Congratulations, you’ve successfully saved up to $1,000. So now that we have some money saved, let’s find out some ways we can grow our money. There are so many options that you can take. However, if you're here I bet you want to invest the money you’ve worked so hard to save. So how exactly do we get our 1k to bring in more friends just like it? I’ve compiled a list of 7 methods you should take to grow your money.
This one may not be for everyone, but is my favorite out of the 7 listed. Swing-Trading is essentially going into a trade waiting a day or so then exiting that trade for hopefully a profit. I said hopefully because no trade is guaranteed. For this one, you’ll have to ask yourself how much risk you’d like to take. You can either go all in on one stock to hopefully double your return. You can take the smarter less risky approach and diversify that $1,000.
$1,000 may be a lot but it isn’t that much. Try looking for stocks under $5 but no lower than $.1 these are considered penny stocks. If the low end isn’t your thing try looking for popular blue chip stocks like Apple, Tesla, Amazon, and so on. Blue chips like Best Buy and Blackberry are also in a good price range. So there are reliable cheap options. For extremely expensive ones try going with a broker that allows for fractional purchasing of stocks. Here are a few popular ones I like...
I hope you are in no need of your money right away because this method WILL take a while. Investing is a good way to build your net worth over the years. For this option diversifying will be the best option to take look for. There are options you can take while keeping your money invested until it's the appropriate time & age to withdraw. But let’s focus on short-term methods. Below are 6 forms of investing I’d recommend investing your $1,000 in.
Stocks – These are typically shares or equity in a publicly traded company. This is usually the simplest form of investing. Buying when the price is a low bear market and selling when the price goes up in the bull market. Since we're working with a low entry amount I recommend sticking with variations of this simple strategy. Shorting, and using margin will not be available and or not advised. The risk is higher of being margin called on smaller accounts. Especially when you're new and inexperienced. So id says to go with cash accounts at least in the beginning until you get the hang of It.
Margin accounts are simply borrowing money from your broker for trades in the hopes that the trade will profit in your way. It multiplies the cash you put in depending on the amount. To fight the risk of being margin called just trade with cash trade with your own money. If you go into a trade that’s in a constant bear market I would just never sell, until I can come close to at least breaking even. There are dozens of strategies you can take with trading, I’ll be posting guides of trading strategies at some point but until then Id recommend researching greatly before you get started.
ETFs - Exchange-traded funds (ETFs) are a collection of investments that track the market index. Instead of investing in one company, you’ll be investing in many at once. ETFs can be purchased just like any other stock in the stock market, and function just like stocks fluctuating throughout the day just like any other stock.
Bonds – Buying a bond is lending money to a business or government entity. There are typically two types of bonds. Corporate bonds are issued by a business, and municipal bonds are issued by the government. Out of everything on the list, this is considered the most reliable for holding your money long-term. When bonds are held for a period of time you’ll get your principal back while gaining interest for lending you money ie. holding bonds.
Options – This is the most complex, riskiest, and has the highest barrier to entry out of everything listed. Buying an option is buying the purchasing power to buy or sell an asset at a certain price at a certain time. Buying assets are referred to as calls, and selling options are called puts. This is not in my field of expertise so id recommend researching greatly on options if this is something you’d like to indulge in. Trading options is like is more closely related to gambling because of the risk.
Crypto – This is a fairly new type of currency without the backing of a government. Examples are the infamous Bitcoin, Ethereum, Dogecoin & countless others. A slight plug here, I’ll be launching my own crypto “Kodocoin” by mid-next year of Ethereum blockchain. These can be quite expensive so I’d recommend buying fractional shares.
If you really like crypto may I recommend a few platforms to try:
Commodities – Most commonly found in futures markets Metals, Energy, Agricultural, & livestock, can be purchased through stocks, mutual funds, ETFs, and futures contracts.
