5 Actions You Should Take, If You Have More Than $1,000 in the Bank

By rjn January 16, 2020 View all posts (18)

What’s the next step you should take? What are some specific things you can do to take your finances to the next level and protect you and your family for the future? We’ve got some ideas for you:

1. Invest Like the Rich Invest (Even If You’re Not Rich)

Maybe you’ve thought about investing some of that cash, but you’re not sure where to start. We found a company that helps you become a real estate investor — and you don’t have to be a millionaire.

You can get started with a minimum investment of just $500. Through the Fundrise Starter Portfolio, your money will be invested in portfolios of commercial real estate around the United States.

You can see exactly which properties are included in your portfolios — like a set of townhomes in Washington D.C., or an apartment building in Fort Meyers, Florida.

And you don’t have to be the landlord — Fundrise Starter Portfolio does all the heavy lifting.

As tenants pay their rent, you can earn money through quarterly dividend payments and potential appreciation of the property.

It’s a great way to get started in the world of investing now that you’ve built up a bit of savings.

2. Leave Your Family up to $1 Million in Life Insurance

 

Have you thought about how your family would manage without your income after you’re gone? Chances are your checking account balance won’t last forever.

Even if you do not have a family yet, now’s a good time to start planning for the future by securing a life insurance policy.  Plus, the earlier you start, the lower your monthly premiums are likely to be.

Life insurance is the biggest no brainer anyone should have.  And it is more affordable than you would expect.  We really like a company called Bestow.  Your application shouldn’t take more than about five minutes — and you could leave your family up to $1 million in life insurance. With policies starting at $5 per month.

You can change or cancel your plan at any time. But, why would you. The security of 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, sales call or even getting up from the couch, get a free quote from Bestow.

3. Use PAYOFF to Pay Your Credit Card Bills This Month

You’ve finally got some money in the bank, but do you still have some lingering debt? We found a company that will pay your credit card bills this month.  Payoff.com

Your credit card is getting rich by ripping you off with insane rates, but a company called PAYOFF could help you pay them off tomorrow.  The first step to financial wellness is taking control of your credit card debt. The Payoff Loan gives you the power to reduce multiple high-interest payments into one low-rate monthly payment.

Here’s how it works: Payoff will give you multiple options.  You just select the offer that works best for you and finish your application.  Upon approval Payoff will send you funds directly into your account to pay off those credit card bills.

There is huge benefits? 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.  There are no late payment fees and the program is designed to help your credit score.  Plus, no credit card payment this month.

Payoff 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 minutes, and it could save you thousands of dollars. Totally worth it.

4. Invest for Your Future with Everyday Purchases

Acorns makes it easy to invest without missing the money you set aside. It rounds up your debit or credit card purchases to the nearest dollar and invests your digital change.

You can have it automatically round up all your purchases, or manually round up only the transactions you choose. Because the money comes out in increments of less than $1, you’re less likely to feel an impact in your bank account.

You don’t have to choose exactly where to invest your money. Instead, you’ll answer a few questions to create a financial profile and state your goals. Acorns uses this to build your investment portfolio, which ranges from conservative to aggressive

You start out with a free $5 bonus from Acorn if you sign up here.

 Cost: $1 per month for an account with a balance below $5,000

5. Grow Your Money Up to 18x Faster — Without Risking Any of it

You’ve probably heard one of the best ways to grow your money is to stick it in the stock market or buy real estate.  But there are risks in these two investment strategies.

You will always need a safe place to store a portion of your money.  But a typical savings account won’t help you financially (the FDIC reports that the average account earns just .09%).

But CIT Bank lets you earn 1.8% in your savings account.  That is 18 times the average interest you can get at your neighborhood bank.

CIT Bank, as an online-only bank doesn’t have the expensive overhead that traditional brick and mortar bank has, so they are able to pass along those savings to their customers in the form of higher interest rates for savings and CD products.

Open a CIT Bank Savings Builder account and start earning bigger returns on your money.

Remain Focused on Your Success

For you to get out of debt, take care of your family, and build wealth will require you remain focused on your plan.

  1. Continue to educate yourself on your finances. Subscribing to one of the best investment newsletters is a helpful way to stay on top of the market, learn the trends, and earn as much as you can. Here are the five best investment newsletters on the market.
  2. Eat Healthy.  Planning and consistency Is the key.  We recommend 1-2 days a week use a meal kit delivery service to help you eat healthy while having the convenience of delivery.  A meal delivery service allows you to choose from chef-designed recipes online, then get everything you need to make them delivered straight to your door.  Check out our picks for the top 5 best meal kit delivery service companies to see what might be the best choice for you, then keep reading to learn everything you’d need to know before you purchase your first kit.
  3. Get More SleepSleep is important to our overall health because it helps our brains function properly. While we are sleeping, our brains recharge to get ready for the next day. Without sleep, we can feel drained, grumpy and unable to operate as normal.  Adults should get between 7-8 hours sleep a night. A good night’s sleep can help curb anxiety and make us more alert. The right mattress will help you achieve a quality night’s sleep. A good mattress will provide you with the right amount of firmness and comfort to help you drift off to the land of Nod.  5 Best Mattresses to Buy Online.

Keep working to improve your life and the life of your family. Remain focused and persevere. You have the tools to create a better life for yourself. What are you waiting for?