How I Paid Off $38,000 In Student Loan Debt In 7 Months

How I Paid Off $38,000 In Student Loan Debt In 7 MonthsLately, I have received many questions asking how I was able to pay off my student loans so quickly. I haven’t talked much about my student loans since I paid them off in July of 2013, but I know many struggle with their student loan repayment plan each and every day.

Due to this, it is a topic I am always happy to cover. Paying off your student loans is a wonderful feeling and I want to help everyone else experience the same.

 

Background on my student loans.

To start off, I am going to provide a quick background on my student loans.

I worked full-time all throughout college. I worked as a retail manager from when I was a teenager until I graduated with my two undergraduate degrees (I was a double major). Then, I was lucky and found a financial analyst position right when I graduated. I took around six months off from college, then I went back to get my Finance MBA, all while still working full-time and building my business.

Even though I worked full-time, I didn’t really put any money towards my student loan debt while I was in college.

Instead, I spent money on ridiculous things like going to my favorite Mexican restaurant WAY too many times each week and spending money on clothing that I didn’t need.

I didn’t have a realistic budget back then, at least not a good one. I didn’t think about my student loan repayment plan at all either!

So, when I finished my Finance MBA, I finally came to terms with the fact that I needed to start getting real about my student loans. I had six months after the day I graduated with my Finance MBA until my student loans would come out of deferment.

I knew I had to create an action plan to get rid of my student loans.

And that’s when I took a HUGE gulp and decided to add up the total of what I owed.

After adding all of my student loans together, I realized I had $38,000 in student loan debt. No, this might not be as much as some of the crazy stories you hear out there where others have hundreds of thousands of dollars worth of student loan debt, but I wasn’t exactly near the average of what others owed either. I also wasn’t happy because I kept thinking about how I had been working full-time for many years, yet I didn’t even put a dent on my student loans.

After totaling what I owed, I decided to buckle down and start my debt payoff near the end of 2012.

I ended up finishing paying off my student loans in early July of 2013, which means it took right around seven months for me to pay them off completely.

It’s still something I cannot believe is true. I always thought I would have student loans hanging over my head for years, so I am extremely grateful that I was able to eliminate them so quickly.

Now, you may be wondering “Well, how do I do the same?” Or you might even be thinking that it’s not possible for you.

However, I believe you CAN do the same and that it IS possible for you.

For some, it might take longer to pay off your student loans or it might even take less. It depends on how much you owe, how much time you can spend on making more money, and honestly, it also depends on how bad you want it.

Related tip: I highly recommend SoFi for student loan refinancing. You can lower the interest rate on your student loans significantly by using SoFi which may help you shave thousands off your student loan bill over time.

Related content: How Do Student Loans Work?

Here are my tips to pay off your student loans quickly:

 

Do you know how much student loan debt you have?

Like I said above, the first thing that made me jumpstart my student loan repayment plan was the fact that I took the time to add up how much student loan debt I had.

It shocked me so much that I probably wanted to throw up. That’s good though because it can be a good source of motivation for most people. I know it was for me!

When you add up your student loans, do not just take a guess. Actually pull up each student loan and tally everything down to the exact penny.

I highly recommend that you check out Personal Capital (a free service) if you are interested in gaining control of your financial situation. Personal Capital is very similar to Mint.com, but 100 times better as it allows you to gain control of your investment and retirement accounts, whereas Mint.com does not. Personal Capital allows you to aggregate your financial accounts so that you can easily see your financial situation, your cash flow, detailed graphs, and more. You can connect accounts such as your mortgage, bank accounts, credit card accounts, investment accounts, retirement accounts, and more, and it is FREE.

 

Understand your student loans.

There are many people out there who do not fully understand their student loans. There are many things you should do your research on so that you can create the best student loan repayment plan.

This mainly includes:

  • Your interest rate. Some student loans have fixed interest rates, whereas others might have variable rates. You’ll want to figure out what the interest rate on your loans are because that may impact the student loan repayment plan you decide on. For example, you might choose to pay off your student loans that have the highest interest rates first so that you can pay less money over time.
  • Student loan reimbursements. Some employers will give you money to put towards your student loans, but you should always do your research when it comes to this area. Some employers will require that you work for them for a certain amount of time, you have great grades, good attendance, and they might have other requirements as well. There are many employers out there who will pay your student loans back (fully or partially), so definitely look into this option.
  • Auto-payments. For most student loans, you can probably auto-pay them and receive a discount. Always look into this as you may be able to lower your interest rate by 0.25% on each of your student loans.

