6 ways to make money if you have $1000 in your checking account (Pandemic Relief)
Times are tough and times are scary during this pandemic. Living life in the unknown can leave us stressed with nowhere to look. Right now is the time to see how you can make something out of what you got. There are many ways you can make some money from your money that really isn’t a gamble but a sure method you can make a small return with simply investing your time.
Now it’s time to think about some longer-term goals. What do you want to accomplish next with your money? Do you need to save more? Do you want to buy a home someday? Invest?
What’s the next step you should take? What are some specific things you can do to take your finances to the next level?
1. Buy an Apartment Building (Even If You’re Not Rich)
This year has been a rollercoaster. Historically, though, real-estate investing offers the best long-term returns. (Does the name Rockefeller ring a bell?)
That’s why we like investing with pros like DiversyFund. They’ll help you make long-term investments in apartments and office buildings all over the country — and you don’t have to be a millionaire. You can get started with only $500.
You can see exactly which properties are included in your portfolios — like a 200-unit apartment complex in Killeen, Texas or a 59-unit building in San Diego. And you don’t have to be the landlord — DiversyFund does all the heavy lifting.
Because they know how to ride out the market’s ups and downs, they’ve historically seen annual returns of 17% to 18%, though they can’t make any promises.
As a partial owner, you make money on rent payments and when property values go up. It takes just a few minutes to sign up and own your first apartment building.
2. This Company Will Give You $100 for Opening a Free Account
Tina Russell/The Penny Hoarder
How’s an extra $100 sound? For free? Seriously. We found a company that will give you $100 just for opening a new debit card. It’s called Aspiration.
Sure, a lot of debit cards offer sign-up bonuses throughout the year, but they often require you to jump through hoops with minimum requirements that feel impossible to hit.
But Aspiration makes it simple. To earn your $100, here’s all you need to do: Open your Aspiration account and deposit at least $10. Then set up and receive three direct deposits of at least $500 each from your paycheck or government benefits. That’s it! Then just wait for your check.
Even better? Your debit card gets you up to 10% cash back on your purchases.
Enter your email address here, and link your bank account. And don’t worry. Your money is FDIC insured and under a military-grade encryption. That’s nerd talk for “this is totally safe.”
3. Spend $5 to Own a Piece of Amazon, Google or Other Companies
Take a look at the Forbes Richest People list, and you’ll notice almost all the billionaires have one thing in common — they own another company.
But if you work for a living and don’t happen to have millions of dollars lying around, that can sound totally out of reach.
That’s why a lot of people use the app Stash. It lets you be a part of something that’s normally exclusive to the richest of the rich — buying pieces of other companies for as little as $1.*
That’s right — you can invest in pieces of well-known companies, such as Amazon, Google or Apple, for as little as $1. The best part? When these companies profit, so can you. Some companies even send you a check every quarter for your share of the profits, called dividends.
It takes two minutes to sign up, plus Stash will give you a $5 sign-up bonus once you deposit $5 into your account.**
4. Leave Your Family $1M
Oh, to be a millionaire. Look, not all of us have the money to set up trust funds for our loved ones. But you could still leave them up to a $1 million in life insurance — and you don’t even need to have the money in the bank.
You’re probably thinking: I don’t have the time or money for that. But this take minutes — and you could leave your family up to $1 million with a company called Bestow.
We hear people are paying as little as $8 a month. (But every year you wait, this gets more expensive.)
It takes just minutes to get a free quote and see how much life insurance you can leave your loved ones — even if you don’t have seven figures in your bank account.
5. This Website Helps Wipe Out Your Credit Card Debt
Imagine waking up with no credit card debt. Whether you’re stressed about being in debt forever or you’re just sick of the extra monthly bill, this would be a huge relief.
Impossible, right? But with help from a free website called AmOne, you could wipe out all of your credit card debt by the end of the week.
It will match you with a low-interest loan to pay off all your credit cards at once. Its interest rates start at 3.99% — way lower than the 20% or more you’re probably paying your credit card company. That could save you thousands in the long run.
Plus, you’ll be debt-free that much faster.
AmOne keeps your information confidential and secure, which is probably why after 20 years in business, it still has an A+ rating with the Better Business Bureau.
It takes two minutes to see if you qualify for up to $50,000 online.
6. Cancel Your Car Insurance
If you need to free up some extra room in your budget, one of the easiest places to start is to cut back on your monthly bills — like your current car insurance.
In most places, it’s straight up illegal not to have it, so you’ve probably accepted that you’re going to pay through the nose for it. But you don’t have to.
A free website called Savvy will help you find the best rates — in just 30 seconds. In fact, it saves people an average of $826/year.
All you have to do is connect your current insurance, then Savvy will search hundreds of insurers for a better price on the same coverage. It’ll even help you cancel your old policy and get you a refund from your current insurer. Best yet: This is totally free.
If you find a better deal, you can switch right away and don’t have to wait for your next renewal or even your next payment.