Do you remember the first time you wrote a check for $100?
What about your first $1,000 check? I bet you weren't wondering how to invest $1,000 dollars then, were you? Even better, your first $10,000 check?
The first time I wrote a check for $10,000 was to pay off my student loan debt. That was, by far, the best check I ever wrote!
For me the choice was clear, but where to put an extra $10,000 isn't always an easy decision. I'm here to help! Here are 9 great ideas on how to smartly invest $10,000.
If you want to put your money into a virtual autopilot situation, a robo-advisor may be exactly what you’re looking for.
What is a robo-advisor? It’s an online investment management platform, often referred to as a robo advisor, because everything is handled automatically for you.
✅Open an Account at Betterment here:
https://www.goodfinancialcents.com/resources/betterment-youtube-invest-10k.php
▶︎2. Buying Individual Stocks (9:19)
You can open an online discount brokerage account through companies like TD Ameritrade and Ally Financial.
https://www.goodfinancialcents.com/resources/tdameritrade-youtube-invest-10k.php
https://www.goodfinancialcents.com/resources/ally-youtube-invest-10k.php
▶︎3. Tax-free goodness - Roth IRA (11:42)
You can only put $5,500 in for yourself, but you could also put in $5,500 for your spouse.
Learn more about how to become a Roth IRA Millionaire here:
https://youtu.be/Cy8EsjQyREo
▶︎4. Peer to Peer Lending (12:13)
If you prefer fixed income investments to equities, peer-to-peer lending offers an opportunity to earn interest rates that are well above average.
There are various peer-to-peer lending sites on the web already, the two I recommend are Lending Club and Prosper.
Open an an account with Lending Club here:
✅https://www.goodfinancialcents.com/resources/lendingclub-youtube-invest-10k.php
✅https://www.goodfinancialcents.com/resources/prosper-youtube-invest-10k.php
Real estate is an excellent investment, no doubt about it. But $10,000 isn’t enough to make a down payment on the purchase of an investment property these days but that doesn’t mean that you can't invest in real estate.