Hey Veterans: How To Start Investing With As Little As $10
Let’s face it:When you only have $10 invest it may not seem like you have choices.
The money just doesn’t seem like it can do diddly-squat for us but quench our thirst at Starbucks.
However, people who want to attract wealth would do their best with whatever money they have.
These same people are typically surprised at how much a consistently small effort can yield.
Think of ants. One ant drags a small crumb back to the nest. Doesn’t seem like much right? But the ant consistently brings back the crumbs when its warm, then eats in the warmth of the ant hill for the entire winter.
Even a person with only $10 to spare will still have options available if they are willing to look around for investing opportunities.
There are a lot of different things to consider, and you’d really have to take a little time to explore your options, but rest assured, they are out there.
Consider an App for Investing
One thing that a person with $10 to invest needs to do is consider an app that will allow them to make better investment choices.
Investors have to take the time to explore the app community because there are many options out there.
When thinking about how to invest $20 or so, try reviewing some apps that allow people to put their money into multiple funds through a diversified portfolio. A little bit of money is placed into a series of different investment opportunities.
These are the type of apps that people want because it gives them a chance to diversify even if there is no large sum of money available to put into a single investment. People that invest this way will be surprised about the returns on investment that they can have.
There are some that put their money into a savings account. This is something that can be tricky because most savings accounts really do not have a high rate of return.
Fortunately, there are online banks that have much higher interest rates than a typical brick-and-mortar bank.
People trying to invest money that only have $10 may consider this as an option but we don’t recommend it due to inflation and the current low rate of interest.
There are banks that can provide higher returns on interest, and it gives people the chance to save more money over the long run with low risk, but even this “high” rate of interest, quite frankly, sucks in today’s environment.
If you continue to save on a regular basis you may, however, have a decent amount of money at the end of the year to transfer from savings to an online stock investment account.
A $10 savings may not seem like a lot of money to invest, but if this is $10 a month this is a total of $120 for the year.
A person that has $10 that they can invest for each week will have a total of $520 for the year. This can be a significant amount of money that can be earning interest in an online banking account.
Invest in Yourself
When your funds are tight and you are actually trying to learn about making small investments for beginners it can be tough. Turning this small amount into a significantly bigger amount will take more than slow growth bank interest rates.
To make your money double or triple in a short time period a person may need to consider investing in their own skills.
Someone that can draw or do things creatively may consider taking the money and investing it in supplies for artwork.
There are apps that allow people to freelance and sell the type of work that they are doing to potential customers online. This is great because it actually allows so many people to turn their skills into something that is profitable. Think Uber.
If you are thinking about investing this $10 it may be to your advantage to actually invested in yourself and buy things that can help you make money in other ways.
This is ultimately going to be the fastest way to turn this $10 into more money than you may have been able to save on your own.
There is always a possibility to make more money when you invest in things that can return your profit. It just takes a little time to get what works best.