Is this possible?
After all, don't many financial advisors have investing minimums? What if you're new to investing? Where do you start?
Yes, there are places you can invest $1,000. And, some of them are pretty nifty, as well.
Lending Club is one such peer-to-peer lending service I tried out, and I found it to be very easy to use and reliable (see my Lending Club review).As an investor with Lending Club, you can invest automatically using investment criteria. Alternatively, you can manually invest by browsing available loans and picking the ones you like. It's up to you!
Tip: Like any investment, make sure you choose notes that reflect your tolerance for risk. Some notes are riskier to invest in than others, and thankfully, you can see this information at Lending Club's website.
If you're not very skilled at investing on your own and you're hesitant to loan money out to particular people online, you might consider hiring a robo-advisor.
Robo-advisors are investment companies who create automated software designed to manage portfolios based on certain criteria. For example, when signing up for such a service, you might take a questionnaire to determine your risk tolerance level or investment goals.
Robo-advisors make investment management available to the masses, since they typically have very low (or nonexistent) account minimums.
Additionally, many robo-advisors have slick user interfaces to help you get relevant information about your investment performance, holdings, and more in a snap.
I interviewed Jon Stein, CEO of Betterment, a popular robo-advisor which grew from nothing to a $16+ billion dollar investment company in just under eleven years. Jon believes the markets represent the success of the global economy. Overall, he expects they will improve over an extended period of time. This view is reflected in Betterment's software. It's set-it-and-almost-forget-it investing!
Tip: If you're ready to get a comprehensive, in-depth financial plan in place, you'd probably do better to sit down with a financial planner. If you have your strategy largely in place, try out a robo-advisor. It's worth a look!
Every parent wants their kids to be successful in life. One path to success is college.
But, there's a problem. Can you guess what it is? College is expensive and is showing no sign of slowing down. Forbes contributor, Mike Patton, points out that college tuition has been increasing by a whopping 5.2% for the last 20 years.
If you want your kids to go to college, and you aren't rolling in the dough right now, you should probably think about saving for their college education.
A 529 college savings plan is a great choice, as it has tax advantages that encourage individuals to save for college. These plans are sponsored by the states, so be sure to check out your state's 529 college savings plan and see if it makes sense for you.
$1,000 is a great start in one of these plans, and depositing the money in such a plan will help you get the technical details of the account worked out so you can continue to contribute.
For example, you might be held back by the fear of the unknown. Making a decision to start saving for college today will make it much easier psychologically to invest tomorrow.
Tip: If you're going to contribute to your children's college education, it's wise to start as early as possible. The time horizon for college is usually short: a maximum of 18 years. If you're starting when your children are older, you have even less time. I can't stress enough . . . start as soon as possible. You need all the time in the markets you can get.
You might find this investment strategy surprising. But think about it for a moment . . . .
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Having debt is like the opposite of having an investment. The only difference is that holding onto debt is often more costly than investments are profitable.
For example, you might expect to achieve a 7% or 8% return in the stock market. With credit cards, you might pay in the double digits. Yikes.
That's what makes paying down debt such a great investment idea. What you're really investing into is not having to pay lots and lots of interest.
This is also why some financial gurus recommend paying down non-mortgage debt before investing for retirement. It's that important.
And, $1,000 might make a big dent in your debt. But if it doesn't wipe it out, you should truly focus on paying off your debt as soon as possible.
Tip: Organize your debts. You may choose to organize them from lowest balance to highest balance, or from highest interest rate to lowest interest rate. The former makes sense from a behavioral standpoint and will give you some quick wins while the later will save you the most money. If you still have good credit then you can take out a 0% balance transfer credit card and reduce your interest for 12-18 months while you pay it down.
The Roth IRA, my friends, is one of my most favorite investment vehicles.
Why? Because the Roth IRA allows you to get a tax break on the money you withdraw from the plan during retirement instead of getting a tax break when you put the money in (that means you get some tax-free money).
That's a good thing for many, many people. The other reason is you have a lot of control over your money with a Roth IRA when compared to your employer-sponsored retirement account.
