If You Have $1000 In The Bank, Make These 5 Moves

Do you have $1,000 in the bank? If so, I've got 5 moves that will help you build long-term wealth.

Investing is the best way to take control of your financial future. I started investing when I was in my early 20s. Today, I have built a $3.5 million dollar investment portfolio.

The earlier you start investing, the sooner you can build a portfolio of your own and create financial freedom.

Don't let the COVID-19 pandemic prevent you from investing.

Keep reading to discover 5 moves that will help you regain financial stability and invest the smart way!

Watch the video below:

(Click here to watch on YouTube)

[smart_track_player url=”https://www.buzzsprout.com/9299/6031180-plm-817-if-you-have-1000-in-the-bank-make-these-5-moves.mp3″ background=”default” ]

Do you want to build a successful online business and start making passive income? CLICK HERE to take my FREE quiz to determine which business is best for you!

This page contains affiliate links. If you purchase a product through one of them, I will receive a commission (at no additional cost to you). I only ever endorse products that I have personally used and benefitted from personally. Thank you for your support!

How would it feel to have more money in your bank account?

Before you can make more money, you first have to learn how to preserve the money that you already have. It's not how much money you make that counts. Rather, it's how much money you are able to keep. Only once you learn how to effectively manage your money can you focus on multiplying your money.

The best strategy for multiplying your money is by investing in the stock market. Whatever amount of money that you have in your bank account right now, you want to make sure that money is appreciating. The way you do this is by investing in assets, and not putting your money into liabilities.

When it comes to investing I take a long-term approach, meaning that I am conservative with the investment decisions that I make. I will talk more about this later on the blog, so keep reading to learn what a long-term investment approach looks like!

Warren Buffett, the third-richest person in the world, believes that investing should be approached with a long-term vision and investments should be kept for a number of years. I don't know about you, but I'm going to bank on his investment advice. It has served him well.

Let's talk about how you can manage the money that you already have, and how you can start investing in your future.

1. Save A Percentage Of Your Money For Emergencies

When a crisis happens, you want to have worst-case scenario money put aside. It's up to you to decide how much money you will put aside. A lot of people determine what this number will be based on their monthly expenses.

I recommend that you save anywhere between 3-6 months worth of your expenses for an emergency fund. When something bad happens in your life, you don't need extra financial pressure on top of everything else.

If you lose your job or your income goes down, that buffer money will help you stay afloat for a while until you can get back on your feet. Determine what your threshold for risk and security is and commit to building an emergency fund. No matter how enticing it may be, don't ever touch this money.

2. Pay Off Any High-Interest Debt

First and foremost, it's important that you understand that there is good debt and bad debt. Good debt is low-interest. This kind of debt is being invested into an asset that appreciates at a higher percent than whatever you're paying on the debt.

If you have a mortgage or you're leveraging the bank's money to invest, that can be an effective way to increase your wealth. Conversely, high-interest debt, like credit cards, is dangerous. Credit cards charge really high interest.

Recent statistics show that U.S. consumers owe almost $900 billion in credit card debt. From personal experience, I know that it's hard to get yourself out of a money hole when you have high-interest debt. There are banks like, Ally Bank (0.60% APY) and Citibank (0.70% APY) that have high-interest savings accounts that will help you grow your money faster.

3. Invest In Yourself

You are the most important resource in your life. Without you, nothing works. Investing in yourself will always be the best return on investment. Take a moment and ask yourself, “What can I learn that will allow me to gain more knowledge and make better decisions in my life?”

Learning from others who have achieved the success that you desire is the best way to shorten your learning curve. In turn, you will be able to achieve results faster. Identify what you're struggling with in life. Maybe it's your finances, your mindset, destructive habits, or all of the above.

Be resourceful. Read books, watch YouTube videos, buy courses, attend online seminars or events. Even better, invest in a coach or a therapist who can help you overcome your challenge.

Similarly, you also want to reflect upon the types of skills that you want to cultivate that will help you make more money. If you're someone who aspires to build an online business, I highly recommend learning sales and marketing. Mastering those two skillsets will take you far in the business world.

Whatever you decide to focus on, commit to investing a certain amount of money that you make every month towards your personal growth and development. In the words of Warren Buffett, “The more you learn, the more you earn.”

4. Invest In The Stock Market

The great thing about investing is that you don't have to be an entrepreneur to do it! You can simply invest in successful companies, like Apple or Google, and benefit from their success. When it comes to investing, there are a few different directions that I would take, especially if your money is limited.

First, I suggest that you invest in an ETF, which is an exchange-traded fund. Specifically, invest in the S&P 500 which is the top 500 companies in the U.S. If you're willing to invest in the S&P 500, Vanguard has a stock called Vanguard S&P 500 ETF. I love Vanguard because they have some of the lowest fees for index funds.

Investing in ETFs is a safe long-term investment option. A second option is to invest in fractions of a company. For example, Amazon is currently trading at over $3,000 for one share. If you don't have this kind of money, there are two investing apps that I recommend that allow you to buy fractional shares of a company.

INVESTMENT APPS:

• WeBull – A commission-free trading app that is currently offering three free stocks for new signups.
• Stash – When you purchase their stock-back card, they give you one free stock.

Stash (Invest in fractional shares – invest in thousands of stocks and ETFs with $1 or less1): https://projectlifemastery.com/stash

1For Securities priced over $1,000, the purchase of fractional shares starts at $0.05.

Investing involves risk and investments may lose value. Credit.com is a paid affiliate/partner of Stash. Investment advisory services offered by Stash Investments LLC, an SEC-registered investment adviser.

The earlier that you start investing, the more time you have in the stock market, the more that you will benefit from compounding. Allow your money to work for you, so that when you're sleeping your money is appreciating over the long-term. I encourage you to do your own research on investing. Learn how to invest your money the smart way and figure out what your threshold for risk is.

5. Start An Online Business To Start Making Passive Income

I believe that starting an online business is one of the best opportunities to make passive income online. You get to decide how big you want to grow your business. There are so many ways to leverage the Internet, whether that's selling on Amazon, doing affiliate marketing, or being a Kindle publisher, to name a few.

This is what I've done. Today, I have built multiple 7-figure online businesses. If you're willing to be patient, invest in your education, and build a brand over the long-term, an online business can change your life in so many incredible ways.

INVESTING VIDEOS FOR MORE INFO:

• Investing For Beginners | Advice On How To Get Started
• How To Buy Stocks (Watch Me Invest $10,000)
• How To Open A Stock Brokerage Account (And Receive 2 Free Stocks!)

If you have $1,000 in the bank, commit to making these 5 moves!

The best financial advice that I can give you is to be smart with your money. Delay short-term gratification for your financial future. In 10-20 years from now, you want to make sure that your future self thanks you for the decisions that you can make today. Which financial move will you commit to taking action on that will get you further ahead in life?

Do you want to build a successful online business and start making passive income? CLICK HERE to take my FREE quiz to determine which business is best for you!