 

Create a budget.

If you don’t have one already, then you should create a budget immediately.

First, include your actual income and expenses for each month. This will help show you how much money you have left over each month and how much money should be going towards your student loan debt each month.

 

Cut your budget to create a quicker student loan repayment plan.

The next step is to cut your budget so that you can have a better student loan repayment plan. Even though you may have just created a budget, you should go through it line by line and see what you really do not need to be spending money on.

There’s probably SOMETHING that can be cut.

You might not have even realized it until after you wrote down exactly how much money you were shoveling towards nonsense until now. However, now is better than never!

We worked towards cutting our budget as much as we could. I can’t remember exactly how much we cut it by, but I know that it was enough to where I felt like I was putting a dent in my student loans.

Even if all you can cut is $100 each month, that is much better than nothing. That’s $1,200 a year right there!

Side note: If you are still in college, I highly recommend that you check out Campus Book Rentals. It allows you to get your text books for cheap. I almost ALWAYS rented my text books and it saved me a ton of money!

 

Earn more money as a part of your student loan repayment plan.

The month I paid off my student loans was a month where I earned over $11,000 in extra income. While this does sound crazy, I did start off by making just $0 in extra income. Everyone has to start somewhere.

Even if $11,000 a month isn’t possible for you, I’m sure something is. If you can make an extra $1,000 a month in extra income, that can help you knock out your student loans in no time.

Related articles:

  • 75+ Ways To Make Extra Money
  • 10 Ways To Make Money Online From The Comfort of Your Home
  • 10 Things I’ve Done To Make Extra Money
  • Ways To Make An Extra $1,000 A Month
  • How to Earn Extra Income Part 1

 

Pay more than the minimum payment each month.

The point of all of the above is to help you pay off your student loans. However, you can always go a little bit further and pay off your student loans more quickly. The key to this is that you will need to pay more than the minimum each month for you to speed up your student loan repayment plan process.

It may sound hard, but it really doesn’t have to be. Whatever extra you can afford, you should think about putting it towards your student loans. You may be able to shave years of your student loans!

How much student loan debt do you have? What’s your student loan repayment plan?

The post How I Paid Off $38,000 In Student Loan Debt In 7 Months appeared first on Making Sense Of Cents.

Source: makingsenseofcents.com

2020 Destroyed Your Personal Cash Flow. Here’s How to Rescue It

Some of the links in this post are from our sponsors. We provide you with accurate, reliable information. Learn more about how we make money and select our advertising partners.

Using Insure, people have saved an average of 0 a year.
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.
You were going to buy these things anyway — why not get this extra money in the process?
What is cash flow, you ask? We’re so glad you asked! Cash flow refers to the money that’s constantly moving into and out of your bank account.

1. Stop Paying Your Credit Card Company

A website called Insure makes it super easy to compare car insurance prices. All you have to do is enter your ZIP code and your age, and it’ll show you your options — and even discounts in your area.
You should shop your options every six months or so — it could save you some serious money. Let’s be real, though. It’s probably not the first thing you think about when you wake up. But it doesn’t have to be.
Yep. A debit card called Aspiration gives you up to a 5% back every time you swipe.
Yup. That could be 0 back in your pocket just for taking a few minutes to look at your options.
If you’re like most of us, 2020 did a number on your cash flow.

2. Get Paid Every Time You Buy Groceries

In the last year, this has saved people 0 million.
Source: thepennyhoarder.com
Need to fill up the tank? Bam. Even more extra cash.
Your paychecks (assuming you have work) flow in, and your payments (for food, housing and everything else) flow out.

3. Make Sure You’re Not Overpaying

For many of us, the COVID-19 pandemic has torn a hole in our finances, mucking everything up. Whatever has your cash flow bottled up, we’ve got six suggestions for improving it, one step at a time.

