While you can technically invest any amount of money, many people only seriously consider investing their money when they have at least a thousand to spare.
If you’ve hit that 1k benchmark, you invest wisely and have some patience; you can grow your thousand into another thousand and beyond. Here are our top five suggestions for investing a thousand dollars.
Open a Savings Account
If $1000 is still a pretty significant chunk of money for you that you’ll need to access quickly and easily in the future, a savings account is a safe, reliable investment option. You can open a savings account at a traditional brick and mortar bank, but an FDIC insured online savings account will offer you better interest rates in most cases. Citizens access offers a 2.35% and is a great place to start.
An ETF is a marketable security that tracks a stock index, a commodity, bonds, or a basket of assets. Bought and sold on public exchanges, the money you make from ETF’s are typically taxed significantly less than other investors are for their capital gains. If you invest in a passive ETF, you also can probably avoid the high administrative fees and management costs that come with mutual funds.
Let Robots Invest For You
Robo-advisors operate much like human advisors, for a fraction of the cost. They take some of the best investing strategies and use artificial intelligence to implement them, giving you an actively managed investment portfolio with very little work on your end.
A certificate of deposit operates as a high-yield savings account. This is another very safe option, as you’ll know your money is safe and secure and FDIC insured as you get some pretty decent returns. The important difference between this and a regular savings account is that you won’t have easy, quick access to your money, but if you’re willing to be patient, this can be a great option.
Invest in Bonds
While investing in bonds alone won’t give you huge returns, they’re a great option for diversifying your portfolio. There are lots of options for people who aren’t up for high risk, such as Treasury bonds, savings bonds, and floating-rate notes (FRNs). The good news is $1000 goes a long way in bond investments.
Peer to Peer Lending
If you aren’t familiar with the concept, peer-to-peer lending is best explained as crowdfunding a loan and then benefitting from the interest (along with all the other people who invested). This is easier than ever with services like Lending Club, where you can easily diversify your investments and gain higher interest on higher-risk borrowers, reducing your own financial risk.
string(4664) "
While you can technically invest any amount of money, many people only seriously consider investing their money when they have at least a thousand to spare.
If you've hit that 1k benchmark, you invest wisely and have some patience; you can grow your thousand into another thousand and beyond. Here are our top five suggestions for investing a thousand dollars.
Open a Savings Account
If $1000 is still a pretty significant chunk of money for you that you'll need to access quickly and easily in the future, a savings account is a safe, reliable investment option. You can open a savings account at a traditional brick and mortar bank, but an FDIC insured online savings account will offer you better interest rates in most cases. Citizens access offers a 2.35% and is a great place to start.
An ETF is a marketable security that tracks a stock index, a commodity, bonds, or a basket of assets. Bought and sold on public exchanges, the money you make from ETF's are typically taxed significantly less than other investors are for their capital gains. If you invest in a passive ETF, you also can probably avoid the high administrative fees and management costs that come with mutual funds.
Let Robots Invest For You
Robo-advisors operate much like human advisors, for a fraction of the cost. They take some of the best investing strategies and use artificial intelligence to implement them, giving you an actively managed investment portfolio with very little work on your end.
A certificate of deposit operates as a high-yield savings account. This is another very safe option, as you'll know your money is safe and secure and FDIC insured as you get some pretty decent returns. The important difference between this and a regular savings account is that you won't have easy, quick access to your money, but if you're willing to be patient, this can be a great option.
Invest in Bonds
While investing in bonds alone won't give you huge returns, they're a great option for diversifying your portfolio. There are lots of options for people who aren't up for high risk, such as Treasury bonds, savings bonds, and floating-rate notes (FRNs). The good news is $1000 goes a long way in bond investments.
Peer to Peer Lending
If you aren't familiar with the concept, peer-to-peer lending is best explained as crowdfunding a loan and then benefitting from the interest (along with all the other people who invested). This is easier than ever with services like Lending Club, where you can easily diversify your investments and gain higher interest on higher-risk borrowers, reducing your own financial risk.
The Momager May Be Worth More Than You Think… Kris Jenner is a pop culture icon for many reasons. While you may have watched her meteoric rise to fame on Keeping Up with the Kardashians — which originally debuted on E! — she’s actually been a fascinating figure in the public eye for ages. As
In the 1980s movie Little Shop of Horrors, the protagonist Audrey fantasizes about owning a house of her very own. She doesn’t ask for much: just a simple one-storey place with a washer, dryer, and bedding will do. And while this moment in the film is intended to satirize the American Dream by underlining how
Traditional weddings can be incredibly stressful, not to mention super pricey – many newlyweds couldn’t buy a house with that money. What’s supposed to be the happiest day of your life can often feel like an endless quest for absolute perfection – almost as if the ceremony doesn’t come off flawlessly, the marriage itself will
Talking about student loans can be an uncomfortable subject. Considering how stressful your debt pay-off journey can be, it’s easy to get overwhelmed by how much you still owe. Fortunately, there are a few ways to successfully pay off your student loans in a speedy fashion so you can finally breathe that sigh of relief
When you think of personal finance, what springs to mind? Kevin O’Leary of Shark Tank fame? Dave Ramsay yelling into a podcast mic? Finance bros tracking their Bitcoin? Unfortunately, these are the images we’re constantly bombarded by. So they’re the archetypes overwhelmingly represented in personal finance. But it’s not all Chads in down vests and
I’ve been thinking a lot about goal setting in the New Year…and not in the cliche resolution way. Not in the way that I get overzealous and aim to save $10,000 in one year, change my entire life around, and find the apartment of my dreams. Not in the way that sets me up for
It’s almost 2024, but if there’s one thing you don’t want to save until the new year it’s putting your finances in order. When it comes to tackling money goals, the best time to start is always yesterday. But these days — given our digital-first landscape and online bank accounts — financial success takes more
Everyone can always use some extra cash. There’s gotta be an easier way than working overtime or wasting your life on obscure side hustles. I’m sure you’ve had friends say, “just invest your money, bro” – if only it were that simple. With so many personal investment apps out there, it can be tough to
After years of talk, the world’s most familiar digital payment platform, Paypal, is finally embracing cryptocurrency as a form of accepted currencies for all its US users. Bitcoin, Ethereum, Bitcoin Cash, and Litecoin will be the cryptocurrencies accepted by PayPal. “The shift to digital forms of currencies is inevitable,” said Dan Schulman, president, and CEO
If you’re savvy when it comes to apps but could use some direction in your investing game, combine the two and go from investing newbie to knowledgeable with tips you can tap into. Entering into the world of investing can be daunting, so invest your time before you invest your hard-earned dough. These 5 apps
