Even after you turn 40, you can continue to grow whatever wealth you have. It is easier than ever to check stock prices, find deals and expand your financial portfolio without the help of experts who charge insane prices. And if you think these tips and tricks aren’t for you, just check out the people that they have worked for!
But don’t wait, because although many years may be behind you, the most important thing to focus on is growing your wealth in the coming years. Every day that you waste without trying these ideas could be money lost!
Invest a Few Dollars in Companies Like Apple, Amazon and Tesla
It’s obvious to most people that investing could be a great way to build wealth, but it may seem like a difficult process to begin. Despite this long-held perception, it is easier than ever to invest in popular companies that are known wealth builders like Apple, Microsoft and Tesla.
There are currently many applications that you can download directly to your phone that hook you directly into the stock market. Apps like Stash and Robinhood are great choices for those looking to invest. Even if you’re not sure if the companies you’re looking to invest in will be a good return on capital, you can start off slow by just investing a few dollars into each company. Apps like Stash only require you to have $5 to start investing.
Savings accounts may accrue interest, but investing money in stocks will typically see far greater and faster returns. And apps like Stash can also help you invest in IRAs to prepare you for retirement.
Ditch Your Car Insurance
Are you paying too much on car insurance? You just might be. Without checking other companies for better rates, you could wind up paying hundreds more than you need to in monthly payments. But how can you be sure that you’re getting the best price, or even the best insurance?
There are online tools that can help you calculate what you would pay with other companies. Even Google can be a great place to start your financial research. Simply look up the company you are currently with and then search for other insurance companies that could be better fits. Many of the websites for these companies will guide you to discover what you could be paying with them. And best of all, it’s free to search before you pay.
Find Better Online Deals
Shopping online is one of the best conveniences of the modern era. With just a click, you can order your groceries, get dinner delivered and order Christmas presents without ever stepping foot out of the house! But with this ease of use comes a lot of unforeseen fees.
There are some applications online that can help you find coupons to lower your total purchase costs, but some of these can be time consuming and tricky. Another good bet is to find cash back apps like Rakuten. This application automatically applies coupons to your grocery orders and even gives you cash back on applicable purchases. Using this app while grocery shopping can be a total life saver.
There are also browser extensions you can download like the Honey app and Capital One Shopping that assist you in finding coupon codes while shopping online. Simply download one of these apps and it will automatically find you digital coupon codes to use the next time you’re shopping online.
Invest in Gold and Other Precious Metals
The stock market is pretty volatile these days and anyone not sure about using apps and websites to invest their hard earned money has some other options, too. Even if you have some money already invested in stocks, it is important to diversify your wealth, so having some money that is readily available in gold is also important.
Gold’s value is regularly opposite of the stock market, so when one is up the other is probably down. So having a diversified group of investments in your portfolio is helpful on days when the stock market takes a dive.
Gold Alliance is one precious metals dealer that makes it easy to invest in gold without any added taxes or penalties. They also make the process of transferring funds from a retirement account like a 401k or IRA to the site. Their website offers plenty of information for why investing in precious metals is a safe bet and helpful tips on the best ways to do it.
Find a Credit Card that Pays You Back
If you don’t already earn cash back from your current credit card purchases, you could be in store for a better line of credit. There are many rewards based credit cards that can save you hundreds on regular purchases. Although the idea of having multiple credit cards may seem stressful, there are a lot of great options that won’t have too much of an effect on your credit score or your available funds.
One such card is the Capital One Quicksilver Cash Rewards Credit Card. This option offers a 0% interest rate for the first 15 months and new cardholders can receive a $200 cash back bonus after spending $500 in the first three months.
Another card that offers regular cash back incentives is the Apple Credit Card. If you are a person who regularly buys the newest Apple products, you could receive up to 3% cash back on those purchases. Other purchases can net you either 1% or 2% cash back, depending on what retailers you choose to shop with.
Investing in Art Doesn’t Have to Be Hard
Buying fine art is something that not everyone has the money for, but even frugal people should considering investing their money in something physical that could increase in value. In fact, art has outperformed the S&P by over 180% between 2000 and 2018.
There are even websites that can make it easier for you to buy great works of art. Masterworks is a platform that helps you build a portfolio that you can be proud of. With a minimum $5,000 investment to get started, you can soon have a piece of great artworks made by famous names like Warhol, Banksy or Basquiat.
To do so, Masterworks lets you buy individual shares of famous artworks, similar to the way that you buy stocks in a company. These shares will then let you be paid when the painting sells or help you make money by selling your shares when the painting gains value.
Unlock Your Home’s Equity
Having a home is a valuable asset, but there aren’t many ways to easily use its worth to help you financially without selling it outright. And when you need available cash for home improvements, family costs or groceries, it may seem like there aren’t many options to consider.
Hometap offers an alternative to traditional home equity loans. This company helps you by making an investment in your home and when you need cash, they will lend it to you in return for participating in the proceeds when you sell your home.
You need to own at least 25% to be eligible for Hometap’s services, but you can request a free estimate immediately on their website.
Get Out of Debt
Being in debt is one of the most stressful things for an adult. Maybe you ran up a few credit cards or made some purchases that you just didn’t have enough income to pay for. No matter how you got into this situation, there are ways out that you can take advantage of.
If you owe more than $10,000 in credit card bills, medical bills, collections or personal loans, National Debt Relief could be of service to you. With their assistance you could be debt free within as little as 24 months and there are zero fees to get started with them. Just answer a few questions via their website and get started on the road to financial freedom today.
Refinance Your Mortgage
Having a mortgage is a years-long commitment that may have seemed easy when you first signed onto it. But through the years, it may have become harder and harder to pay your monthly dues. You could be saving hundreds of dollars each month by making one simple change.
You should compare mortgage offers and rates between financial services to see if you’re getting the best deal. Just like any other long term payment plan, there may be other options that you have not yet discovered. And if your financial situation has changed since you first signed onto your mortgage, there may be ways to change your payment plan.
You may even be able to access a cash out refinance and get rid of your long term high-interest debt. And you can accomplish this while building equity in your home faster than you are at the moment.
Build Your Wealth Like the Rich and Famous
You don’t need to be in the 1% to take advantage of wealth growing techniques that can provide a nest egg for your retirement and wealth to pass on to future generations.
There are plenty of resources available that provide incredible insights for how to grow your investments, maintain your wealth and better your spending habits.
Morning Brew is a newsletter that is sent directly to your email that can teach you the newest tips from financial experts. This easy to digest 5-minute read can keep you up to date with the latest financial news, investment trends and resources that can help keep you financially sound and proud of your wealth.