Congress has approved $600 in stimulus money for most Americans and there may even be more on the way. But no matter how much stimulus money you receive, what if you could double that cash?
The way to double your money is by taking it and using it wisely. This article will explore several steps that will allow you to double your stimulus payment and more.
How To Double Your Stimulus Money
If you’re thinking about a get-rich-quick scheme to double your money, that’s not a realistic plan. The best strategies take time and effort. And using money you already have to turn it into more cash is the same thing.
Let’s look at some ways you can stretch that stimulus check.
Create An Emergency Fund
If you don’t have an emergency fund, you should consider starting one. An emergency fund doesn’t have to be a huge amount of money.
If you take $600 and put it away, you may find that it’s easy to add $20 here or there to it every time you get paid. If you add $100 a month to it, in six months you will have amassed $1,200. In one year, that can be $2,400. You get the picture.
Invest With Robinhood
Robinhood is an app that allows you to make investments in the stock market. The quick and easy process allows you to make extra money by investing in the right stocks.
Because Robinhood is commission-free, you won’t have to pay anyone but yourself when you make and profit from a transaction.
Invest In Your 401(K)
If you don’t know, a 401(K) is an employer-supplied retirement account. Typically, your job will match your contributions.
If you have some extra money hanging around (like a stimulus check) you could choose to add this money into your 401(K). This is an attractive option because your 401(k) is TAX FREE!
So all the money you put there won’t be taxed until, hopefully, it has multiplied through the years and you can live on it. Learn more about a 401(k) here.
Invest In Real Estate
Another way to make quick cash and more than double your money is to get into real estate.
You can learn about the foreclosure process and buy one and flip it or turn it into a big payout.
Download Cashback Apps
Here are several apps that allow you to make money online and even get cash back for purchases. All you have to do is download:
Once you download these apps, some of them let you scan receipts to get points, which can be converted into gift cards with cash on them.
Conclusion
Personal finance shouldn’t be this mysterious thing that you have to guess about. Being good with your money should be second nature to you because it’s your cash.
No matter what you choose to do with your money, always have a plan to make more of it.
Interested in other ways to save or make money? Check out our Money Section:
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