Financial Tip #1: Open a Roth IRA
This type of Individual Retirement Account has a special tax exemption status when you withdraw money and can be a very sturdy method of storing money while collecting interest. There are limitations to how much you can contribute yearly ($5,000), however you will undoubtedly benefit from decades of compounded interest.
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#2: Donate to a classroom
As you know, our public education system lacks a lot of funding. If you find yourself in a generous mood, you could donate to teacher specified mini projects such as buying sketchbooks for 6th graders on Donors Choose. In this instance, you’ll know your extra cash will go into furthering a child’s education. Quite the noble cause in my opinion.
#3 Improve your technical skills
Invest your $1,000 at your local community college. You can learn many new skills that will make your resume more competitive and ultimately may result in a higher earning job. Learning HTML coding can increase how competitive you are on the job market and is becoming an increasingly valuable tool. Who knows, maybe you will be searching for 4 ways to spend an extra $10,000 after you spend time in the classroom again.
#4 Invest in Start-Ups
Today, many websites are making it increasingly easier to invest in start-ups. Sites like Upstart or Kickstarter allow you to directly invest your money into inspiring entrepreneurs or artistic individuals all while getting a potential return on your cash. Perhaps you’ll end up funding the next Mark Zuckerberg?
I hope you found these types helpful and original in helping you find some investing ideas and tune in next Friday for Financial Tip Friday!