your big goals.
Take a look:
1. 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.
2. 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.
3. This App Will Pay Off Your Credit Card Debt
Credit card debt is the worst. It’s the most expensive kind of debt you can have.
First, you fall behind on your payments. It can happen to anybody. Next thing you know, the credit card companies are gouging you — charging you more than 20% interest on your balance.
But an app called Tally can pay off your credit card debt. Like, all of it. Here’s how it works: Tally gives you a line of credit with a lower interest rate (rates start as low as 7.9%) that you can use to pay off your high-interest credit card debt. Then you’ll just have one monthly payment — and you’ll save tons of money on interest.
If you qualify and have a FICO score of 580 or higher, you can get a line of credit from $2,000 to $25,000 pretty much immediately.
It’s easy to get started, and it won’t affect your credit score just to check your rates. See how much money you could save.
4. 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.
5. Invest in Famous Art (Even if You’re Not a Millionaire)
Here’s the deal: If you’re not investing in contemporary art, you might be missing out on an asset whose prices have outpaced the S&P by 164% from 1995 to 2020. (FYI, the S&P tracks 500 of the largest companies in the stock market)
You’re probably thinking you need at least a few more zeros in your checking account before you can even start thinkingabout investing in Warhols and Monets, right?
But a company called Masterworks lets normal people like us invest in multimillion-dollar works of art — something typically only available to the super rich.
You don’t need hundreds of thousands of dollars to buy a masterpiece outright; with Masterworks, you can invest in multimillion dollar paintings with only $1,000.
It takes less than a minute to sign up for a free account.
Investing in contemporary art is a long-term strategy, so patience pays off here — literally. But once your piece of art sells, you get your share of the potential profits.
6. You Can Build Your Wealth with the Life Insurance the Wealthy Get
Maybe you’ve thought about getting life insurance, but you haven’t gotten around to it because it seems complicated and intimidating.
What if there was someplace that would walk you through it and make it a lot easier? That’s the idea behind Amplify, a digital-first life insurance platform that simplifies and streamlines the entire life insurance purchasing process.
Amplify not only gives you traditional life insurance choices, but it also gives you access to universal life insurance — specific policies that are usually only easily accessible to the wealthy. The affluent and the well-heeled have been using this kind of policy to build tax-efficient wealth while still protecting their families.
These policies have a built-in cash value that you can borrow against. As you build cash value, you can use that money to pay your premiums, diversify retirement income, fund college expenses, or just about anything else.
Amplify gives you access to what’s called indexed universal life insurance, or IUL policies. These are linked to market indices like the S&P 500, Dow Jones or Nasdaq. If the stock market performs well, your policy’s cash value increases up to a certain cap, such as 7%. If the stock market falls, your returns are lower, but there’s a minimum, or floor, so you don’t lose money. So if the floor rate is 1% and the market drops 9%, you’ll still earn 1%.
And protection from downturns is a nice feature to have when lots of us are worried about the stock market’s volatility.
7. Collect Rent Like a Landlord — for Just $10
Investing in the stock market can feel like a rollercoaster — one you need a certain amount of wealth to be allowed to ride.
Deep pockets certainly help, but another important thing successful investors do to offset risk is diversify their investments. And for many wealthy investors, real estate is where they do it.
But what if you’re not wealthy? A company called HappyNest lets anyone invest in real-estate by rounding up your spare change to the nearest dollar and investing it in real estate investment trusts, or REITs.
With HappyNest, you can make money off rent payments from commercial real estate occupied by Fortune 100 companies like Walmart and CVS Health. REIT investors commonly see returns of around 6% on their investment.
It takes as little as $10 to start a real estate portfolio with HappyNest and grow your money faster. Just download the app and set up your roundup and investing preferences to start collecting rent like a landlord. Plus, if you sign up now, you’ll get a $10 welcome bonus.
*See important Regulation A disclosures at masterworks.io/cd
*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.
1 This is a limited time offer. To be eligible for cash rewards, a minimum deposit, every 30 days, must be made into your Sesame Cash account. Rewards earnings are available for credit score improvements of ten points or more within a 30-day reward cycle. Improvements are calculated from your baseline credit score, as determined by Credit Sesame. Please review the full program terms for more details, including the minimum deposit amount for this program term.
2 Cash back offers are powered by Empyr, Inc. and Button, Inc. Cash back requires the activation of any active offer before payment is made. Offers vary by geographic location and are subject to change. Please review the full program terms for more details.