It takes about one minute to sign up, and start getting paid to watch the news.
Enter your email address here, and link your bank account to see how much extra cash you can get with your free Aspiration account. And don’t worry. Your money is FDIC insured and under a military-grade encryption. That’s nerd talk for “this is totally safe.”
Here’s how it works: After you’ve downloaded the app, just take a picture of your receipt showing you purchased an item from one of the brands listed in Fetch. For your efforts, you’ll earn gift cards to places like Amazon or Walmart.
This is a historic time for news, and we’re all constantly refreshing for the latest news updates. You probably know more than one news-junkie who fancies themselves an expert in respiratory illness or a political mastermind.
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.

In this illustration, a car drives on a road that's between mountains and water.

4. Knock $540/Year From Your Car Insurance in Minutes

Here’s the deal: If you’re not using Aspiration’s debit card, you’re missing out on extra cash. And who doesn’t want extra cash right now?
You can get started in just a few clicks to see if you’re overpaying online.
Let’s say you’re shopping for a new TV, and you assume you’ve found the best price. Here’s when you’ll get a pop up letting you know if that exact TV is available elsewhere for cheaper. If there are any available coupon codes, they’ll also automatically be applied to your order.
A free app called Fetch Rewards will reward you with gift cards just for buying toilet paper and more than 250 other items at the grocery store.
Wouldn’t it be nice if you got an alert when you’re shopping online at Target and are about to overpay? That’s what this free service does.

5. Add $225 to Your Wallet Just for Watching the News

Research companies want to pay you to keep watching. You could add up to 5 a month to your pocket by signing up for a free account with InboxDollars. They’ll present you with short news clips to choose from every day, then ask you a few questions about them.
Here’s another way to improve your cash flow: Stop overpaying for things.
Need to buy groceries? Extra cash.
Mike Brassfield (mike@thepennyhoarder.com) is a senior writer at The Penny Hoarder.

6. See if You Can Get More Money From This Company

In summary: Take these six steps and watch your cash flow improve.
Speaking of overpaying for things, when’s the last time you checked car insurance prices?
If you owe your credit card companies ,000 or less, AmOne will match you with a low-interest loan you can use to pay off every single one of your balances.
Grocery shopping was never exactly pleasant. But these days, it’s a downright struggle — wondering about your personal safety, maintaining six feet of distance from other customers, etc. Shouldn’t you have something to show for it?
It takes two minutes to see if you qualify for up to ,000 online. You do need to give AmOne a real phone number in order to qualify, but don’t worry — they won’t spam you with phone calls.
You just have to answer honestly, and InboxDollars will continue to pay you every month. This might sound too good to be true, but it’s already paid its users more than million.
Just add it to your browser for free, and before you check out, it’ll check other websites, including Walmart, eBay and others to see if your item is available for cheaper. Plus, you can get coupon codes, set up price-drop alerts and even see the item’s price history.
AmOne keeps your information confidential and secure, which is probably why after 20 years in business, it still has an A+ rating with the Better Business Bureau.
You can download the free Fetch Rewards app here to start getting free gift cards. Over a million people already have, so they must be onto something…
Credit card debt will destroy your cash flow. And the truth is, your credit card company doesn’t really care. It’s just getting rich by ripping you off with high interest rates. But a website called AmOne wants to help.

Meal Prep 101: How to make 20 meals for $25

This guest post is written by Richmond Howard for Good Financial Cents. Richmond runs the blog MealPrepify.

Four years ago my wife and I were almost broke. It was our first year of marriage and I had been out of a job for almost five months.

I wasn’t making money and I was about to start going to grad school. It’s hard to pay for grad school when you’re broke so I was applying for scholarships.

One of the scholarships required you to input a monthly budget of how much you were spending. Makes sense — they want to make sure you’re being a good steward of your resources and that you actually need the financial help.

The problem was I had no idea what we were actually spending. We were just kinda going by feel and trying to be frugal. We created an account with Mint and synced all of our accounts.

I still remember when my wife and I were sitting there watching the screen–waiting for all of the data to get sorted out to see the breakdown of our monthly spending.

It all looked normal at first. Our rent was $725. Car insurance was $200. Wifi was $30. Phone bill was around $100. Gym $40. Everything was checking out except one category.

Food / Restaurants: $825

Neither of us believed it, but it was our anniversary month so we chalked it up to the fancy dinner we went to. Surely, that’s what it was… We went back another month and saw $760. Then $730. Then back to $800.

The realization hit us hard.

