If you’ve got $100,000 in savings, congratulations! You’re now in a great position to make that money work harder for you and turn it into lots more. But with all the options out there, figuring out what to do next can be tricky.
We’ve got you covered with a bunch of smart money moves that could pay off big time. From new to tried-and-true, this guide will show you how to grow your nest egg and balance risk and reward. No complicated jargon, just straightforward advice you can actually use.
Not all these tips may work for you, but some definitely will, so be sure to read them all.
1. Get a second set of expert eyes
To properly manage your money, work with a professional — it’s totally worth it. If you’re not doing this, you could be missing out on some serious financial gains.
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 financial advisor. That’s twice as much!
If you’ve got at least $100,000 in investments, check out a free service called SmartAsset. You fill out a short questionnaire and instantly get matched with up to three vetted financial advisors in your area, all legally bound to work in your best interests.
Even if you don’t want help picking investments, an advisor can help lower your tax burden, create a comprehensive financial plan, maximize your Social Security, help with estate planning and making sure you’re on the right track. They can also be there in case one day, you’re not.
Using SmartAsset only takes a few minutes, and in many cases you’ll be offered a free consultation.
Nothing to lose and lots to potentially gain. Take a minute and check it out right now!
Please carefully review the methodologies employed in the Vanguard white paper, “Putting a value on your value: Quantifying Vanguard Advisor’s Alpha.”
2. Don’t put all your eggs in one basket
If a large part of your savings is in the stock market — as it should be — you’re well aware that what goes up can also go down. You can’t control the market, but you can hedge against uncertainty by having other forms of wealth.
One of the best ways to protect your savings is diversification. Keep money in different types of investments, ideally ones that go up when others are going down. For example, stocks tend to do poorly when inflation and interest rates are rising and there’s political turmoil brewing.
But there’s one investment that thrives in this scenario: gold.
Be careful who you deal with, though. Lots of companies in the gold business are pretty shady and won’t hesitate to sell you gold and silver at vastly inflated prices.
Goldco, on the other hand, has an A+ rating from the Better Business Bureau, an AAA rating from Business Consumer Alliance, and 4.8 to 5 stars on Trustpilot, TrustLink, Google reviews and ConsumerAffairs. They offer just about everything, from precious-metal IRAs to gold coins and gold bars.
You’ll even receive up to $10,000 in free silver on qualified purchases. If you’ve ever thought about investing in gold, why not take a look?
3. Invest in your family and your future now
According to the U.S. Department of Health and Human Services, 7 in 10 people who turn 65 today will probably need some kind of long-term care.
“But won’t Medicare take care of all that?” Nope. Medicare doesn’t cover long-term custodial care — and paying for it out of pocket could take a huge chunk of your retirement savings. That, plus inflation, could scramble any nest egg.
Solution? Long-term care insurance.
One place to find it is GoldenCare. (Unless you live in the four states where GoldenCare doesn’t operate: Alaska, Florida, Hawaii and Washington.)
At least check it out and see if it’s a fit. Because a little planning today could mean a far more secure tomorrow.
4. Invest in real estate for $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 25% 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 17% in 2021, according to data from Harvard’s Joint Center for Housing Studies.
Take two minutes and check it out.
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. Don’t make it harder on your loved ones
When you’re gone, your problems will be over. But the problems for the ones you leave behind will just be beginning.
Show your loved ones you care by creating a will, a trust or both. It doesn’t take much time and doesn’t cost much money. But it will save a ton of both for your family.
A will is a simple legal document that outlines how you want your assets to be distributed, and you can have one in minutes for $199.
A trust allows you to place conditions on how and when your assets are distributed to your beneficiaries. You can get one of these created for as little as $499.
An hour or two preparing these documents means providing for your family, minimizing potential conflicts, and potentially reducing estate taxes. Do yourself and your family a favor and at least check it out right now.
6. Find your share of $1.65 trillion
Talk about a treasure hunt: there’s nearly $1.65 trillion in orphaned 401(k)s, left behind by people switching jobs.
Maybe some of that money is yours. If so, it’s time to bring it home.
A company called Capitalize is now offering free help to roll your old 401(k)s into an IRA of your choice, giving you more control, more investment choices, and way better organization.
And the best part? It couldn’t be easier.
- Step 1: Tell Capitalize where you’ve worked in the past.
- Step 2: Pick a rollover IRA to transfer the money into. (They help you compare options.)
- Step 3: Sit back and let Capitalize do the rest!
If you’ve left an old 401(k) at a previous employer, either because you forgot it, or because you’re not sure what to do with it, take a few minutes and let Capitalize’s free service make your life a lot easier. Try it right now!
7. Whining about the market? Try wine-ing instead
Every successful investor knows how important it is to diversify your savings with different types of assets, like stocks, bonds, gold and real estate.
But don’t stop there. If you’re looking to add something completely different, here’s an idea: check out Vinovest. They make it simple, and rewarding, to invest in fine wine and whiskey. The Vinovest team combines insider knowledge and bulk buying power to acquire high-value bottles and barrels at the best prices. By purchasing large quantities directly from vineyards and distilleries, Vinovest secures deals that individual investors can’t match.
Vinovest handles all the details, from authentication to storage and insurance. You just sit back and watch your returns grow. While past returns are no guarantee of future results, Vinovest clients have enjoyed exits up to 30.7%.
Ready to uncork the potential of alternative investments? Join 150,000+ other Vinovest investors and diversify your savings with wine and whiskey. Get more information right now by clicking here.
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