Life would certainly be simpler if someone could Venmo every teacher $1 million, but the odds of that happening are, well, practically nil. (Venmo wouldn’t even allow transfers that large.)
Even though becoming a millionaire overnight is unlikely, you can still handle your finances like one. No, we’re not going to advise you to buy hundreds of shares of Apple stock or choose the perfect yacht.
These are straightforward financial steps any ordinary, non-millionaire teacher can take right now. Each tip can move you closer to reaching your big objectives.
Take a look:
1. You Can Get Free Stock From This Company
Picture buying a single Amazon share for $18 at its IPO. Today that share would be worth well over $20,000 — despite the market’s volatility.
Here’s what millionaires understand: the earlier you begin investing, the better. And we found a service that will give you free stock to jump-start your investing.
An investing app called Robinhood will award you up to $500 in free stock from firms like Visa, Microsoft and GE just for downloading the app and opening a free account.
Robinhood is free and user-friendly, which is why more than 10 million people rely on it — from market enthusiasts trying to beat the averages to folks who want to steadily tuck away a little for the long term.
It only takes a few minutes to sign up and claim your free stock — you might even land a share of the “next Amazon.”
2. You Can Cancel Your Car Insurance
Did you realize you could keep a lot more of your money simply by switching auto insurance providers?
It’s true — rates are very competitive right now, and you might be paying far more than necessary for the same coverage. You just have to look.
But instead of contacting insurer after insurer, use a site called EverQuote to view all your options in one place.
EverQuote is the largest online insurance marketplace in the U.S., so you’ll receive top choices from more than 175 carriers delivered to you.
Spend a couple minutes answering questions about yourself and your driving history. With that info, EverQuote will surface the best car insurance recommendations. In just a few minutes, you could trim as much as $610 from your yearly costs.
3. You Can Give Your Family $1.5M
This is one of those situations where investing a modest monthly sum now can pay dividends later.
Have you considered how your family would manage financially without your income? How would bills get paid? How would kids finish school? Now’s a smart moment to prepare by researching a term life insurance policy.
You might be thinking: I don’t have time or money for that. But the application can take only minutes — and you could leave your loved ones as much as $1.5 million through a company called Bestow.
Premiums start at about $20 a month.* The reassurance that your family is financially covered is invaluable.
If you’re under 54 and want a quick life insurance quote without a medical exam or leaving the couch, get a free estimate from Bestow.
4. You Can Stop Paying Your Credit Card Company
Each month you send payments toward credit cards, yet the debt barely shrinks. Those astronomical interest rates — as high as 24% — make it feel impossible to make progress.
MoneyLion could help you find options to cut your interest rate by up to 70% as soon as tomorrow.
Here’s the idea: MoneyLion can match you with new loan offers at much lower rates — potentially as low as 5.20% APR*. That’s roughly 70% lower than the average credit card rate and can be the breakthrough you need.
You can use that new loan to clear your existing credit card balances, leaving only one (cheaper) monthly payment that helps you pay down debt faster.
If your credit score is at least 620, you may qualify for up to $100,000, with no collateral required and terms up to 144 months.
Worried you won’t qualify? Spend two minutes to check online and see if you could cut your credit card interest rate dramatically.
*Based on creditworthiness. Average credit card interest rate is 24.72% as of 8/14/24, according to Forbes Advisor’s weekly credit card rates report.
5. See if You Could Lower Your Car Payment by Hundreds a Year
You know you can refinance a mortgage to reduce monthly payments — but did you know you can refinance an auto loan too?
It’s not a widely discussed money hack, but it can save a lot. A website called Upstart helps borrowers cut an average of $1,025 per year on their car payments. That’s roughly $4,800 returned over the life of the loan.
There are no origination fees, and you only need a minimum FICO score of 510. You don’t need to provide your car’s VIN, and you won’t be bombarded with marketing calls.