For the last six months while I was unemployed and we were struggling to make ends meet — watching our bank accounts start to dip — we were spending more on food than rent for just our little family of two.

Like most people, we ate out too often for fun and for convenience.

Like most people, we were throwing away too much food that never got cooked.

Our food bill was out of control. We knew we had to find a way to save money on food, but we didn’t know how. We already felt like we were frugal when it came to food and we didn’t want to go back to the college diet of ramen and the chicken that’s marked down because it’s about to expire.

We wanted to eat real food that was good for us and good for our wallet.

We made a few major changes:

  • We completely stopped eating out for about two months.
  • We planned out our meals and didn’t let anything go to waste.

That worked for a while! We were eating all of our meals at home and our food spending dropped from $750+ to around $350.

It was exhausting though. We were cooking and cleaning multiple meals a day. It felt like we lived in the kitchen.

Then we started meal prepping.

We’d wake up early on Sundays to pick a few recipes and map out what we were going to eat that week. After church, we’d head straight to the grocery store and spent our afternoons making a week’s worth of food.

It took some time to get the hang of it, but meal prepping was a total game-changer for us. We started saving money and we weren’t spending 15 hours a week in the kitchen.

Here I am three years later and I now run a blog called MealPrepify where I help people learn how to meal prep and find great recipes so they can save time, money, and eat healthy doing it.

Today I want to give you my best tips and tricks to help you start saving money by meal prepping! I’ve also shared our favorite meal plan that we’ve used almost every single month to save money on food.

Meal Prep 101: 9 Tips to Start Meal Prepping

  • When I first started meal prepping, I was totally overwhelmed.
  • How do I pick recipes?
  • How much should I make?
  • How long will the food last?
  • Do I need to meal plan or just cook stuff and hope it goes together?

When I started looking for resources on meal prepping, most of it wasn’t helpful. The recipes they recommended were elaborate or unhealthy. The meal plans didn’t fit what I liked, and I usually ended up spending more time and money than I was saving.

Here are some helpful meal prep tips to get you started the right way:

1. Restaurant spending freeze

If you want to start meal prepping, the first thing you’ve got to do is stop eating out. If you’re anything like me, this is the hardest part. My wife and I are foodies and we love to try new places all over Houston, especially BBQ.

But there’s no way around it. If you want to save money on food and make meal prepping a habit, you have to force yourself to do it.

Your restaurant spending freeze doesn’t have to be forever, but commit for one month and see what happens. You’ll be amazed at how much money you save when you stop eating out.

2. Start small

The biggest mistake people make is trying to meal prep too much the first time. Start small. Pick 1-2 recipes you know you love and double the ingredients. The last thing you want to do is make a bunch of food that’ll go to waste.

3. Look in the freezer and pantry

The best place to start meal prepping is with stuff you’ve already got. Go make a list of all the meat you’ve got sitting in your freezer and find a way to meal prep with it. You’ll save money, reduce waste, and clear out space.

4. Create a list of super cheap meals

The key to saving money with meal prepping is to find cheap meals that you can make over and over again. My wife and I have a rotation of 7-10 meals that we absolutely love. They also keep our grocery budget in line and allow us to splurge in other places.

5. Find ingredient overlaps

The best meal prep hack is finding ingredients that work for multiple recipes. The fewer ingredients I have to buy at the grocery store, prep, chop, and cook, the better!

Grilled chicken is one of these for me. I’ll eat grilled chicken with a side of roasted vegetables, on a salad, or in a sweet potato. When I’m in a big hurry, I’ll grab a baggie of grilled chicken for a high-protein snack.

Bell peppers are another one. You can use bell peppers for fajitas, asian stir fries, or by themselves as a healthy snack.

6. Create a set time for meal prepping

If you want to meal prep consistently, then pick a set time to meal prep every week. My wife and I cook a week’s worth of lunches every Saturday afternoon and then we’ll double the amount for whatever we cook for dinner on Monday.

7. Get good storage containers

After you’ve finished all your meal prepping, you need to a way to store and save it all. We used to use regular plastic tupperware containers, but after a while we decided to upgrade to these glassware containers, which are better for heating, storing in the freezer, and cleaning in the dishwasher.

8. Map out your week

Meal prepping takes meal planning. Every Saturday morning, my wife and I wake up and we map out our entire week of meals. 

