How much should you invest in stocks? How much do you need in an emergency fund? Should you buy or lease a car? Do you need life insurance?
These are just a few of the many money questions we all face. And getting it right is important. Consider this: If you invest $500 a month for 30 years and earn 5% annually, you’ll end up with about $400,000. But if you can goose those earnings to 15%, you’ll end up with more than $2.5 million.
That’s a difference that will change your life. And that’s why you need all the help you can get.
Fortunately, there’s a ton out there. Check out the following services that can help you with investing, budgeting and harnessing expert help at the lowest possible cost.
They may not all work for you, but you’ll likely find something that will help, so be sure and read the entire list.
1. Expert help for less
Traditional money management firms require minimums of $50,000 or more, and their fees are typically 1% of your account balance. Result: On $100,000 in savings, you pay $1,000 every year. And the more your savings grow, the more you pay.
But now there’s a new, radical solution. It’s called Domain Money. This unique service gives you access to expert human advisers for just $79 a month.
Just imagine what outside expertise could do for you. Your adviser could find tax savings, help you with a budget, give you investment advice and answer your questions. All of which could add up to more money later and less stress now.
Bottom line? Thanks to Domain Money, outside expertise is no longer just for the rich.
Check it out. Your future self will thank you!
2. Free organizing, free advice
Tired of your finances kicking your butt? We feel ya. Between your 401(k)s, IRAs, investments, savings and mortgages — it’s a jungle out there!
But hey, don’t sweat it. Your money problems are solved with Empower, your new financial sidekick. They’ve helped more than 17 million people just like you with three things that instantly improve your financial life:
- A free dashboard: You can see everything you own and owe all in one place.
- A free second opinion: Talk to an adviser about your current investment strategy.
- Personalized advice: Build a personalized portfolio that’s tailored to your goals.
All you have to do is link up your checking, savings, credit cards, investments, mortgage, etc., and next thing you know, you’ve got a concise view of what’s going on with your money.
You’re back in control.
And once you connect $100,000 or more in qualified accounts, you get FREE personalized financial advice and insights. Empower combines award-winning technology and financial tools with experienced fiduciaries to create a smart, easy way to transform your financial future.
Empower doesn’t just get your finances in line, it helps your money work for YOU.
Lots to gain, nothing to lose: Link your accounts today and see how Empower can change your financial life for the better.
3. Do what the rich folks do
Even if you’ve been successful at growing and managing your savings, the more you have, the more attention your savings require and the greater the damage if you screw up.
That’s why rich people often use a second set of expert eyes.
A Vanguard study found that, on average, a hypothetical $500,000 investment over 25 years would grow to $1.7 million if you manage it yourself, but more than $3.4 million if you work with a professional.
Obviously, there are no guarantees a professional will do better than you. But getting a second opinion from a pro certainly can’t hurt. Even if you don’t need help picking investments, they can help you create a plan, maximize your Social Security, protect your assets and offer you peace of mind by ensuring you’re on the right track.
They can also be there in case one day you’re not.
These days, there are no-cost online services that make it easier than ever to find vetted financial advisers in your area. For example, SmartAsset. You fill out a short questionnaire and are instantly matched with up to three local fiduciary financial advisers, all legally bound to work in your best interests.
If you’ve got $100,000 or more in your investment accounts, check out this free service. It only takes a few minutes, and in many cases you’ll be offered a free consultation.
Please carefully review the methodologies employed in the Vanguard white paper, “Putting a Value on Your Value: Quantifying Vanguard Advisor’s Alpha.”
4. Invest in real estate with $10
Real estate has long been a path to wealth. But you need to be wealthy to get started, right?
Wrong. For as little as $10, Fundrise can get you started. Fundrise lets you buy into real estate properties the same way stocks let you buy into companies.
In effect, you’re a landlord without having to run background checks or serve eviction notices. While not a guarantee of future results, Fundrise investors have earned an average of a 25% increase within three years; if they held on for five years, the increase was more than 50%.
People are always going to need a place to live — and recent rent jumps make real estate investing more profitable. Rent prices went up almost 25% between early 2020 and mid-2023, according to data from Harvard’s Joint Center for Housing Studies.
Take a sec and see for yourself.
Note: This is a testimonial in partnership with Fundrise. We earn a commission from partner links on moneytalksnews.com. All opinions are our own.
5. Start small, grow big
Want to invest but don’t have a lot of cash to spare? Sit back and let a micro-investing app called Acorns automatically invest your spare change.
As you go about your day, Acorns rounds up your purchases to the nearest dollar and invests the difference automatically. So, let’s say you spend $10.25 at the supermarket — the app will take the 75 cents from rounding up the purchase price and transfer it to your Acorns account. Then, Acorns will get to work and invest your 75 cents into a diversified portfolio of stocks.
You can also make small, regular deposits to grow your account faster.
With just your phone and a few bucks a month, you can earn more and save more for retirement. Plus, there’s no minimum investment to get started, and the app will do the heavy lifting for you.
If you’re hesitant to jump into the deep end of the investing pool, Acorns is the perfect way to get started, learn and earn. Maybe that’s why 10 million folks have already invested $15 billion through Acorns.
Bonus: Get paid to get smarter
What if you could create an extra $1,000 every year, while both entertaining and educating yourself?
You can: It’s called the Money Talks Newsletter, and it’s totally free. Our million+ subscribers report saving an average of $991.20 annually, simply by following our news and advice.
It takes 2 seconds to subscribe, and if you don’t like it, 2 seconds to unsubscribe. Sign up for the free Money Talks Newsletter, and get richer, and wiser, one day at a time.