Financial Planning and Analysis

5 Secret Sources of Money You Can Invest 

08-16-2018 04:05 AM

About half of Americans don't invest in the stock market. Plus, 53 percent of these non-investors say they don't have the money to open a brokerage account. Are you among them? Make investing a priority and stop missing out on the earning potential of stocks, bonds, and mutual funds. You can find secret sources of money to invest if you know where to look.

Streamline the Budget
It's easy to waste money on luxuries and incidentals you don't need. Take a hard look at your checking account statement. Add up how much money you spend eating out and shopping, and then trim those expenses. Identify subscription items that you can cancel too, such as premium apps and streaming services.

Write down a monthly budget and stick to it. Create a separate account to hold the money you save each month so you're not tempted to spend it. When you're ready, open an investment account and add to this fund regularly.

Get a Personal Loan
To get serious about investing quickly, consider a personal loan. A loan will give you a lump sum to start investing right away. Streamline your budget first to make sure you can afford to make the monthly payments. If you have good credit, you may qualify for a personal loan from your bank or credit union. 

Compare loans to find a product with a low interest rate that doesn't have application or set-up fees. You can invest a portion of the loan proceeds or the entire amount.

Start a Side Hustle
Getting a second job doesn't mean to have to work late hours at a retail store or an office. There are plenty of side hustles you can do from home using just a computer. Blogging, web design, and mystery shopping are a few work-at-home ideas. If you're home during the day, dog walking and house cleaning are options. Write down a second-income goal and work toward earning that amount every month to build your investment account.

Purge Your Closet
Do you have clothes you never wear or kitchen gadgets you don't use? You can sell your unused stuff online or at a garage sale. You can also offer your high-end apparel and accessories on specialty sites to earn more cash. Get rid of old books, CD, and DVDs too. 

Also, if you have exercise equipment or furniture sitting in a corner gathering dust, sell that too. Clean out your closets and cupboards and look for items to sell. Add the money you make to your investment account. 

Save Cash Back Rewards
When you get cash back from a rewards credit card, move those funds to a separate account instead of spending it. Look for other ways to earn cash back such as using apps that pay you for activities such as uploading shopping receipts or downloading other apps.

Setting a budget, streamlining your spending, and identifying creative ways to make extra cash can help you find secret sources of income. Try these ideas to get the money you need to start investing.

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