We actually put our meal plan into a google spreadsheet so we can see exactly what we’ll be eating. Then we put together a grocery list of everything we need to buy that week. We usually try to stock up on some healthy snacks as well.

The best part about keeping track of your meal plans is that you have your own bank of meal plans to pull from. Whenever we’re in a hurry we just pick a meal plan we’ve done before and head to the store!

9. Use the crockpot

There’s no question that using a crock pot is the easiest way to meal prep. All you have to do is dump in your ingredients, press a button, and wait 6-8 hours.

Turn it on before you go to bed and wake up with lunch and dinner already prepared. Here are some of our favorite cheap crockpot meals you can make for less than $3 a serving!

Sample Meal Plan: How we made 20 meals for $25 in one hour

People make meal planning way more complicated than it needs to be. I always pick three recipes that I want to eat for breakfast, lunch, and dinner. Ideally they are cheap, healthy, and have some overlap in ingredients.

This is one of my go-to meal plans. It takes me about an hour of work to make 20 meals for $25.

Breakfast: Overnight oats

Meal prepping for breakfast is tough. Leftover eggs are rubbery and gross.

About a year ago I started making overnight oats and it was a game changer. Easy to make and incredibly cheap.

Overnight oats don’t require any cooking. Put them in a mason jar the night before with milk or water and they’re ready to go in the morning. The ratio is typically two parts liquid to one part oats. I typically do 1 cup of oatmeal, 1 cup water, and 1 cup milk.

You can add anything you want to the oats to fix them up! My favorites are strawberries, blueberries, bananas, peanut butter, and chocolate chips.

The oats need at least four hours to soak, but will last for 3-4 days. I usually add liquid to half my jars and then on Wednesday I’ll add milk and water to the second batch.

Every morning, grab a mason jar from the fridge and you’re ready to eat. Overnight oats are good cold or warmed up.

Est. price: $0.50/ serving

Lunch: Sheet pan chicken fajitas

My wife and I love using sheet pan recipes because they save time on clean-up and we can meal prep a week’s worth of lunch in one batch.

You can make these chicken fajitas in a few easy steps.

  1. Put 2lbs of chicken breast/thighs into a ziploc bag or bowl and cover it with your marinade of choice. I use a store bought marinade to save time and make it as easy as possible. Marinade for 30 minutes to a couple of hours.
  2. Slice 1 green bell pepper, red bell pepper, and onion.
  3. Cover the sheet pan with foil and dump the bell peppers & chicken on it.
  4. Cook for 20 minutes at 350 or so and check to make sure it’s done.
  5. Once the fajitas are made, you can eat them however you want! Stuff some tortillas or eat them with rice and beans. Eat the fajitas with some mixed greens and avocado for a healthy salad.

Est. price: $1.50/serving

Dinner: Quick coconut chicken curry

This coconut chicken curry recipe is one of our weeknight go-to meals! It’s cheap, healthy, and here’s how you make it:

  1. Put 2lbs chicken breast or thighs into a ziploc or bowl. Rub 4 tbsp curry paste all over them.
  2. Add 2 tbsp oil to a cooking pan and get hot. Add red onion and saute with 2 more tbsp curry paste. Cook for 5 minutes.
  3. Add chicken to the pan and sear both sides (2 minutes a side).
  4. Add coconut milk and put in oven for 12 minutes @ 400 degrees.
  5. When it’s done, you can eat the chicken curry with pita bread, rice, or by itself!

Est. price: $2.50/serving

Grocery List

If you want to give this meal plan a try, here’s a grocery list you can print off and take with you to the store.

  • Oatmeal
  • Milk
  • Optional oatmeal toppings you want: fruit, berries, nuts
  • 2lbs Chicken breast
  • 2 green bell peppers
  • 1 onions
  • 1 can black beans
  • 1 cup rice
  • Fajita marinade
  • 2lbs chicken thighs
  • 1.5 cup coconut milk
  • 4-6 teaspoons red curry paste
  • 1/2 cup diced red onion

Take Your Next Step in Meal Prepping

I don’t know where you’re at in life, but I truly believe that meal prepping can help everyone.

It can help the entrepreneur eat healthy and save money to reinvest in their business. It can help the young professional save money to put towards retirement. Meal prepping can save the stay at home parent hours of time every week in planning, shopping, cooking, and cleaning.

