Remember getting that first big paycheck from your first “real” job? It felt pretty good, didn’t it?
Money is the most effective reward for all of our hard work. But money isn’t always just fun and games; in fact, it can create many issues in people’s lives if not handled well.
Even if you are a millionaire, there is still a lot to think about, including how much money to save, where to invest, mortgage rates, etc. Continue reading to learn about six financially responsible moves you can make today.
1. Leave Your Family Up to $1,000,000 Thanks to Life Insurance
Starting a family is a dream to many, but of course, having children and a partner adds a lot more financial responsibility. Something you can do right now to help provide for your family in the future is to start thinking about your term life insurance.
You can leave your family up to $1 million in life insurance. And get this – there is no need to have that money in the bank.
2. Get $5 to Start Investing in Amazon, Tesla, and Apple
The wealthiest people usually own a part of a well-managed company. Just because you work for one employer doesn’t mean you can’t get a stake in another, bigger and better enterprise.
Who says investing needs to be complicated? And if you think you don’t have the time and money, you might want to think again.
The app Stash lets you buy pieces of other companies for as little as $1. Yup, that’s right! Invest in retail giants such as Amazon and Apple for just $1.
Want to start earning money today? By signing up for Stash, you will get a $5 bonus instantly.
Good alternatives to Stash are both, Webull and Robinhood. With Webull, you can get two free stocks for signing up and with Robinhood, you can get one free stock for signing up. Heck, maybe sign up with all of them.
3. Invest in Real Estate with as Little as $500
Have you ever considered investing in real estate? I know it sounds scary, and you’re probably thinking, “shouldn’t I be wealthier before I do that?” The answer is no. And guess what – you don’t even have to be a landlord when investing in real estate.
Fundrise also provides a solid alternative to real estate investing. In our opinion, both get the job done very well.
4. Re-fi and Save Hundreds of Dollars on Your Mortgage
Refinancing your mortgage could be a very smart financial move for you to save money, but there are some things you should consider first. Be sure to check your credit score; a high credit score is needed to secure the best rate on the market. Getting a lower interest rate can translate into hundreds of dollars in savings.
Before taking the leap, shop around for the best option. QuickenLoans makes it easy to find the loan that fits your needs.
Because a re-fi can cost you a substantial amount of money, we recommend you check with at least two other vendors:
5. Secure a HELOC for a Backup or Worse Times
We all have stressful lives. Why not relieve some of that stress by setting up a home equity line of credit (HELOC). When compared to other types of loans, a HELOC has many advantages you really should take into consideration.
Closing costs on a HELOC are low or can even be nonexistent (if you have good credit). You can borrow whenever you need to and in any amount. And, you only pay interest on what you’ve borrowed. Credit card and personal loans can be expensive, but I have some good news for you – a HELOC can give you lower rates than both!
Make the most of your home equity by applying online at Figure.com.
6. Save Money on Your Monthly Cellphone Bill
It is no question that cellphone providers know how to rip us off with things such as upgrade fees and roaming fees. To be honest, you are most likely getting charged for fees that you weren’t even aware of written in fine print in the plan you chose when you first got your cellphone.
Deciding on a cellphone plan can be a bit tricky, and you may end up losing money if you choose a plan with more data or storage than you really need.
Ting Mobile is a quality choice for your future low-cost plan. With Ting, you pay for what you use, get national coverage, and the best part is that it’s contract-free.
Disclosure: We may receive compensation from the products and services mentioned in this story. The opinions are the author’s own. Compensation may impact the offers’ order. We have not included all available products or offers.