What To Do With $1000 In The Bank?
We are 10 days in 2021. Alot of us have major goals that we want to accomplish because we’re sick and tired of being sick and tired. We want better and to be honest we deserve better. In order to receive better we have to change our mindset and do the work. I’m willing to put in all the necessary work this year to go to the next level. I refuse to settle in 2021. I declare this will be my year for all of my dreams to come true. I want that for you as well., that’s why I decided to write this blog to help you get to that next level whether you are ahead of the game financially or if you're trying to close that chapter of being in debt and struggling. I've come up with four strategies that will help you go to the next level financially. They are: Invest In Profitable Companies, Create An Emergency Fund, Save For Retirement and Pay off Unsecured Debt.
Invest- You can invest in companies like Amazon, Google and Apple for as little as $1.00. If these companies profit they may send you a check every quarter for your share of the profit.
Create An Emergency Fund- I've read that you should keep between one and six months living expenses in an emergency fund. Your emergency can include money market accounts, short-term government bonds, low volatility stock funds, and unused credit cards. (moneycrashers.com). UFB Direct, CIT Bank, Nationwide Bank, Sallie Mae Bank, and Memory Bank just to name a few. If you want to learn more in depth about each of these banks you can visit their website or money crashers.com.
Save For Retirement- If you have no retirement plan at work and you're under 70 1/2, you can invest in a deductible IRA and deduct the entire amount from your taxes.
Last But Not Least, Pay Off Unsecured Debts- Before investing and doing anything else pay off credit card balances, personal loans, and student loans. Before you decide to put money towards other financial goals you need to set aside extra money each month to pay down on all unsecured debts as quickly as possible.
Financial Freedom is what we all should be striving for. We want to be prepared for the unexpected, we want to leave an inherantance for our children and we want to enjoy life without worrying about how we're going to pay our bills and make purchases. In 2021 I charge each of you to create a plan for your spending and finances .Let's start this year off the right way. Let’s Be Free in 2021. Thanks for stopping by. Please watch the video below for more tips on having financial freedom.