Alright so you have $1,000 and you believe investing in yourself will rake in a larger return than investing elsewhere. Now I’m not talking about getting a new wardrobe to make yourself more appealing, new shoes, hair, or makeup I’m referring to investment. For instance books on a particular skill or trait that will help you make more money by improving your skills.
A few more options could be investing in a course or Bootcamp if you are a coder to help beef up your skills and add to your resume. These are a few options that I’d know will help me you may be very different. In fact, everyone is different you may want to play an instrument or become a YouTuber. Regardless of the case $1,000 could be just the amount you need for improving those skills you may want to use the other methods I mentioned to grow your money and then use the profits to fuel your personal dream.
Regardless of who you are, there’s always something about everyone that can use improvement. I don’t have a method for everyone. But we all want to make more money. Improving your body may open the doors for promotion, relationships, more sales, and so on. If you are out of shape maybe get a gym membership to improve your physique. Later on, when the knowledge and results seep in you may want to peruse a personal training certification. Some certifications are under $1,000 and are even cheaper when deals are caught.
Platforms like eBay, Etsy, Mercari & Facebook marketplace will be some of the best options for getting started in your reselling journey. Reselling is simply a seller acquiring an asset mainly through purchasing and then reselling that asset at a higher or market price to a buyer. I have a whole guide coming that walks you through how to get started on reselling. It shows you how to buy items at wholesale list them, sell them, and everything in between. But that’s the jiff of it. $1,000 can buy you a few things. On wholesale websites, this can possibly get you household items, tools, a box, or Gaylord full of resealable products. You name it some sites will even let you bid on the product in the form of lots, usually under 1k.
If whole selling isn’t your thing try strolling through your local store to find hot selling items on sale. Buy that item on sale then relist that item on eBay or so at market value. Try looking online as well and finding deals on reputable websites like http:www.bestbuy.com/ I found a deal now that will net you a small profit possibly $30 or more give or take the cost for shipping and taxes. It’s small so sending this to the buyer would be cheap. More tips and tricks on this coming soon a guide
Dropshipping – This method can be simpler or more complex, it all depends on you. I will tell you this method takes up less to no space considering you aren’t actually housing products. Just like it sounds, you are creating a listing of that product without having physical inventory on hand. When a buyer buys from you, you go to the actual product listing. Then you buy that product with the money the customer just gave you for that listed item. Assuming you're selling the product at a higher price than you purchased you would net the profit. I myself created the platform “Aminodeal” This has both physical inventories for reselling and non-housed inventory for dropshipping. You can find our store on various platforms listed under reselling however we are preparing to launch an app and the website in the coming months. You don’t have to go this route of creating a universal store platform. Creating stores on eBay in so on can be extremely easy, and done extremely well.
I won’t go into much detail on this method, for I already have an article https://www.kodoninja.com/view.php?t=blog&c=money&v=30 that goes into much detail on how creating and regularly posting on your blog can be extremely beneficial for extreme passive income. The interesting thing about blogging is that it could cost $50.00 to get started. That cost is buying a domain. The name of your blog and the remaining is the cost for hosting and possibly a theme if you aren't adept in building from scratch.
If you are good at a particular skill or trait offering your services on these platforms below can be quite rewarding.
This one closely relates to reselling. We’ve all heard of the age-old examples of finding used, cheap, or even FREE items on Craigslist and other platforms. Fixing up that item and then reselling that item for profit. Depending on the cost of gas to pick up that item, shipping, and cost to repair. This is a very lucrative business venture because the profits are almost 100% of pure profit. Try searching Craigslist in your area for free items, you’d be surprised what you find. Take a look at what I found below
Your money can go a long way. As you read above there are many options available to you that you could take to grow your money. Depending on which path you take growing that initial investment of $1,000 may take longer or shorter. You may pick from the 7 I’ve chosen, or choose something else. Regardless of whichever you choose please research each topic further. It may all seem straightforward at first but may end up more challenging. Each path has an array of information tips and tricks to help you succeed in that category. Good luck be sure to write me or comment on how everything is going.