With APRs ranging from 2.20% to 29.99%, Upstart is helping customers save over 17% per month when they refinance. Upstart has assisted borrowers in saving more than $20 million on their car payments in the past year alone*.
Ready to save? It takes just minutes to check your rate and discover how much you could keep.
6. You Can Invest in Hotels — Even if You’re Not Rich
When you picture hotel investors, you might think of the Monopoly tycoon in his top hat. There’s a reason the board game highlights buying hotels — it’s a classic wealth-building strategy.
But investing in hotels isn’t exclusively for the ultra-wealthy.
A company called Yieldstreet gives you a way into real estate by providing access to private commercial and residential property deals in major markets. The best part? You don’t have to manage the properties yourself. Yieldstreet handles the heavy lifting.
This access was once reserved for the very wealthy, but now you can invest in assets like luxury apartments in Nashville, multifamily rentals in Dallas — and even a resort-style hotel in Scottsdale, Arizona.
Private real estate has outperformed the average S&P 500 return for the past 25 years, with average annualized returns of 10.3%. Yieldstreet uses a rigorous vetting method to choose properties and reduce surprises.
After investing, you can monitor your holdings on Yieldstreet’s platform and observe properties being acquired, upgraded and managed. You might receive quarterly dividend payouts, and over time you could benefit from property appreciation.
If you want to get into real-estate investing, signing up and creating an account with Yieldstreet only takes a few minutes.
7. Let This Company Cut Your Mortgage Payment
Things may have shifted since you purchased your home. Interest rates could be lower now, or perhaps you want to tap some of the equity you’ve built. Either way, refinancing might be on your mind — but the process can feel daunting.
Fortunately, a lender called loanDepot makes refinancing simpler and less stressful.
As one of the nation’s largest non-bank lenders, loanDepot blends digital tools with traditional customer service — and it could save you substantially.
Uploading required documents online is straightforward — they basically need verification of who you are and some qualifying details.
Whether you want to refinance to reduce your monthly payment* or pull cash out through a cash-out refinance, loanDepot simplifies checking your rate and speeding toward approval.
They’re accredited by the Better Business Bureau with an A+ rating and rank among the top mortgage lenders in the country, helping roughly 27,000 clients each month.
It only takes a few minutes to get started and see how much you could trim from your mortgage payments.
*Monifi: Terms and conditions apply
**subject to approval
*Bestow: Policies are issued by Bestow Life Insurance Company, Dallas, TX on policy form series BLI-ITPOL. Bestow Life Insurance products may not be available in all states. Policy limitations or restrictions may apply. Not available in New York. Our application asks lifestyle and health questions to determine eligibility in order to avoid requiring a medical exam. Prices start at $10/month based on an 18-year-old male rated Preferred Plus NT for a $100k policy for a 10-year term. Rates will vary based on underwriting review.
*Upstart: Car refinance loans not available in IA, MD, NV, or WV. Car refinance loans in IL and MO are originated by Cross River Bank or Midwest BankCentre. Car refinance loans in CO, KS, and TX are originated by Cross River Bank or Rising Bank, Member FDIC. Car refinance loans in FL, GA, and AL are originated by Cross River Bank or Drummond Bank, Member FDIC. All other car refinance loans are originated by Cross River Bank, Member FDIC.
The full range of available rates varies by state. The average 5-year loan offered on Upstart will have an APR of 9.91% and 60 monthly payments of $426 per $20,000 borrowed. For example, the total cost of a $20,000 loan would be $25,540. APR is calculated based on 5-year rates offered in the last 1 month. There is no down payment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.
This information is estimated based on all consumers who were approved for an auto loan through Upstart and accepted their final terms. As of 2/1/2022 the average monthly savings amount is 17%. To evaluate savings on a loan you are considering refinancing, it is important to compare your APR and remaining term from your existing automotive loan to the APR and term offered by Upstart.
*loanDepot: By refinancing the existing loan, the total finance charges may be higher over the life of the loan.
