ScoreCard Research If You Have More Than $1,000 in Your Checking Account, Make These 6 Moves · The Penny Hoarder

If You Have More Than $1,000 in Your Checking Account, Make These 6 Moves

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You’ve done it. You’ve built up a little cushion in your bank account — $1,000! It feels good, right? Those days of checking your account balance in a panic are behind you.

Congrats! You’re on the right path. Now it’s time to think about some longer-term goals. What do you want to accomplish next with your money? Do you need to save more? Do you want to buy a home someday? Invest?

What’s the next step you should take? What are some specific things you can do to take your finances to the next level?

We’ve got some ideas for you:

1. Buy a Company (Even If You’re Not a Tycoon)

You’re a long-term investor. You want to choose your own portfolio, then set yourself up for the long haul. Sound like you? We found the perfect investing app — and it’s free. It’s called M1 Finance, and not only does it have some seriously powerful tools, it’s also easy to use. You can build your own custom portfolio of stocks, bonds and ETFs. Or, if you want, you can choose from dozens of pre-made portfolio options that follow different strategies.

You can also buy “fractional shares” — pieces of shares — in companies. That way, you can own stock in companies like Amazon or Netflix and not have to worry about shelling out thousands of dollars every time you want to invest.

You can set up regular automatic deposits to funnel money to your investments. Any new money you invest will be used to rebalance your portfolio, bringing its percentages back in line with your goals.

Even better? Once you’ve deposited $1,000, you’ll get a free $30 bonus. It only takes a few minutes to sign up.

2. See if You Can Get More Money From This Company

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Here’s the deal: If you’re not using Aspiration’s debit card, you’re missing out on extra cash. And who doesn’t want extra cash?

Yep. A debit card called Aspiration gives you up to a 10% back every time you swipe.

Need to buy groceries? Extra cash.

Need to fill up the tank? Bam. Even more extra cash.

You were going to buy these things anyway — why not get this extra money in the process?

Enter your email address here, and link your bank account to see how much extra cash you can get with your free Aspiration account. And don’t worry. Your money is FDIC insured and under a military-grade encryption. That’s nerd talk for “this is totally safe.”

3. Find Out if Your Car Insurance is Overcharging You

Getting car insurance — or changing it — is kind of a pain. You know you need to shop around to save money, but there are just way too many options. Who has time for all that?

Luckily, a website called InsuraMatch will compare plans from more than 40 different insurance companies for you. Yep. This makes getting the best deal super easy. When you’re ready, you’ll consult with a licensed insurance advisor about which plan is the best match for you.

InsuraMatch can also help you sort through dozens of discounts you might qualify for to save even more on your insurance. You can get discounts for being a safe driver, going paperless, insuring multiple cars, getting good grades and more.

When was the last time you checked prices for car insurance? Has it been in the last six months? Probably not, right? It only takes a few minutes to check with InsuraMatch and see if you’re overpaying.

4. Stop Wasting Thousands Because of Your Bad Credit Score

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Do you know how much money your bad credit score has cost you? Between higher interest rates on car loans or interest fees on your credit card balance, it could be thousands of dollars each year.

You know you need to fix it, but you don’t have the time, money or energy. But there’s a debit card called Extra that can help raise your credit without any of the hassle. And you could get rewards, too.

The Extra debit card is the first debit card that can positively impact your credit score without any of the risks from a  regular credit card — there’s no credit check, no interest rates and no deposit required to use it. Plus, you get to keep your money in the bank account you’ve always used.

Sign up for an Extra debit card by securely connecting your bank account. You’ll get a credit limit based on your real-time cash balance. Every time you make a purchase with your Extra card, they’ll spot you the cash now and pay themselves back the next day.

At the end of the month, all of your purchases are reported to the credit bureaus as credit-worthy payments — just like a credit card company would. But you won’t be paying any interest fees since it’s your money you’re spending. You will earn rewards though!

It takes just a few minutes to sign up for an Extra debit card, and you can get all the perks of a credit card without the risks of a credit card. You can save thousands of dollars in interest, build your credit score and quite literally reap the rewards.

5. Let This Investing App Earn You 38% More 

What are your real financial goals? A better car? A post-pandemic dream vacation? An emergency fund or a college fund? A comfortable retirement?

To reach your goals, you’re going to need to invest and grow your money. If you’re new at investing — or even if you’re not — you should look into an investing app called Betterment

It’s easy to use; it has low fees; and it does all kinds of important and tricky work for you. Because of all those factors, over the long term, you could earn an estimated 38% more than a typical investor, Betterment says.

Just answer some questions about your age and income, when you hope to retire, and your tolerance for risk. Based on your answers, Betterment’s sophisticated software funnels your investment money into a portfolio of low-cost index funds that track the stock market as a whole. 

You can set up auto-deposits to steadily feed your investments. No minimum balance is required. Betterment only charges an annual 0.25% fee, so if you invest $1,000, you pay just $2.50 a year.

Just enter your email address here to get started. It takes just a few minutes, and you could be on your way to hitting your goals — and earning 38% more on your investments.

6. Invest in Real Estate (Even if You’re Not a Millionaire)

The stock market can be a scary place. Stock prices shoot up and down like a roller coaster ride, and who knows when the whole thing might crash?

It would be nice to diversify and invest some of your money in real estate, but don’t you have to be wealthy to do that?

Now you can invest like the 1% does, and all you need to get started is $500. A company called DiversyFund will invest your money in private real estate — specifically, in apartment buildings it co-owns with its investors — and you only need $500.

You can see exactly which properties are included in your portfolio through their online dashboard — like a 54-unit apartment complex in Salt Lake City, Utah, or a 30-unit waterfront property in Stuart, Florida. And you don’t have to experience the headaches that come with being a landlord — DiversyFund does all the heavy lifting for you.

DiversyFund can’t guarantee how its investments will perform in the future — no one can — but historically, real estate has outperformed the stock market for the past 30 years.

So you don’t need a fortune to invest in real estate. All you need to get started is $500. Sign up here to start investing today.

*Please refer to Overdrive Features Terms and Conditions

**Faster access to funds is based on comparison of traditional banking policies and deposit of paper checks from employers and government agencies versus deposits made electronically. Direct deposit and earlier availability of funds is subject to payer’s support of the feature and timing of payer’s funding.

*Keep in mind that every project comes with some amount of risk–high risk, high reward–so there is always the chance you could lose your investment. To date, investors have used CrowdStreet to invest in over 524 deals and have earned more than $240 million in distributions. 56 deals have fully realized, meaning they either sold or refinanced, and those projects have averaged a 17% IRR. You can get their full Marketplace performance stats here.

*Investing in securities involves risks, including the risk of loss. M1 Finance LLC is an SEC registered broker-dealer. Member FINRA/SIPC.




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