Those are two great reasons to start a Roth IRA. But let's not forget the main reason you should start one: it's important to save for retirement!
You won't be getting a paycheck from your employer in retirement. No income. None. That's obvious, but let it soak in for a moment. You're going to have to rely on other income sources (like your fantastic Roth IRA) in order to survive.
Tip: Check out some of the best places to open a Roth IRA and start one today! You'll be glad you did.
One of the worst mistakes financial advisors see is when clients don't diversify their money. Don't be like those clients. Be awesome and diversify your money.
And yes, you should diversify your $1,000. With ETFs, it doesn't cost much to diversify your money and make sure you don't ride the single-stock roller coaster.
You might be thinking, 'But Jeff, it's only $1,000. Can't I buy some [insert favorite company here] shares?'
Well, you could, but you sure wouldn't be setting yourself up for making smart investment decisions in the future. Be smart with your money even if it's being smart with just a little bit of money. Practice now for the future.
Tip: As you build your portfolio over time, make sure to rebalance it as certain investments within the portfolio will rise and fall in value. Never be overweighted or underweighted in an area. Learn all you can about proper diversification and stick to those best practices.
Thank you for taking the time to read this article. You know what it means that you read this article? It means you care about doing the right thing with your money.
$1,000 might not be much to invest, but starting on the right foot now will lead to numerous rewards in the future. Just imagine how that one little act of investing $1,000 will grow into years and years of interest and sound financial choices.
And, don't forget the power of compound interest. Exponential growth of money is awesome, and you should take advantage of it as soon as possible.
While there are so many ways to invest your $1,000, just make sure you do so. Do some research before you invest, but don't drive yourself crazy considering all of the options. Make a reasonable, but timely choice. The last thing you'd want to do is neglect investing at all because of information overwhelm.
Invest today for a better tomorrow.
Inspired by stories of people like Amanda Hocking and the Doodle Jump developers, we found 10 unusual ways to make a quick $1 million online.
Sell 477,000 apps in the App Store or 714,000 self-published books on Amazon's Kindle; the choice is yours.
Either way you'll be rich!*
*We know revenue doesn't always equal profit, but it does for the sake of these scenarios.
Average cost of a book sold: $2
Profits you keep: 70%
Million-dollar math: For every $2 book sold, you keep $1.40. $1.40 X 714,286 books = $1,000,000.40
Who did it: Earlier this year, 26-year old Amanda Hocking was the best-selling 'indie' writer on the Kindle store. She was selling around 100,000 copies per month at $1 to $3 a pop which set her on track to pocket a few million dollars.
Average cost of an app:$2.26, but since Apple doesn't let people sell apps for that amount well round up to $2.99.
Profits you keep: 70%
Million-dollar math: For every $2.99 app sold, you keep $2.093. $2.093 X 477,784 apps = $1,000,001.91
Who did it: Doodle Jump's Igor and Marko Pusenjak, Tap Tap Revenge and Peter Verterbacka of Rovio's Angry Birds
What it is: GetAround lets you rent your car to strangers for an hourly rate of your choosing. GetAround covers all insurance and other costs of operating the service, and renters are responsible for the gas they use.
There are no expenses beyond GetAround's 40% commission.
Average cost per hour: $8.00 per hour.
Profits you keep: 60%
Million-dollar math: For every hour, you keep $4.80. $4.80 X 208,334 hours = $1,000,003.20
Who did it: No one yet. Be the first.
What it is: Skillshare lets anyone teach a class on anything they're good at. Teachers set the cost of the ticket, find a venue, and pick a day to host a class on a topic of their choosing. Skillshare takes 15% of all tickets sold and PayPal takes 3%.
Average cost per ticket: Tickets range from free to hundreds of dollars. According to a third-party source, the average ticket cost is $24 dollars. Classes have about 10 people in them. Teachers keep all cash aside from paying Skillshare 15% of the revenue and PayPal 3%, so they make around $196.80 per class.
Profits you keep: 82%
Million-dollar math: $196.80 X 5,082 classes = $1,000,137.60
Who did it: No one yet. Be the first.
