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

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? 

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:

1. 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.
2. 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.
3. Pay off some of your debts
4. Deposit a thousand dollars in an emergency fund
5. Retirement account, 401k, Roth IRA
6. Deposit into a college fund (529) program for your children
7. Insurance is a wonderful investment, get a whole life policy, talk to an insurance agent
8. Get an estate plan, use the extra 1k to hire a lawyer to develop a plan for you and your family
9. Start a side hustle
10. Invest in yourself, learn a new skill that can generate income for you.

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.

Discover more about Paul's virtual Financial Fitness course at this link, perhaps it can make a difference along your financial journey: https://bit.ly/3dbperG