You’ve worked hard to make money all your life and now you want your money to work hard for you. Here are 4 things you can do with just $10 that can help you slowly grow a fortune. Start with $10 so you can build up a nice nest egg for later on!
Buy a Company
I know what you’re thinking. Buy a Company? With $10?
Well, you can buy part of a company for as little as $1!
You may not have millions of dollars lying around, but thanks to the ever-changing world of finance and technology, what was once reserved exclusively for millionaires and billionaires is now accessible to the regular man and woman.
You can use websites and apps like Stash and Robinhood to invest in stocks, spending as much as you like, whether $10 or $1000. Once you become a stockholder, you become a part-owner of that company. Congratulations!
You can invest small amounts periodically to increase your portfolio. The best part about becoming a shareholder is that when companies earn a profit, so do you! Most companies will send you a check every quarter. This is called a dividend, and it will depend on how many stocks you own in that particular company.
Get a Cashback Credit Card
How would you like to earn money every time you spend money? Sounds like a dream come true doesn’t it!
Well, it can be a reality with just a few easy steps. A simple google search will let you know about all the cashback cards in your area. Aspiration is a pretty well-known one that gives you 5% back every time you swipe up to 100x the normal interest rate you get from big banks.
No matter what you’re purchasing, be it groceries or gas, you will get 5% back every time you swipe your Aspiration card! You are going to spend money on these things anyway, so why not get some extra cash while you’re at it?
Open a P2P Lending Account
A peer-to-peer lending account is a crowdsourced lending service where you can contribute as much as you like so people who need money can get loans. The best part about being a lender on such sites is that you can get up to 10% interest on your investment, depending on the amount of risk you are willing to take.
Signing up to a P2P site is as easy as 1,2,3 and you can do so with just $10. LendingClub and Prosper are two good places to check out!
Set Your Family up with $1 Million Bucks
If you are the main breadwinner of your family, you may want to start thinking about how you can help them live comfortably after you’re gone. No one wants to think about dying, but nothing is certain in this world.
You should definitely have some savings in your bank account, but you can’t expect your family to live off of it forever. Instead, you should get yourself term life insurance. You may have thought life insurance is for the rich or old, but did you know you can get one for as little as $8 per month?
That’s right! Services like Bestow are available to people under 54 years and you can apply for a free quote without even leaving your house. Investing a few minutes (and a few dollars) today can give you peace of mind in the now and financial freedom for your family in the future.
Let’s be practical, you can’t make millions by investing $10. But what you can do with $10 is get started on your goal of making a million dollars. You have to start somewhere, right?
Any good businessman knows that you have to reinvest your profit so that you can grow your business and earn a bigger profit next time. This is the same concept that applies here. Investing $10 just once isn’t going to do much, but if you keep reinvesting whatever you earn back, you can multiply your earnings every time.
So, what are you waiting for? Go make a million with just $10!