4 Simple Ways You Can Invest $1000
While $100 could be used for a nice gift to treat yourself, you could invest the money to treat your future self. Instead of spending it all today on a trip to the spa or a few meals, here are four simple says that you can grow that Benjamin into something much bigger.
Your patience will be worthwhile if you invest the money wisely for the bettering of your future. Keep reading to learn the best ways for investing for free!
Investigate Dividend Stocks
Look into what companies offer dividends to their stockholders. As a new investor, with only $100 to spend, start with just purchasing a few stocks. If they’re dividend stocks, you can reinvest the dividends and buy more stock at any time.
The greatest appeal to investing in dividend stocks is that no financial analysis or complicated strategy is required. All you need to do is purchase your desired share of the stock before the given ex-dividend date, then you can sell the shares on the ex-dividend date or any time afterwards.
The ex-dividend date is the day the stock price often drops in accordance to the dividend amount. This will allow you to increase your portfolio without any harm to your savings accounts.
Invest in Short-Term Cash Investments
If you want protection for your recently acquired $100, try looking into a Certificate of Deposit, or a CD. This financial device creates market-risk protection for your bills, making sure it stays your money. You deposit the $100, and in return you get paid interest.
The longer the time you commit to depositing the money, the larger your return should be. In a matter of time, this can be an amazing way to watch your money grow. Rest assured that your money has little to no risk, as it won’t be tied up for long periods of time, either several months or a few years.
Invest in Bettering Yourself
The wisest way to invest your $100 could be in the bettering of yourself. If there a new skill that could help advance your career? What’s something you’ve always wished to improve upon, or a skill you wish you knew?
Take the opportunity to use your money to do some reflecting.
This could be anything from learning a new language, or taking a class to learn a new computing program. Pick out a self-help book, hire an online tutor for a personal session, or put the money towards a class at a nearby university. Make yourself a professional looking website, using Wix for $5 a month, or WordPress for about $100.
This could lead to giant leaps in your career down the line, and could differentiate you from other candidates in a new position at work!
Try Going Digital
Download a smartphone app to invest your money for free! MoneyLion is one of our favorite applications that allows users to create a diversified portfolio across various international or domestic stocks and bonds.
Whether you’re a seasoned investor, or just starting your portfolio, making a membership through MoneyLion makes investing easier than ever. Users add as much or as little as they’d like, so start with your $100 and watch as your portfolio expands. The account manages itself through Roboadvisors, but you have the ability to make adjustments as you see fit.
Instead of buying yourself a treat that will only last one day, follow these four simple suggestions to get the most out of your extra cash. While it takes some patience and dedication, investing your money can lead to a much better way to treat yourself down the line!