Once Your Paycheck is Higher Than $750/Week, Make These 5 Moves
Now that you’re not worried about running your bank account down every week, it’s time to think about what you want to achieve next with your money. Do you need to save more? Buy a home? Invest?
What’s the next step you should take? This is all part of adulting, you know. What are some specific things you can do you to take your finances to the next level?
We’ve got some ideas for you:
1. Invest Like a Tycoon (Even If You’re Not Rich)
It’s no secret: Investing can a great way to grow your money. But that’s something only wealthy people do, right?
You don’t have to be Warren Buffet to get started with investing.
In fact, you can get started with just $1, using a company called Ellevest. Plus, when you sign up through The Penny Hoarder, you’ll get a $25 bonus in your Ellevest account.*
You don’t even have to know how to pick stocks. When you sign up, Ellevest will build an investing plan just for you. Even better: The whole platform is designed for women, by women and in support of women-owned businesses. In fact, the company was founded to address the fact that women statistically get paid less than men (and live longer!), which most financial companies typically ignore.
Take that, Monopoly man — money’s not just for men. .
2. Secure $1 Million in Life Insurance for Just $25/Month
You probably don’t want to think about what will happen to your spouse or family after you die — but have you ever wondered how it would affect them financially to lose you (and your income)?
A company like Policygenius offers you an easy way to compare and buy life insurance. Unlike traditional providers, this online-only platform provides an easy way to apply, and it offers instant quotes from top carriers online to help you make a quicker decision.
“The biggest mistake I see millennials making is being duped by insurance salesmen,” says Andy Yadro, a financial planner with Googins Advisors in Madison, Wisconsin. “Everyone needs insurance, but a very small subset of young people need the insurance that is sold by most ‘financial advisors.’”
To get a quote through Policygenius, you’ll just enter some info about yourself and your health online. Once you choose a life insurance company, you can apply right online, and a Policygenius rep will give you a quick call to ask a few follow-up questions.
You get easily leave behind $1M for as little as $25/month.
3. Reduce Your Car Insurance to as Low as $27/Month
How much are you paying for car insurance each month? $75? $150? $250?
Yes. There’s no getting around car insurance, unfortunately. But once you’re making a little more money, it might be smart to change your car insurance.
And you should shop around twice a year.
“Not only can a lot of circumstances in your life (getting married, for example) and your car (mileage, age) change in that time, but insurance companies may be changing their pricing as well, and you want to be sure you’re getting the right coverage, service and of course pricing to suit your changing needs,” says Alyssa Connolly, the director of marketing insights at The Zebra.
The Zebra, an online car insurance search engine that offers “insurance in black and white,” compares your options from 204 providers in less than 60 seconds.
Just enter information about your car and your coverage needs, and The Zebra shows dozens of side-by-side quotes as low as $27/month.
4. Let This Company Pay Off Your Credit Cards
A lot of us are being crushed by credit card interest rates north of 20%. If you’re in that boat, consolidation and refinancing might be worth a look.
That’s where a company like Fiona can be helpful. It can help you find personalized lending options to refinance or consolidate your debt to potentially save thousands of dollars in interest.
Fiona will show you all the lenders willing to help you pay off your credit card and eliminate the headache of paying bills by allowing you to make one payment each month.
If your credit score is at least 620, you can borrow up to $100,000 (no collateral needed) and compare interest rates, which start at 3.84%. The idea is to secure a loan at a lower interest rate, potentially helping you save thousands. Repayment plans range from 24 to 84 months.
5. Find a Job That Lets You Make Your Own Hours
Tired of being chained to a desk? Try delivering groceries, takeout and even retail purchases with Postmates.
The amount you can earn varies, but the median earnings per hour during peak times is $19, CEO Bastian Lehmann said at a 2015 TechCrunch event.
Unlike other apps, you’ll take home 100% of your earnings when you make a delivery — no service fees, booking fees or transaction fees.
You can deliver through Postmates by car, bicycle or foot. Just create an account, then you’ll receive a welcome kit in the mail within a week (a free delivery bag and a prepaid card to make your purchases). Link the card to the Postmates Fleet app, and you’re off to earning extra money.
Actual amount earned will vary, depending on a number of factors. You’ll see how much you earned after each delivery and exactly how your earnings were calculated.