4 things you can spend money on that will actually make you richer
Sponsored: Sometimes you have to spend some money first.
It’s good to save money, but it won’t make you rich.
No matter how many dollars you put in a savings account, the 0.05% national average interest you would earn will not speed up your status as a millionaire.
And cutting your costs can’t go any further, says certified financial planner Robin Hartill (who is also an editor and financial advice columnist here at The Penny Hoarder).
It can certainly help you with your short-term goals, she says, but if you really want to get richer, sometimes you have to spend money to make money. By diverting some of your money to these assets, you will be on a faster path to your financial goals.
1. Use this secret debit card
Here’s the deal: if you don’t use Aspiration’s debit card, you’re running out of extra cash.
Yeah. A debit card called Aspiration gives you up to 10% cash back every time you swipe your finger, in addition to giving you up to 100 times the normal interest rate on your balance.
Need to buy groceries? Get extra money.
Need to fill the tank? Bam. Even more extra money.
This card had a long waiting list, but now you can register for free.
Enter your email address here and link your bank account to see how much extra money you can get with your Free Aspiration account. And don’t worry. Your money is FDIC insured and under military grade encryption. It’s a nerd talk for “it’s totally safe.”
2. Spend $ 10 to buy a building
Take a look at some of the richest people in the world. What do they have in common? Many invest in large private real estate transactions. And here’s the thing: there’s no reason you can’t do it too – for as little as $ 10.
A company called Fundrise lets you get started in the real estate world by giving you access to a diverse, low-cost portfolio of private real estate. The best part? You don’t have to be the owner. Fundrise does all the heavy lifting.
Fundrise’s Starter Portfolio has a minimum of only $ 10 and is aimed at first-time real estate investors. Your money will be invested in the company’s flagship fund, which already owns more than $ 250 million in real estate across the country, from apartment complexes and the bustling rental housing market to the biggest. last mile e-commerce logistics centers.
As tenants pay their rent, you could make money through quarterly dividend payments, and over time, you could make money on the property’s potential appreciation. Since 2014, Fundrise investors have earned around $ 100 million in dividends alone.
So, if you want to get started in the world of real estate investing, it only takes a few minutes to register and create an account with Fundrise.
3. Spend $ 1 to own a piece from Amazon, Google, or other companies
Investing is a smart way to get rich. âSpending money by investing it in the stock market and generating returns can generate even more money,â says Hartill.
As the stock market goes up and down over days, weeks, and months, over time returns tend to rise.
If you haven’t started investing and have some cash to spend, you can start small and then move on. In fact, you can start with as little as $ 100 with an app called M1 Finance.
We love M1 Finance because it allows you to choose from hundreds of stocks and funds to build your own investment portfolio. But it simplifies things by breaking them down into categories based on your personal goals. Want to invest conservatively now? Understand it fully! Do you want to dive with moderate or aggressive risk? Do what you feel like.
Additionally, with M1 Finance, you can invest in fractional shares, which means you can invest in funds that you wouldn’t normally be able to afford.
Registration takes two minutes, and it’s completely secure.
Additionally, when you use the link above, M1 Finance will offer you a $ 30 sign up bonus once you deposit $ 1000 into your account.
4. Give your family $ 1 million
This is one of those occasions where spending a little extra cash each month can pay off later.
Have you thought about how your family would cope without your income after you left? How are they going to pay the bills? Send the children to school? Now is a good time to start planning for the future by considering a term life insurance policy.
You’re probably thinking: I don’t have the time or the money for this. But your application could take a few minutes, and you could leave your family up to $ 1 million with a company called Bestow.
Rates start at just $ 16 per month. The peace of mind of knowing your family is being taken care of is invaluable.
If you’re under 54 and want a quick life insurance quote without a medical exam or even getting up from the couch, get a free quote from Bestow.