There’s nothing like the feeling of financial stability. It is priceless, so enjoy it.
But whether you’ve been stable for a while or only recently amassed a cushion in your checking account, you should be thinking about your long-term financial goals. If you’ve never done this, it can feel overwhelming. Here are suggestions for smart investing and simple ways to save.
1. Invest in Real Estate
Now that you’ve got some money saved, it’s time to start thinking about investing.
Real estate is a smart point of entry, and you don’t have to be wealthy to do it. Companies like DiversyFund will invest your money — as little as $500 — in commercial real estate through apartment complexes that it owns.
Real estate often yields higher dividends than the stock market. Over the long term, investing in other types of accounts will give you varying percentages of return. 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 percent. That’s not too shabby.
2. Look into Life Insurance
Have you thought about how your family would manage without you? Chances are, your checking account balance wouldn’t last forever. Now is a good time to plan for the future by securing a life insurance policy.
You’re probably thinking: I don’t have the time or money for that. But most applications don’t take more than five minutes — and you could leave your family up to $1 million in life insurance. Companies like Bestow have policies that start at $5 a month.
You can change or cancel your plan at any time. Plus, the security of knowing your family is taken care of is beyond anything money can buy.
If you’re under the age of 54 and want to get a fast life insurance quote without a medical exam or pushy sales calls, get a free quote from Bestow.
3. Get help paying your credit card bill
Sure, you’ve finally got money in the bank. But do you still have lingering debt?
We found a company that will pay your credit card bill this month. All of it.
Your credit card company is getting rich by charging exceptionally high rates, but a website called AmOne can help. If your total credit card debt is $50,000 or less, it matches you with a low-interest loan you can use to pay off all of your balances.
The benefit? You’ll be left with one bill to pay each month. And because personal loans have lower interest rates (AmOne rates start at 3.99 percent APR), you’ll get out of debt that much faster. Plus: No credit card payment this month.
AmOne won’t make you stand in line or call your bank, either. And if you’re worried you won’t qualify, it’s free to check online. It takes just two minutes, and it could help you pay off your debt years faster.
4. Invest in free stocks
If you feel like you don’t have enough money to start investing, you’re not alone. But guess what? You really don’t need that much — and you can even get free stocks (worth up to $500!) if you know where to look.
Whether you’re got $5, $100 or $800 to spare, you can start investing with Robinhood.
You’ve probably heard of Robinhood. Both investing beginners and pros love it because it doesn’t charge commission fees, and you can buy and sell stocks for free — no limits. Plus, it’s super easy to use.
What’s really great is that when you download the app and fund your account (it takes no more than a few minutes), Robinhood drops a share of free stock into your checking account. It’s random, though, so that stock could be worth anywhere from $5 to $500 — a nice boost to help you build your investments.
A little extra money can go a long way — you just need to know where, how, and when to invest it. Smart investing plus savings savvy means you’ll build up much more than a nest egg in no time!
First for Women has partnered with The Penny Hoarder to bring you expert money saving tips like these.