Getting those quick $ 100 loans in your hands soaked with sweat is the most challenging part of turning $ 500 into $ 1000. We always ignore the need to spend money to make money. One word has the power to distract us from investing in a lonely checklist that collects dust.
If $ 500 is a small amount or a large amount, it is enough to invest in many ideas that will double your income. However, you should choose one and start immediately.
The worst thing you can do is consider investing. If you do not take action today, tomorrow, tomorrow, and the next day, you will already have $ 500.
You may believe that $ 500 is not enough to invest, make a profit, or start a company. Not at all. Here are eight ways to convert $ 500 to $ 1000.
1. Get acquainted with the stock market.
While investing in the stock market is nothing new, it is still a great way to double your investment. There are dangers. On the other hand, online trading firms such as Ally Invest and ETrade, make investing more affordable.
i. Ally Invest
There is no minimum account for Ally Invest. Trading currencies (ETFs), shared funds, and individual stocks are among the full service options available. You will pay only $ 4.95 per exchange, compared to large firms like Fidelity and Schwab, which charge a minimum of maximum investment.
ii. E-Trade
E-Trade offers the same options as Ally Invest, but with a lower price of $ 500 to start and trade starts at $ 6.95. However, they do not charge a commission on ETFs.
Good:
Create a personal portfolio of investment without the high costs and trades that are usually charged by a licensed financial advisor.
Disadvantages:
The market can be unpredictable, and managing your portfolio can take time.
2. See Robo Investing
Investing in a quarter is a good decision if you are new to investing and do not want to cover your financial portfolio. ETFs are used for investment, and there is usually a minimum.
ETFs are low-cost and have a diversified portfolio of emerging investors. 87 percent of financial advisers use or recommend ETFs to their clients, according to the 2018 investment report styles.
i. Wealthfront and Better
Betterment and Wealthfront are two companies that I propose as a start for Robo investing. Betterment has no small investment limit, while Wealthfront has a $ 500 demand. Both websites provide real-time investment charts and other financial services to help track profits.
ii. Acorns
Another way is to use a website like Acorns. Acorn is a great place to put your backup money. For college students, including free account management and refunds for selected merchants.
iii. Robin Hood
The Robinhood app is outstanding because it does not charge a commission on all stock transactions. Maintaining your account has no minimum requirements, and the dashboard is easy to understand and use. Other Cryptocurrency alternatives, such as Bitcoin, are also available through Robinhood.
Despite the limited investment options of the platform, you can't go wrong with showing it off. Since most investment firms charge a few dollars or more per exchange, savings on commissions can quickly add to smaller accounts.
Good:
Because investing is done automatically, you do not need to be an expert in the stock market or a financial planner to get started.
Disadvantages:
Since you are EFT selected, you cannot control how your money is invested.
3. Start an online company
If you only have $ 500, you can do a lot about starting an online company. A simple website or social media account can be used to launch an online company. You no longer have to deal with the overhead of the visible area.
Make a decision about your online company as soon as possible. The sooner you get started, the sooner you will see results. You do not need to quit your day job. Most online companies can start your own free time and grow when profits start to flow.
The most important factor in starting an online company is getting people to visit your website or follow you on social media. This is important for the development of your product.
The most important factor in starting an online company is getting people to visit your website or follow you on social media. This is necessary for improving your product and collecting feedback to improve your goods or services over time.
i. Build a website
It is now much easier to build a website than ever before. You no longer need to hire a web developer, designer, or IT department. Just choose a company domain name, hosting service, and website design (free or paid). You can get a custom web address and start building the next one for less than $ 200.
You can also install plug-and-play sites if you do not want to take care of the website. Build a Shopify or Amazon shipping store. Drag and drop your logo, goods, and copy of sales into Wix. Choose BigCommerce to sell your products on Amazon, eBay, and Facebook easily.
Good:
Starting a completely new online business is less expensive and less stressful than starting in a normal brick and mortar environment.
Disadvantages:
Working from home requires self-discipline. It can take anywhere from a few months to a few years before you see a return on your investment.
4. Take Online Courses to Improve Yourself
Spending $ 500 on online courses where you can invest or convert your money may seem pointless. However, spending $ 500 on online courses to learn a new skill or job will double your income.
Or can you find in Google more information on paid online tutorials, how many of us spend time reading this article and combining it all into actionable steps?
Learning a new skill will help you to find a high-paying job or turn it into a career that allows you to pay off debt or take a vacation.
i. Udemy
If you are reading a blog where an author did an online course, that would be a good place to start. If you are just trying to consolidate your resume, consider taking a tutorial from Udemy, which offers courses for as little as $ 10.
ii. Simplilearn and Skillshare
Skillshare is another online learning network that offers smart lessons from experts such as communications expert Gary Vaynerchuk. Technical certificate courses are available through Simplilearn to help you improve your career.
Good:
If you are willing to make an effort, you can double your income.
Disadvantages:
There are a lot of tricks out there. Usually do a thorough research on the source of the study material before donating your money.
5. Thrift store Clothes resale
Over the past few years, this opportunity has become a nightmare for me. Browsing shopping clothes is easy if you know what to look for. Several YouTube videos will show you what products and categories you can buy. Captured clothing is inside, and it can be hard to find depending on where you live in the United States. That means you will have more money in your pocket.
I enjoy going to Goodwill with their 50% discount days to get extra money for my collected pieces, and save a lot of money on shipping since I used the low-rate envelope form. And with eBay funds, you can easily make a profit if you choose your clothes carefully.
Tips
Always double check your clothes. Make sure all buttons, zippers, and ornaments work properly. Drinking volume should be kept to a minimum. There should be no stains or tearing of the fabric (including where the thrift store has put a plastic tag).
Look for well-known brands that sell well. You will not rank in search results or make a profit if you find a piece of clothing sold at fast-paced fashion stores like Walmart or Forever 21. Search for designer and store labels sold in stores like Nordstrom. If you do not know the product type, look it up while you are developing it.
Extend the scope of your need. If you are used to saving in the women's department, try searching for men's, size, or parts of toys to find something different. Larger products can be washed and sold on the spot.
Good:
Inventory takes up little space, and shipping is easy and fast.
Disadvantages:
Inventory in thrift stores can vary, and you may need to drive to get high quality brands.
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