Do you remember the first time you wrote a check for $100?
What about your first $1,000 check? I bet you weren't wondering how to invest $1,000 dollars then, were you? Even better, your first $10,000 check?
The first time I wrote a check for $10,000 was to pay off my student loan debt. That was, by far, the best check I ever wrote!
For me the choice was clear, but where to put an extra $10,000 isn't always an easy decision. I'm here to help! Here are 9 great ideas on how to smartly invest $10,000.
▶︎1. Stock Market (5:26)
If you want to put your money into a virtual autopilot situation, a robo-advisor may be exactly what you’re looking for.
What is a robo-advisor? It’s an online investment management platform, often referred to as a robo advisor, because everything is handled automatically for you.
✅Open an Account at Betterment here:
▶︎2. Buying Individual Stocks (9:19)
You can open an online discount brokerage account through companies like TD Ameritrade and Ally Financial.
▶︎3. Tax-free goodness - Roth IRA (11:42)
You can only put $5,500 in for yourself, but you could also put in $5,500 for your spouse.
Learn more about how to become a Roth IRA Millionaire here:
▶︎4. Peer to Peer Lending (12:13)
If you prefer fixed income investments to equities, peer-to-peer lending offers an opportunity to earn interest rates that are well above average.
There are various peer-to-peer lending sites on the web already, the two I recommend are Lending Club and Prosper.
Open an an account with Lending Club here:
▶︎5. Real Estate (14:14)
Real estate is an excellent investment, no doubt about it. But $10,000 isn’t enough to make a down payment on the purchase of an investment property these days but that doesn’t mean that you can't invest in real estate.
🏡If you don't want to manage properties and still make money from real estate, check out Fundrise:
▶︎6. Annuity (20:55)
You guys know I am not crazy about annuities 😆, but there are some instances where they are the better choice. If you are 5-10 years away from retirement, this may be the perfect opportunity for you to invest in some safe retirement opportunities.
▶︎7. Invest in a Business (23:15)
This is yet another example of investing in yourself. By starting your own business, you put yourself in a position to take maximum advantage of your knowledge, skills and abilities.
Thanks to the Internet, it’s very possible to start your own business with just a few thousand dollars.
▶︎8. Coaching Programs (26:46)
When we think of investing, we generally think of putting money into assets with the hope of getting a return on the investment. Anything that you can do to improve your knowledge and skills – that will either enable you to live better, or to earn more money – is a true investment.
One of the ways to do this is to put some of your money into coaching programs.
▶︎9. Cryptocurrency (30:14) Yes I finally did it- I invested some money in Bitcoin.
Give a couple of these a try and see if they'll work for you!
Get all the details on the blog here: https://www.goodfinancialcents.com/how-to-invest-10000-dollars/
★☆★Resources Mentioned In The Video★☆★
🤝Peer to Peer Lending Options:
🏢Online Real Estate Options:
📈Get Started Investing Options:
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