196 A Real Test Of Your Money Management Consists Of What You Will Do With An Extra $1k In The Bank

<p>Just imagine that you had an extra one thousand dollars in the bank, perhaps it was a gift, you saved it, and or it was a side hustle that was in play. So, what would you do with the money? </p><p>This happens to people every day and it could happen to you. Below you will find a few ideas I am recommending as to how you can manage your extra one thousand dollars:</p><ol><li>Some online banks do not charge fees for banking with them because they don't have a lot of employees or staff, thus they can afford to pay you a high-interest rate on your deposits, some of them pay up to three percent interest.</li><li>Invest in real estate, not houses, rather commercial real estate. You read this right and you can deposit as little as five hundred dollars to invest in a percent share of various properties located around the United States.</li><li>Pay off some of your debts</li><li>Deposit a thousand dollars in an emergency fund</li><li>Retirement account, 401k, Roth IRA</li><li>Deposit into a college fund (529) program for your children</li><li>Insurance is a wonderful investment, get a whole life policy, talk to an insurance agent</li><li>Get an estate plan, use the extra 1k to hire a lawyer to develop a plan for you and your family</li><li>Start a side hustle</li><li>Invest in yourself, learn a new skill that can generate income for you.</li></ol><p>Money respects movement, thus if you have an extra one thousand dollars use it to grow your wealth. Are there more ways to grow your money? Yes. Anyhow, I hope this helps you out, enjoy and see you on the next episode of the Wealth Academy Podcast.</p><p>Discover more about Paul's virtual Financial Fitness course at this link, perhaps it can make a difference along your financial journey: <a href="https://bit.ly/3dbperG">https://bit.ly/3dbperG</a></p>