Once you get your paycheck, the best way to spend it is to invest. Figuring out the best way to invest your money in is getting extremely confusing and difficult with the numerous options that abound. With $1,000, what would be the best investment tool to grow your wealth immensely?
Diversifying your portfolio gets even more challenging especially with the high fees. These are however mere roadblocks to your success route than one which you have to topple one by one.
While $1,000 is a hefty investment, this would not be enough to pay your investment trader or broker that manages your funds. If you are looking to invest short term or long term, would that investment suffice? Are you ready to invest? What kind of investor are you? These are just a few of the questions you need to have ready answers with before you start investing.
Here are the best ways to invest 1,000 dollars short term:
- Invest in 401k.
Investing in 401k is a great way to double your investments. The profit range would depend primarily on the plan that you choose for your investments. When you place your money into 401k, your company will also match that with an investment so you get it double at some point. The amount of investment that your company would put in could vary though. However, the amount would depend primarily on the matching percentage. Mostly, companies would contribute around 3% to 6% of your payout. This is certainly free money sitting right there on top of your own investments. Most of these 401k plans do not accept lumpsum payments of contributions so the $1,000 would serve as a cushion in case you are short with your monthly bills repayment. If in case your employer wouldn’t agree to provide a match or you have already maxed out your investments then you can start looking for other options.
- Open an IRA.
With opening an Individual Retirement Account (IRA), this would work like 401k. There are no matches from your company because you opened this solo but you still get to enjoy tax benefits like choosing between having a tax-free investment or tax-deffered type of investment. One advantage of opening an IRA is that you can choose between having zero to low minimum deposit requirements. Many brokers would require very high deposits but some IRA providers would work with your $1,000 budget.
The costs can make or break your investments, so you should prioritize with investing for the purpose of retirement which would do well if you put your money on ETFs and low-cost index funds. You must always do a background check on the investment companies so as to verify their legitimacy and avoid seeing your investments go to waste. As broker commissions are usually set at $5 to $10, you might want to explore other investment tools online like a free investing app that can get you started on your investment journey for $1,000 right away.
Can you start a website at zero costs? While majority of investments would need capital, you can start your website even with no money with the use of site builders.
Website Builders Provide Freemium Services
The advantage of using site builders is that most of these offer freemium or free+premium business models wherein you can register and use the basic feature pack for free. Free site builders allow you to build a decent website for your business although some of these site builders will not be able to provide you custom domains, enable ecommerce features, add more pages, and remove adverts.
To get rid of these unwanted ads on free sites, you have to upgrade your account to be able to unlock additional features. However, if you agree with having adverts on your site or being placed on a subdomain then you can stay with the free trial version.
Here’s a guide on how to start a website with no money:
- Select the best website builder that offer free registration and starter plan.
- Sign up and choose the template that suits your brand.
- Map out the structure of your site.
- Fill your pages with unique and engaging content. You can integrate videos and images to make your site interactive.
- Publish your site.
Here are two of the best site builders that you can use for FREE:
- This is a versatile and creative website builder with thousands of modern templates to choose from in 70 different categories. The free version allows you to create a beautifully designed website on a Wix subdomain. You can also use most of the features and functionality of Wix. However, if you want to get rid of the advertisements and get a custom doman, then you have to select a paid plan. The cheapest plan, Connect Domain, can get you started for as lowe as $4.50 per month.
- With this website builder, you will be able to create and design any type of blog, ecommerce store, or website for free but you will only be limited to up to 10 orders every month. The website size or space will also be limited with the free plan as it can’t be more than 500 MB and the bandwidth at only 1GB. The bandwidth and size can go up depending on your chosen paid plans. This can also grow to unlimited levels.
Website builders are user-friendly, fast, convenient, and affordable. These can also be customized according to your preferences and branding needs. These website builders allow you to focus more on the core of the business like marketing or development of your products and services; while they take care of your website needs. Website builders are very easy to use and simple to navigate because you can easily sign up just like when you are registering for a social media account. This will allow you to create a website in a breeze or even without the technical know-how. You can build your website and your business like a pro with no cash out or very little investment with website builders.
Making ends meet can be difficult at times especially if you depend on a single income. Doubling your income definitely sounds attractive at this point especially with a very volatile economy and market. But, how do you get started?
Here are 3 recommended steps to help boost your career and provide you that beefed up paycheck in no time:
- Identify your financial goals and timeline. It all starts with setting goals and making sure that you stick to it. If you want to double your salary, then write that down. Post it where you can see it most in waking times to keep you motivated. You have to keep yourself accountable to your dream or goals so you will hustle and work on that each day. So, for instance, if your salary is set at $40,000, and you want to make that $80,000 in a matter of five years then you should be looking at a promotion in five years too or maybe negotiating your pay with a client. You should also conduct a research on how much your salary should be in the industry you are in as far as competition companies are concerned or for other levels above you. This will help you make out a clear picture of where you want to go in your career. You have to determine the career path and pay that works for you – then chase it.
- Prove that you are in fact a good investment. Many employees are driven by competition and hunger for appraisal or promotion. They are motivated to do everything to get the job done and bag that much-coveted promotion and higher salary grade. You have to impress your boss to get that promotion and the first thing that you need to do is to make sure that you act in alignment with the company goals. Remember that no one is indispensable and you have to learn how to diversify and upgrade your skills so your boss will see you as a tangible investment in the company. Know how to manage your time and delegate. You have to show up and provide your company the results they need. Once you make a direct financial impact to your company – that is when you become indispensable in the organization. Do not get distracted by side projects and focus on the major ones that matter.
- Continue learning. You don’t need to finish a Master’s degree to prove that you can do the job better than others. Signing up for a short-term course or even obtaining a professional certification can help you snag that promotion. On-the-job trainings also help. You can work with a mentor and do volunteer work to gain experience and skills on the job.
Discuss the promotion or a salary raise with your boss. Knowing that you have aligned yourself with the company goals and have proven your mettle then it’s time to discuss your terms. Ideally, your boss will give you the raise and promotion you deserve but in case that doesn’t happen, then you should re-evaluate or start mapping out plan B. Doubling your salary is possible when you are open to negotiating your pay rate with your employer. Know what you are worth and prepare to walk away when you are being shortchanged.