What it is: Sell anything you can think of for $5 on Fiver. 'Gigs' include 'I will get you at least 800 Twitter followers within 7 days for $5' and 'I will create a video of you producing a fireball using your own hand for $5'
Average cost per gig: Everything costs $5.
Profits you keep: 80%
Million-dollar math: For every $5 gig sold, you keep $4. $4 X 250,000* gigs = $1,000,000
Who did it: No one yet. Have at it.
*Currently Fiverr only lets users sell 20 gigs per account. So you'd either have to make 12,500 accounts or go in on this with a whole lot of friends.
Cost per business plan: $111 (£68.00)
Profits you keep: eBay charges a $0.50 insertion fee, 15.0% of the initial $50.00, plus 5.0% of the remaining final sale price balance which leaves you with $97.45 per business plan sold.
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Million-dollar math: $97.45 X 10,262 business plans = $1,000,031.90
Who did it: Earlier this year, Samuel Katabaaz tried to sell 99,999 copies of his startup's business plan for £68.00 each. The idea was to fund his startup without giving up any of the equity. It's not clear how many items he actually sold.
What it is: Tweet out sponsored messages and get paid a few cents every time one of your followers clicks on the ad.
Average cost per click: Cost per click is different for every user based on a calculated MyLikes Engagement Score. The score is determined by the user's activity on Twitter, Facebook and YouTube. Over time, the score changes based on how many clicks the user generates per sponsored tweet. Sd gundam online.
MyLikes tells us for a person with a few thousand followers, the average earning per click is between $0.10-$0.25. If you have 100,000+ followers, you can earn up to $1 per click.
For the sake of this scenario, we'll put the average CPC at $0.25.
Profits you keep: 100%
Million-dollar math: $0.25 X 4,000,000 clicks = $1,000,000. If 5 people click every sponsored tweet, you're looking at 800,000 tweets.
Who did it: Some of MyLikes' celebrity tweeters, like Snooki and Khloe Kardashian, have made $40,000 per month on MyLikes. At that rate, it wouldn't take long to hit $1 million.
What it is: Sign up to do freelance work at costs often below minimum wage.
Average cost per gig: In 2009, NYU professor Panagiotis Ipeirotis tracked all MTurk HITS (Human Intelligence Tasks) for two months and found the average value of HITS posted per day was $2,000. Most people, he estimated, use the site one day per week and earn about $20.
But most of the recent HITS we found only pay a few cents per completed task. Businessweek tried out the service for seven hours one day, completing about 15 jobs, and making just $0.63 per hour. That comes out to $0.31 cents per HIT. We'll use $0.31 cents/HIT for our calculation.
Profits you keep: 90% -- Amazon takes 10% commission of every final HIT payment with a minimum fee of half a cent.
Million-dollar math: $0.31 X 3,225,807 HITS = $1,000,000.17
Who did it: We hope no one. It sounds grueling.
What it is: Rent a room in your apartment to a stranger for an amount and length of your choosing.
Average cost per rental: Hosts can charge renters whatever rate they want per night. Costs depend a lot on the host's location though. AirBNB has a rate recommendation widget based on the host's location.
When we typed in 'Private Bedroom in NYC' it recommended we charge $98 per night. Even though NYC rates are higher than many other cities, we'll use the $98 estimate for our calculation.
Profits you keep: 97% of the total rent cost.
Million-dollar math: For every $98/night rental, you keep $95.06. $95.06 X 10,520 nights = $1,000,031.20
Who did it: If no one has done it yet, a few AirBNB users are well on their way. Daren from London says he has made $100,000 via AirBNB. Jeff from Paris says he's made $90,000.
Cofounder Brian Chesky also decided to go homeless everyday for a few months, so he probably made some good money using his service during that time.
Cost per pixel: $1
Profits you keep: 100%
Million-dollar math: $1 X 1,000,000 pixels = $1,000,000
Who did it: 21-year-old Alex Tew.
Everyone says it's easy to get funding right now (Bubble!). Act like you're starting a company, raise $1 million and run for the hills.
Who did it: A few startups come to mind, but we'll get in trouble if we drop names [Color, anyone?]