Welcome to the topic How to Invest 10K.
Why are large lump sums of money treated differently than small monthly payments? We have a tendency to treat larger amounts with more care. Perhaps this is why some people find it easier to save a tax refund even when they have trouble saving money month to month. Perhaps we should also be more considerate of small sums of money. After all, how we manage small sums of money has ramifications in the big picture. Here are some ideas for how to invest 10K:
- Make Better Investments
Betterment is one of several robot-advisors that make investing simple and affordable. Betterment allows you to open a taxable account. Because there are no minimum requirements and Betterment walks you through the investment process step by step, it’s a great way to get started. Betterment automatically rebalances and reinvests your profits once your account is set up.
- Invest in Worthy Bonds
Worthy Bonds are used to fund qualified US businesses and can be purchased for as little as $10. A Worthy Bond has a fixed rate of return of 5%, which means that your 10K in bonds will have yielded $500 after a year.
The Worthy Bond has a 36-month term, but it can be redeemed at any time without penalty. Worthy Bonds pay weekly interest and are available to all US investors. Asset-based loans are used to help fuel small businesses with funds raised from Worthy Bonds. Worthy Bonds can be found here, or you can read the full Worthy Bonds Review here.
- Contribute to a 401(k) to receive a company match
An employer match of a 401k, 403b or other workplace retirement plan is, without a doubt, the best investment. This is the closest thing you’ll get to a free lunch. Make sure you invest enough to get the full match if your employer matches a portion of your retirement contribution.
- Put money into a taxable account.
Open a taxable account after you’ve exhausted your retirement plan contributions. Vanguard and Betterment are two options. Vanguard has a target-date retirement fund that you can invest in. Like a robot advisor, Vanguard rebalances your portfolio and reinvests your dividends. You can also use Betterment in the same way with an IRA.
- Pay off credit card debt with a high-interest rate.
Paying off a credit card with a double-digit interest rate is a sure bet for a good return. There is no chance that an investment will lose value. You can also save a significant amount of money on interest. If possible, take advantage of a zero-interest rate balance transfer to boost this investment strategy.
- Build up an emergency fund.
This isn’t the most glamorous way to invest 10K in working. It is, however, a clever method. It’s never fun to live paycheck to paycheck. In your emergency fund, aim for at least three months’ worth of expenses. We recommend keeping your emergency funds in a high-yield savings account like Chime to maximize your earnings. Chime has great online savings and checking accounts for people who want to save money.
- Make a cryptocurrency investment.
Cryptocurrency is no longer considered an “unconventional” investment. People are investing in cryptocurrencies like Bitcoin and Ethereum in greater numbers than ever before. Coinbase makes buying, selling, and managing cryptocurrencies simple.
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