Even if you only have $25 a week, you can still make your money work for you.
How? Over on Quora, a user asked the community what they would recommend he do with his limited cash, and they were full of ideas.
Here are our favorite answers:
1. Set up an emergency
fund.
"Shop around, you might get 2% [interest
rate], and keep putting it in until you have six months worth of living
expenses saved up. This may take a while, but it's worth it. It will protect
you against financial disaster. 2% may not sound like much, but it will offset
inflation. This is emergency money, it shouldn't be in stocks, mutual funds or
pretty much anything but a safe investing account. Don't lock it in for
extended periods of time." – Mike Davey
2. Pay off your debts.
"First of all, if you have any credit
card or other debt, pay it off first. The interest you save from that will
exceed what you can get from most investments." – David Down
3. Treat people to coffee.
"I'd say use it to take mentors, people
of influence, former colleagues, etc. out for coffee or lunch. Increasing your
network and sphere of influence is much more likely to pay off in the long run
than the market returns on such a small investment." – Elizabeth Baum Milne
4. Get started on your own
business.
"$25 a week is plenty ... that's $1,300
a year, and you can reinvest your earnings until it grows. I started my
consulting company less than two years ago after freelancing for a few years. I
spent about $500 for the LLC, EIN, website, and cards. The revenue last year
was about $90,000, and I was only working part-time since I lead a nonprofit
(my dream job). I already had those skills and network, but if you start small
and think big, you could pass me 100-fold." – Frankie Fredericks
5. Learn something new.
"I recommend you invest your $25 every
week to acquire knowledge. Invest some time together with your money. In this
way you will learn the steps to take, the skills, to acquire the behaviors and
attitudes to cultivate in order to become the person you need to be, to do what
you wish to do." – Ken Portnoy
6. Increase your online
presence.
"My suggestion is that you upgrade to a
premium LinkedIn account so you can easily meet new people. Or you can just get
a premium website, learn some SEO, and get your site online, and if you have
some great content, you can attract money (advertisement)." – Egeogho Carlson Kimbi
7. Start your own website.
"For $25 you can buy a domain name and
set up a website. Think which topic or a few topics you know the best. Start
blogging or write the articles around these topics ... Then research how to
drive traffic to your site — tons of free information available. Then read
about monetization. In most conservative way, you will see $25 coming every
week. If you will really dig into this you can make $25 off site even every
hour." – Magaril PavelREAD MORE
Thank you for sharing interesting tips where to start investing. Big businessman are finding high yield investments, but they assure before investing to something they analyze and hired people who can help them if those industry are worthy to invest.
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