You may have been able to save up $1000 and now you're wondering what the best way to invest it is!? Here are our tips on how to invest $1000!
How to Invest $1,000!?
Welcome to the video. You may have been able to save up $1000 and now you're wondering what the best way to invest it is!? Saving up $1000 can often times be an accomplishment but now it's time to make that money work for you! Here are our tips on how to invest $1000! YouTube Link: https://youtu.be/E8wL4WGK9oM
How to Invest $1,000!?
1. Pay Off HIGH Interest Bad Debt
a. DONT start investing until your high interest credit cards or loans are paid down!
Credit card debt is an example of very bad debt and if you have any of it you
need to pay that off immediately before investing.
b. Investing will typically give you average returns of 8-12% depending on the
investment but credit cards have 25% plus interest so you will still be losing
money in the end!
2. Invest in yourself
a. Invest in yourself and your skills.
b. Consider taking online courses about your interests to really hone your skills and
make you appeal to other employers
c. Consider getting a professional license to start your own business!
i. Cosmetology
ii. Massage Therapist
iii. Insurance Broker
iv. Mortgage Broker
v. Real Estate Agent
3. Emergency Fund
a. If you don’t already you NEED an emergency fund! Save up 3 months of your
BARE MINIMUM expenses incase an emergency of some kind occurs.
b. If an emergency occurs you’d much rather take it out of emergency fund then
stop your current investments, or remove money from stocks to pay for
emergency!
4. Index Fund (vangaurd ETF)
a. Index funds are a relatively easy and safe way to get introduced to investing in
the stock market.
b. Search out Vangaurd ETF index funds.
i. Funds that have a compilation of different companies and perform
similarly to specific stocks (s&P 500) etc...
ii. This has your eggs in multiple baskets instead of investing in one single
stock.
5. Turn spare bedroom into STR
a. Turn a spare bedroom into a short term rental!
b. 1000$ is plenty to get started investing in STR or Airbnb!
c. If you have an extra bedroom in your house then spend the $1000 furnishing the
property and getting it rental ready! You will see a pretty decent return on your
money almost immediately depending on location!
d. For example here in Denver I could furnish a bedroom for $1000 and rent it out
for roughly $1000-$2000 every single month! Meaning you will get your entire
investment back after 30 days and the rest will be all profit!
6. Buy an Investment Property
a. Check out real estate investing on min wage video!
b. If you are a first time home buyer you may qualify for down payment assistance
in your area! Typically this is free money they will give you to get a down
payment for a property that you will then owner occupy.
c. Typical cost needed to bring to the table is $1000
d. Then spend the next 2 years renovating it and rent it out once you’re done and
start earning equity, cash flow and sitting on your investment!
Join Us Next Week
Welcome to the Carla & Conner YouTube Channel! We will be coming out with new videos EVERY Wednesday & Friday! We will be giving you a behind the scene's look at running airbnb properties, business and real estate investing advise, how we do everything budget friendly and how we get along as a mother-son business.
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Carla & Conner are the mother-son real estate and design duo. They are coming clean about all of the dirty secrets airbnb hosts don't want you to know. From real estate investing, finance, business to interior design and budget friendly hacks! Carla & Conner will upload new exciting videos every week.