3 Ways to Invest $1000 Now

The best way by which one can begin investing is by starting small, considering that for some it might be inexperience and for others, it is based on how much they earn.

Even if you don’t save all that much but do it consistently, it can add to a lot in the long run.

That said, here are 3 ways to invest $1000 now:

#1: Pay off your debt

Paying just a small amount of that student loan or mortgage can mean that you’ll reduce how much you are paying in the future by a substantial amount. Not only will this improve your credit score but you will have one less bill to pay. This can only mean more money in your pocket in the following months so as to build a stronger financial future.

#2: Buy index funds

Even if you don’t have a 401k plan, your best bet is to open an account with a brokerage that charges the least fees and then put that $1000 in an index fund. Not only are they safe to invest as they consist of a combination of big-name stocks but they also follow an index such as the Nasdaq and S&P 500.

#3: Invest in yourself

Sometimes the best investment is actually on yourself by actually starting a business of your own or even retraining for your job. Whether you want to do wedding photography, try your hand at home improvement or even work online, there are opportunities that abound for part-time work.

While there’s a distinct possibility that you might fail, there’s a chance that you might end up with a lot of money too.