4 Things You Can Spend Money on That Will Actually Make You Richer

Saving money is great, but it won’t make you rich.

No matter how many dollars you put into a savings account, the national average .05% interest you’d earn won’t expedite your millionaire status.

And cutting your costs can only go so far, explains Certified Financial Planner Robin Hartill (who is also an editor and financial advice columnist here at The Penny Hoarder).

It can definitely help with your short term goals, she says, but if you want to be truly richer, sometimes you need to spend money to make money. By diverting some of your cash into these assets, you’ll be on a faster path to your financial goals.

1. Spend $1 to Own a Piece of Amazon, Google or Other Companies

Investing is a smart way to make you richer. “Spending money by investing it in the stock market and earning returns can compound into even more money,” Hartill says.

While the stock market does go up and down over days, weeks and months, over time, the returns tend to rise.

If you haven’t started investing and have some money to spare, you can start small, then build your way up. In fact, you can get started with as little as $1 with an app called Stash.

We like Stash because it lets you choose from hundreds of stocks and funds to build your own investment portfolio. But it makes it simple by breaking them down into categories based on your personal goals. Want to invest conservatively right now? Totally get it! Want to dip in with moderate or aggressive risk? Do what you feel.

Plus, with Stash, you’re able to invest in fractions of shares, which means you can invest in funds you wouldn’t normally be able to afford.

It takes two minutes to sign up, and it’s totally secure. With Stash, all your investments are protected by the Securities Investor Protection Corporation (SIPC) — that’s industry talk for, “Your money’s safe.”2

Plus, when you use the link above, Stash will give you a $5 sign-up bonus once you deposit $5 into your account.*

2. Spend as Little as $16/Month to Secure Up to $1 Million in Life Insurance For Your Family

This is one of those occasions when spending a little bit of money each month can pay off later.

Have you thought about how your family would manage without your income after you’re gone? How they’d pay the bills? Send the kids through school? Now’s a good time to start planning for the future by looking into a term life insurance policy.

You’re probably thinking: I don’t have the time or money for that. But your application can take minutes — and you could leave your family up to $1 million with a company called Bestow.

Rates start at just $16 a month. The peace of mind knowing your family is taken care of is priceless.

If you’re under the age of 54 and want to get a fast life insurance quote without a medical exam or even getting up from the couch, get a free quote from Bestow.

3. Invest in Your 401(k) — But Use This Company’s Money, Instead

Setting aside money from your paycheck to put into your 401(k) is literally one of the smartest things you can do for your future. And if your employer matches each contribution, that could mean hundreds of thousands of extra dollars in your account when you retire. It’s free money!

But if you can’t take advantage of this employer benefit because you need all of your paycheck every month, a company called Lendtable will give you the cash.

We know it sounds too good to be true. But if your employer has a 401(k) match program, this is money they already have earmarked for you. By using Lendtable, you’ll be able to unlock that free cash.

Let’s say you make $50k a year and your employer matches your 401(k) contribution up to 4%. If you put $0 in your retirement account this year, you get $0 from your boss. If Lendtable lends you the 4% of your salary your employer is willing to match, you get $2,000 from your boss, minus Lendtable’s fee. (This comes from the extra money you’ve earned, so there’s no sacrifice on your part.)

It takes three minutes to answer a few questions about your eligibility and sign up for an account.

Once you’ve gotten your full match amount from your employer, LendTable will take the money they lent you back, plus a small share of your profit. If there’s a penalty from your retirement account provider for taking money out, Lendtable will cover that, too.

The risk for you is basically nonexistent, so not taking advantage of your employer match with Lendtable’s offer would make Future Millionaire You bow your head in shame. Get started here.

4. Pay Off Your Credit Card Debt Faster — But Cheaper

To stay out of debt, you need to spend less than you earn, but if you’re already battling credit card balances, Hartill says a debt-consolidation loan can help you shed that debt faster.

You might be wondering how it makes sense to get a loan when you already have out-of-control credit card balances. The answer lies in lower interest rates — way lower than the 36% some credit cards charge — and a website called AmOne wants to help.

If you owe your credit card companies $50,000 or less, AmOne will match you with a low-interest loan you can use to pay off every single one of your balances.

The benefit? You’ll be left with one bill to pay each month. And because personal loans have lower interest rates (AmOne rates start at 3.49% APR), you’ll get out of debt that much faster. Plus: No credit card payment this month.

AmOne won’t make you stand in line or call your bank, either. And if you’re worried you won’t qualify, it’s free to check online. It takes just two minutes, and it could help you pay off your debt years faster.

Kari Faber is a staff writer at The Penny Hoarder.

1Not all stocks pay out dividends, and there is no guarantee that dividends will be paid each year.

2To note, SIPC coverage does not insure against the potential loss of market value.

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

*Offer is subject to Promotion Terms and Conditions. To be eligible to participate in this Promotion and receive the bonus, you must successfully open an individual brokerage account in good standing, link a funding account to your Invest account AND deposit $5.00 into your Invest account.

The Penny Hoarder is a Paid Affiliate/partner of Stash. 

Investment advisory services offered by Stash Investments LLC, an SEC registered investment adviser. This material has been distributed for informational and educational purposes only, and is not intended as investment, legal, accounting, or tax advice. Investing involves risk.

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.