We invest a lot. This is an important way to grow your money and one day prepare for retirement.
But is it dangerous to be obsessed with the stock market?
You can bet it is. Our financial advisory columnist, Dear Penny, recently heard from a reader whose husband stopped funding his 401 (k) so he could bet on the stock market instead.
Is it okay that he stopped contributing to his 401 (k) so he could trade stocks? asked the reader. How do I ask him what he is actually investing in? I’m worried he’s playing money we need for our retirement.
This is not the way to go. Here are five safer ways to invest and grow your money.
1. Just invest like a normal person
Instead of putting all your money in the stock market, just invest steadily in it. Take the long run. The stock market is unpredictable, which means that stock prices sometimes rise and sometimes fall – but over time they tend to rise.
If you haven’t started investing and have some cash to spare, you can start small. You don’t have to throw thousands of dollars on full stocks to invest. In fact, you can get started with as little as $ 1. *
We like Stash because it lets you choose from hundreds of stocks and funds to build your own investment portfolio. But it makes it easy by dividing them into categories based on your personal goals. Would you like to invest conservatively now? Totally understand! Do you want to dive with a moderate or aggressive risk? Do what you feel
Plus, Stash lets you invest in fractions of stocks, which means you can invest in funds that you normally cannot afford.
If you sign up now (it takes two minutes), Stash will give you $ 5 after adding $ 5 to your investment account. Subscription plans start at $ 1 per month. **
2. Grow your money 16x faster – without risking any of it
Save some of your money in a safer place than the stock market – but where you can still make money.
You won’t get anything under your mattress or in a safe. And a typical savings account doesn’t make you much better. (Um, 0.06% is nothing these days.)
However, with a debit card called Aspiration, you can earn up to 5% cashback and up to 16 times the average interest on the money in your account.
Not too shabby!
Enter your email address here to receive a free Aspiration Spend and Save account. After you’ve verified your email address, securely link your bank account so you can get extra cash. Their money is FDIC insured and they use military grade encryption which is nerd talk for “this is perfectly safe”.
3. Stop paying your credit card company
One way to make sure you have more money is to stop wasting money on credit card interest. Your credit card company gets rich by fooling you on high interest rates. But a website called AmOne wants to help.
If you owe your credit card company $ 50,000 or less, AmOne compares you to a low-interest loan that can be used to pay back every single one of your balances.
The advantage? You have to pay an invoice every month. And because personal loans have lower interest rates (AmOne rates start at 3.49% APR), you will be out of debt The much faster. Plus: No credit card payments this month.
AmOne keeps your information confidential and secure, which is why after 20 years in business it probably still has an A + rating from the Better Business Bureau.
It takes two minutes to see if you qualify for up to $ 50,000 online. You need to give AmOne a real phone number to qualify, but don’t worry – they won’t spam you with phone calls.
4. Cut your bills by $ 540 / year
Another way to grow your money: stop paying your bills too much.
For example, when was the last time you checked car insurance prices? You should shop for your options roughly every six months – this could save you serious money. But let’s be real. It probably isn’t the first thing you think about when you wake up. This need not be.
A website called Insure makes it super easy to compare car insurance prices. All you have to do is enter your zip code and age and see your options – and even discounts in your area.
With Insure, employees have saved an average of $ 540 per year.
Yup. That could be $ 500 in your pocket just to take a few minutes to consider your options.
5. Add $ 225 to your wallet just to see the news
Here’s a surefire way to make some cash on the side.
We live in historic times and we are all constantly happy to receive the latest news. You probably know more than one news junkie who introduces himself as a respiratory disease expert or a political mastermind.
And research companies want to pay you to keep watching. You can pocket up to $ 225 a month by signing up for a free account with InboxDollars. Each day they present you short news clips that you can choose from and then ask you a few questions about them.
You just have to answer honestly and InboxDollars will continue to pay you every month. That may sound too good to be true, but it has already paid its users more than $ 56 million.
It takes about a minute to sign up and get paid to see the news.
Mike Brassfield (email@example.com) is a senior writer at The Penny Hoarder. He’s trying not to be obsessed with the stock market.
* For securities priced above $ 1,000, fractional shares purchase starts at $ 0.05.
** You also bear the standard fees and costs included in the pricing of the ETFs in your account, as well as fees for various ancillary services charged by Stash and the custodian.