Take your first step today!

The post Meal Prep 101: How to make 20 meals for $25 appeared first on Good Financial Cents®.

Source: goodfinancialcents.com

How to Avoid the Financial Blunders People Make in Their 20s

Some of the links in this post are from our sponsors. We provide you with accurate, reliable information. Learn more about how we make money and select our advertising partners.

Nobody is perfect when it comes to their finances — even millionaires slip up sometimes.

So when you start to think you’re worse off than your parents, or your nephew, or your friends, remember that all 20-somethings have made mistakes that can cost them big time.

But if you’re guilty of making some of these blunders, don’t fret. You can still redeem yourself! Here are some of the worst blunders you can make, and tips to help dig you out of the hole.

Blunder No. 1: Not Getting Free Gift Cards When You Shop

What do you usually do with your receipts? You check out, they hand you a mile-long piece of paper, and you frantically stuff it to the bottom of a grocery bag. Pretty worthless.

But a free app called Fetch Rewards will turn them into gift cards. It partners with tons of brands to give you points for every grocery receipt you share. Then you can exchange them for gift cards to places like Amazon, Walmart, Chipotle and dozens of other retailers.

And it’s perfect for those of us who don’t want to put a ton of work into this. All you have to do is send Fetch a photo of your receipt, and it does everything for you. No scanning barcodes or searching for offers — and you can use it with any grocery receipt.

When you download the app, use the code PENNY to automatically earn 2,000 points when you scan your first receipt. Then start snapping photos of your recent receipts to see how many points you can earn without a single trip to the store!

Not so bad for a useless receipt, right?

Blunder No. 2: Not Earning Anything On Your Savings

You’ve probably heard the best way to grow your money is to stick it in a savings account and leave it there for, well, ever. That’s bad advice.

But maybe you’re just looking for a place to safely stash it away — but still earn money. Under your mattress or in a safe will get you nothing. And a typical savings account won’t do you much better. (Ahem, 0.05% is nothing these days.)

But a debit card called Aspiration lets you earn up to 5% cash back and up to 20 times the average interest on the money in your account.

Not too shabby!

Enter your email address here to get a free Aspiration Spend and Save account. After you confirm your email, securely link your bank account so they can start helping you get extra cash. Your money is FDIC insured and they use a military-grade encryption which is nerd talk for “this is totally safe.”

Blunder No. 3: Paying Too Much Interest To Credit Card Companies

If you have credit card debt, you know. The anxiety, the interest rates, the fear you’re never going to escape…

And the truth is, your credit card company doesn’t really care. It’s just getting rich by ripping you off with high interest rates. But 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 keeps your information confidential and secure, which is probably why after 20 years in business, it still has an A+ rating with the Better Business Bureau.

It takes two minutes to see if you qualify for up to $50,000 online. You do need to give AmOne a real phone number in order to qualify, but don’t worry — they won’t spam you with phone calls.

Blunder No. 4: Paying Too Much For Car Insurance

When’s the last time you checked car insurance prices?

You should shop your options every six months or so — it could save you some serious money. Let’s be real, though. It’s probably not the first thing you think about when you wake up. But it doesn’t have to be.

A website called Insure.com makes it super easy to compare car insurance prices. All you have to do is enter your ZIP code and your age, and it’ll show you your options.

Using Insure.com, people have saved an average of $540 a year.

Yup. That could be $500 back in your pocket just for taking a few minutes to look at your options.

Blunder No. 5: Thinking You Don’t Have Enough Money To Invest

Take a look at the Forbes Richest People list, and you’ll notice almost all the billionaires have one thing in common — they own another company.

But if you work for a living and don’t happen to have millions of dollars lying around, that can sound totally out of reach.

But with an app called Stash, it doesn’t have to be. It lets you be a part of something that’s normally exclusive to the richest of the rich — on Stash you can buy pieces of other companies for as little as $1.

That’s right — you can invest in pieces of well-known companies, such as Amazon, Google, Apple and more for as little as $1. The best part? If these companies profit, so can you. Some companies even send you a check every quarter for your share of the profits, called dividends.1

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.*

Blunder No. 6: Assuming Life Insurance Is Expensive And Time Consuming

Have you thought about how your family would manage without your income after you’re gone? How they’ll 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.

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.

Source: thepennyhoarder.com