It’s a wonderful feeling to look at your bank statement and find out that you have $1,000 in your account. But now that you have some extra money, it doesn’t make sense to leave it with minimal interest.
You’ve been working hard to earn an extra $1,000 and you want to use that money to make even more money. Here are eight simple steps you can take to continue growing your savings and get on the path to wealth.
Earn 15 times more interest with this bank account
First things first. If you have extra money in your checking account, you are likely to receive a small interest rate (eg 0.01% or less).
To save some money for a rainy day, it would be a good idea to create an emergency fund. But you will want to look for the best place to park money, which can bring you much more money.
Start with a high-yielding savings account at a bank like CIT Bank. With your Savings Connect account, You can earn up to 15 times the national average interest rate!
Since savings accounts are easy to access and are FDIC insured, you can have easy access to your money in case of an emergency and also get a decent interest rate.
Earn passive income by investing in real estate for as little as $10
It used to be that in order to invest in real estate, you had to be a millionaire, own property to rent, and deal with tenants. Not anymore.
Now almost anyone can passively invest in real estate with just a few clicks thanks to crowdfunding websites that allow you to invest with thousands of other people in all types of real estate.
How it works? The crowdfunding sponsor buys and manages the property, and you, the investor, provide some of the capital needed to purchase it. The sponsor earns a portion of the cash flow for doing all the work, and the rest goes to the investor.
One of the best things about passive real estate investing is that you can get started with as little as $10. Two platforms open to all investors are Fundrise and Grounfloor.
- Fundraising: Invest in a commercial real estate portfolio with many different options depending on your risk tolerance.
- First floor: Invest as little as $10 in short-term, high-yield real estate debt and earn interest on your money.
Pay off your debt with high interest
If you have extra money in the bank, consider paying off high-interest debts such as credit cards, student loans, and personal loans.
The average credit card interest rate is almost 17%. If you have a credit card balance, this debt should probably be your number one priority to pay off.
Think about it – your money is sitting in your checking account and earning next to nothing. If you’ve used it to pay off credit cards, it’s equivalent to a 17% money back guarantee! This is one of the best investments you could make for your financial future.
Invest in Apple, Tesla or Amazon for just $1
Have you wanted to start investing in stocks but didn’t know how to diversify your portfolio with $1,000 or less?
M1 Finance can help. This is a revolutionary platform that allows you to buy fractional shares in as little as $1 increments.
Probably the most expensive stock on the market is Berkshire Hathaway Class A stock, which is worth over $450,000 per share at the time of this writing. While this is an extreme example, many popular technology stocks trade in the hundreds to thousands of dollars per share.
However, with M1 Finance, you can own a portion of all these companies for as little as $1.
Start a part-time job
So you have $1,000 in the bank and want to turn it into even more? One of the best ways to double $1,000 (or triple or 10x) is to start a business.
There are endless ideas for low start-up part-time jobs that can bring you extra money every month. You just have to decide what interests you.
I know a teacher who started out as an accountant, which eventually allowed him to quit his job. If numbers don’t interest you, you can become a virtual assistant to help busy business owners with administrative tasks.
There are also plenty of local service businesses you could start, such as landscaping, a car wash, or food delivery through Uber Eats or a similar service. The sky is the limit!
Earn extra money by watching videos on your phone
If you’re not ready to start a full-time part-time job, there are plenty of apps out there that pay you to do what you’re already doing, like playing games or watching videos. Many of these apps even give you a sign up bonus just for trying it out.
Swagbucks, for example, gives you a $5 sign up bonus and allows you to earn points (called “swagbucks”) for watching short video clips on topics ranging from sports reviews to cooking tips.
You can easily cash out your swagbucks to get free Paypal money or gift cards from Amazon and dozens of other stores.
Cut Your Budget $620 Per Month With This App
Instead of making more money, one way to replenish your bank account balance is to cut costs. It may seem painful at first, but there are some easy ways to lower your monthly bills without any extra effort on your part.
The appropriately named Trim app can do the hard work of reconciling your monthly bills for you. According to their website, users save an average of $620!
How it works? Trim analyzes your spending patterns and identifies areas where you can save money. Trim will then negotiate cable, internet, telephone, phone bills and more on your behalf to lower your monthly payments. And all this without having to spend hours on the phone with customer support.
Earn money every time you win in this viral game
Sometimes you just want to have some fun. With Blackout Bingo you can earn real cash prizes as you enjoy the process.
Blackout Bingo is a modern interpretation of the classic bingo game. You can start playing for free or get paid for playing bingo for real money.
The game is a “fresh, social competitive twist on a classic game where you can win real rewards and cash prizes.” Easily cash out your earnings with Paypal and more.
Please note: cash tournaments are available in most countries of the world. Cash tournaments are not available in the following states: AZ, AR, CT, DE, IL, IN, LA, ME, MT, SC, SD, and TN. If you don’t live in a prize region, you can still play for free.
Final word
Accumulating $1,000 in your bank account is no small feat. If you’ve made it this far, you’re well on your way to a solid financial future. By following the few steps outlined above, you can start paying off your debts and accumulating wealth for a lifetime.