Making more than $5,000 a month is a big milestone. But leaving the money in checking likely doesn't make much sense since most checking accounts pay minimal or no interest.
Once you've worked hard, you want to put your money to work for you. Here are eight money moves you can make to get the most bang for your buck and get on the path towards a bright financial future.
Invest in Apple, Amazon, and other companies for just $5
Once you've paid all your essential monthly bills, you may want to take a look at what's left in your bank account and come up with an investing strategy. Even if it's not a lot of money, you don't have to let that stop you — you can start investing with $5 or less.
Stash was built to help beginner investors get started. You can buy fractional shares (partial shares) in companies that are household names like Apple, Google, Amazon, and more1. Normally a single share of these companies could cost hundreds or even thousands of dollars, but you only need as little as $5 to get started with Stash.
If you're thinking about saving for retirement, you can start investing in an IRA and enjoy the tax benefits that come with retirement accounts. Stash also offers tools and guidance to help you along the way.
As a bonus, Stash will give you $10 to invest after you deposit $5 or more into your personal portfolio.5 Want even more tools and guidance? If you choose the Stash+ plan6 when signing up, you can earn 2x stock rewards when you spend on eligible purchases!2
Life insurance for less - starting at just $1/day
Here's a secret: life insurance agents often push expensive policies because their commissions are tied to the policy premiums you pay. The higher the premium, the more THEY get paid.
If you want to get the coverage you need for a fair price, you can skip the agent and get a quote online. With lifeinsurance.net, you can either buy your policy online or work with an agent over the phone who will listen to your needs and guide you to a policy with the best coverage for your budget. The price you pay will be based on your age and health, not someone else's commission.
Save up to $500 on car insurance in Virginia
Car insurance can be expensive, so you want to make sure you're not overpaying on your current premium.
FinanceBuzz has made it easy to search and compare quotes. Think of it as Kayak, but for car insurance.
We can help match you to insurance carriers and regional agencies to help you save on your car insurance. FinanceBuzz can save drivers up to $500 per year compared to their current insurance premiums.
It takes less than 5 minutes to fill out the form and you'll receive a list of matches that show you online, email, and potentially phone quotes.
Budget better and trim up to $720 from your bills
Ever look at your bank account and wonder where that $5k you made this month went? Poof, it's gone and you're not exactly sure where you spent it. A budgeting app like Truebill can help you take control of your money — spend intentionally on the things you value and stop throwing money away on unimportant things.
Once you have a complete picture of your finances, it's easy to see ways to save. And Truebill can help make those potential savings a reality. Their expert negotiators can call the cable company and phone company to help lower your bills. They'll also help you cancel unwanted subscriptions and put that money back in your bank account where it belongs.
Truebill has already helped save its members over $50,000,000 on their bills without much time and effort.
Invest in paintings by Basquiat, Picasso, Banksy
The ultra-wealthy have been flipping art for huge profits for decades and now non-millionaires can get in on the action. Masterworks is a platform for investing in blue-chip art, an asset class that’s outperformed the S&P 500 by over 180% between 2000-2018.
Masterworks purchases multi-million-dollar paintings and divides up ownership among its members. Just like stock in a company, you can own fractional shares of artwork. If the painting sells, you make money off the appreciation.
While Masterworks requires a $5,000 account minimum to get started, you can invest as little as $20 in each work.
Skip The Waitlist: Use our link to get exclusive access to bypass the 25,000 person waitlist!
Get paid $150 to ditch your debit card
If you’re using your old debit card for everything, you are probably missing out on serious cash, rewards, and benefits. With an Aspiration Spend & Save account, you’ll get $150 for opening a new debit card - just open an account, use your Aspiration debit card to make at least $1,000 in purchases within 60 days and you’ll get $150!7
You’ll also be eligible for up to 10% cash back on purchases and 1% APY on your balance – that’s 14x the national average interest rate.8
Not to mention unlimited fee-free withdrawals at over 55,000 ATMs. Best of all there’s no minimum credit score!
Get the cash you need without leaving home
If you need quick access to cash, a home equity line of credit (HELOC) from Figure is one of the simplest and fastest options available.
You can get a HELOC from Figure3 without ever leaving home. Whether you'll use the money for debt consolidation, a home improvement project, or a major purchase, you could have your money in days, not months.
Their online application is fast and easy to complete. There's no in-person appraisal needed and they even have online video notaries available in some locations. You could receive funding in just 5 days9 — get the money and get on with your life.
Checking your pre-qualified offers from Figure won’t impact your credit score,4 but you do need a credit score of at least 620 to qualify.
Bonus: Get smarter about money in just 5 minutes a day
"Wealthy" is all about numbers. "Worthy" is a mindset. If you’re the type of person who’s passionate about growing your net worth and becoming financially independent, then you belong in Worthy — our brand-new personal finance community.
Join Worthy, and you’ll get expert advice on earning more, investing smarter, and saving for the life you want - right in your inbox, for free! Stay up-to-date on the latest news and trends that could impact your wallet, and get access to exclusive insider content and special offers.
Sign up now and join thousands of people who are getting smarter about money every day with Worthy.