Wealthy Steps That Begin With $50
The New Year is now here and most of us have resolutions to change and improve aspects of our lives. One major thing that we all can improve on is our finance, so here are 11 steps to a wealthier you that begin with just 50 dollars.
- Invest $50 monthly in a No-Load Mutual Fund.
- Purchase individual stocks monthly through ShareBuilder (www.Sharebuilder.com).
- Buy U.S. Savings Bond. Savings Bond can be purchased through your local bank. When matured, a $50 savings bond has a face value of $100.
- Pay an extra $50 dollars monthly on a credit card debt or a personal loan until the debt is paid in full.
- Join the National Association of Investors Corporation (NAIC) and start investing directly with companies (www.better-investing.org). You will receive a great magazine monthly that is focused on educating about investing in individual stocks.
- Start or join an investment Club and invest $50 monthly.
- Educate yourself about investing: visit the library or subscribe to (and read) Your Money and Kiplinger magazines or attend seminars on investing and personal finance.
- Save $50 monthly in a Christmas Fund, thus eliminating the need to charge gifts next Christmas.
- Give $50 to your favorite charity. Charitable contributions are deductible on your taxes.
- Invest in your company's 401 or stock participation plan.
- Establish a "peace of mind" fund (sometimes known as an emergency fund) to handle your unexpected financial challenges. Save $50 monthly until you have enough cash on hand to handle at least 1 to 3 months of expenses.