If you’ve managed to save some money, you might be wondering how to make it work harder for you and secure your financial future. Here are five alternative investment options to consider if you have over $1,000 in savings.
1. Invest Like the Wealthy (Even Without a Big Budget)
Real estate investing might seem out of reach, but platforms like Fundrise make it accessible to everyone. With as little as $500, you can start investing in commercial real estate projects across the U.S., such as townhomes in Washington D.C. or apartment complexes in Florida.
Fundrise handles all the heavy lifting, from property management to rent collection. Investors earn through quarterly dividends and property appreciation, making it a smart way to build wealth without becoming a landlord.
2. Secure Your Family’s Future with Life Insurance
Life insurance is a crucial safety net for your loved ones. Companies like Bestow make it simple and affordable to get term life insurance, with policies starting at just $5 per month.
You can apply online in minutes without a medical exam, securing up to $1 million in coverage. Whether you have a family now or are planning for the future, locking in a policy early means lower premiums and peace of mind.
3. Turn Spare Change Into Investments
Acorns is a user-friendly app that helps you invest effortlessly. By rounding up your everyday purchases to the nearest dollar, it automatically invests your spare change.
After answering a few questions about your financial goals, Acorns creates a customized investment portfolio for you. Plans start at just $1 per month, and new users even get a $5 bonus to kickstart their journey. It’s a hassle-free way to grow your savings without noticing the impact on your wallet.
4. Tackle Credit Card Debt with Payoff
If you’re carrying high-interest credit card debt, Payoff can help. This service consolidates multiple payments into one low-interest loan, simplifying your finances and helping you pay off debt faster.
Once approved, Payoff deposits funds directly into your account to clear your balances. You’ll have just one monthly payment, no late fees, and potentially a better credit score. It’s a straightforward step toward financial freedom.
5. Boost Your Credit with a Loan from Upstart
If you have limited credit history, Upstart offers personal loans designed to help you build your financial future. The company evaluates factors like education and job history, making it easier for those with potential but limited credit to qualify.
Loans can be used for debt consolidation, home improvements, or other expenses, with funds typically available the next business day. With flexible terms and fast funding, Upstart is a great option for improving your credit and achieving your financial goals.
These investment strategies are designed to make the most of your savings and set you up for long-term success. Whether it’s real estate, life insurance, or tackling debt, each option can help you take the next step in your financial journey.