Guidelines on Growing Your Money
When you dont have a lot of money to start a business, you can invest the small amount in the following ways.
You can invest your money in the many apps available online which allow for the same. These applications do not require you deposit any money to activate the account, and all you need to do is link your account with bank cards. The system rounds up the prices to the nearest whole numbers and invest the excess amount for you. For example, you can get best stocks under 5 dollars and the application will round up the amount to the nearest whole number. The extra amount will be put into investment which will be recurring on a monthly, weekly, or daily basis.
When you are investing, you are required to save some amount in return. This method is faster and efficient when compared to the ancient saving methods. For example, if you decide to save a minimum of $10 in a week, you wont lack $500 in every year. Instead of keeping the money where you may be tempted to use it, you can put the money in a piggy bank. Buying and selling of worthy bonds can be an equally profitable investment for you to give a try. There are several companies which allow you to purchase bonds and give an interest rate of up to 5{7e878bac634d7d75cb718568d0089036a5a45bc5b1ad98756ac0b159d5a0614a} per annum. These bonds are cheap and you are not restricted in any way when you intend to sell them. The benefit of these bonds is that they are not linked to your cards, and this allows you to make withdrawals within a period of two business days.
Automated platforms are available which you can invest your money into, because they are simple and cheap. When investing with these platforms, a portfolio is created by the site for you. You will only be required to fill a questionnaire which will provide a framework of how you want to invest your cash. The system will manage all your investments for you and yours will be waiting for your money to accrue. This will be a very great idea for you, especially if you are investing in the first time and you aren’t an expert in the same. You will also find this method quite helpful if you have too little money as savings. The account doesn’t require you to have any money deposited when opening the account, and you can contribute from as little as $10 at a time.
You may equally put aside some amount from your salary to a retirement plan provided by your employer. This is necessary if you are on a very tight budget. You can decide to start small and increase the amount steadily as you continue getting an increase in salary.