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Life would be a whole lot easier if someone would just Venmo us $1 million, but unfortunately the chance of that happening is, well, probably zero. (Venmo doesn’t allow transactions that large anyway.)
But there’s still plenty of things we can learn from rich people. Here are 8 of the smartest ways they save money…
1. They Spend $5 to Own a Piece of Amazon, Google or Other Companies
Take a look at the Forbes Richest People list, and you’ll notice almost all the billionaires have one thing in common — they own another company.
But if you work for a living and don’t happen to have millions of dollars lying around, that can sound totally out of reach.
That’s why a lot of people use the app Stash. It lets you be a part of something that’s normally exclusive to the richest of the rich — buying pieces of other companies for as little as $1.
That’s right — you can invest in pieces of well-known companies, such as Amazon, Google or Apple, for as little as $1.
The best part? When these companies profit, so can you. Some companies even send you a check every quarter for your share of the profits, called dividends. It takes two minutes to sign up, plus Stash will give you a $5 sign-up bonus once you deposit $5 into your investment account.
2. They Don’t Waste Hundreds on Homeowner’s Insurance
You’re probably wasting money right now. And it’s probably on something you’d never expect — your homeowners insurance policy.
This isn’t something you actively think about — you just know you’re required to have it.
The problem is, you’re paying too much. Luckily, an insurance company called Lemonade makes it easy to find out how much you’re overpaying.
Lemonade’s policies start at just $25/month. And just because you’re saving money doesn’t mean you’re skimping on coverage. Lemonade will make sure you have what you need.
Just answer a few questions about your home to get started.
3. They Grow Their Money 11x Faster — Without Risking Any of it
Putting your money under a mattress or in a safe will get you nothing. And a typical savings account won’t do you much better. (Ahem, .09% is nothing these days.)
Act like the rich and use a debit card called Aspiration to earn up to 5% cash back and up to 11 times the average interest on the money in your account. Plus, you’ll never pay a monthly account-maintenance fee.
Just enter your email address here, and link your bank account to see how much extra cash you can get with your free Aspiration account. And don’t worry. Your money is FDIC insured and under a military-grade encryption. That’s nerd talk for “this is totally safe.”
4. They Have at Least $1M in Life Insurance
Have you thought about how your family would manage without your income after you’re gone? How will they pay the bills? Send the kids through school?
Now’s a good time to start planning for the future by looking into a term life insurance policy.
You’re probably thinking: I can’t afford $1M in life insurance. But rates start at just $8 a month at Bestow.
The application takes just minutes, but the peace of mind of knowing your family is taken care of is priceless.
If you’re under the age of 54 and want to get a fast life insurance quote without a medical exam or even getting up from the couch, get a free quote from Bestow.
5. They Don’t Pay Their Credit Cards
If you have credit card debt, you know. The anxiety, the interest rates, the fear you’re never going to escape…
Your credit card is getting rich by ripping you off with insane rates, but a website called Fiona could help you pay them off tomorrow.
Here’s how it works: Fiona will match you with a low-interest loan you can use to pay off every credit card balance you have. The benefit? You’re left with just one bill to pay every month, and because the interest rate is so much lower, you can get out of debt so much faster. Plus, no credit card payment this month.
Fiona won’t make you stand in line or call a bank. And if you’re worried you won’t qualify, it’s free to check online.
It takes just two minutes, and it could save you thousands of dollars. Totally worth it.
6. They Cancel Their Car Insurance
How often are you even using your car right now? Regardless, there’s one thing we’re nearly certain of — you’re overpaying on car insurance.
That being said, shopping for car insurance is a pain which is why we like using a free service like Gabi. In just a few minutes you can see if any other companies are offering a cheaper rate with the same coverage and deductibles you already have.
You don’t have to fill out any forms. Just link your existing insurance account and enter your driver’s license, and it will start looking for cheaper coverage.
They save customers an average of $825 a year. Plus, after you sign up, Gabi will keep looking for savings and alert you if there’s ever a way to reduce that monthly bill even further.
7. They Quit Their Day Job
Are you tired of your job, but not sure how to venture out and start your own business? Look into bookkeeping. It’s the No. 1 most profitable business, according to an article in Inc. And you can earn up to $69 an hour, reports Intuit, the creator of QuickBooks.
You don’t have to be an accountant or good at calculus to start your own bookkeeping business, either. As long as you’re motivated, a company called Bookkeepers.com will teach you everything you need to know. It’s one of the leading training courses in the field, and it’ll even give you the first three classes for free.
It’s helped thousands of people launch their own businesses, including Daniel Honan, a military veteran in his 30s. He never considered starting his own company, but he signed up for Bookkeepers.com, and now he’s making around $50,000 a year keeping track of business expenses for his 10 clients.
It only took him three months to get started, taking one class a week. Oh, and he makes his own schedule and is able to spend more time with his wife than ever.
If you’re just a little curious, you just have to submit your email address here to take the first free classes. If you stick with it, you could be running your own business in just a few months.
8. Get Paid $2,700/Year to Watch the News
It’s been a historic year in news, and we’re all constantly refreshing for the latest updates. You probably know more than one news-junkie who fancies themselves an expert in respiratory illness or a political mastermind.
And research companies want to pay you to keep watching.You could add up to $225 a month to your pocket by signing up for a free account with Swagbucks. They’ll present you with short news clips to choose from every day, then ask you a few questions about them.
You just have to answer honestly, and Swagbucks will continue to pay you every month. This might sound too good to be true, but it’s already paid its users more than $429 million. We talked to one user in Pennsylvania, 52-year-old Carolinda Hendrickson, who earned $1,200 in a year.
It takes about one minute to sign up, and start getting paid to watch the news.