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Making $ 100 is easy for most of us, but how do you turn that $ 100 into something bigger?
I have compiled a list of the 10 best ways to make your money work for you. Making money is easy for most people, but turning that money into lasting wealth is another story.
Before you begin, be sure to sign up for my free resource library, which has many great free resources available right away.
Here are ways to turn $100 dollars into $1000 in a day or more. Let’s begin!
Start a business
Many businesses start with an idea and money to get started. While bricks and mortar (storefronts) often take a lot of money to get started, you can start your own online business for very little money.
I started this business (and blog) with just a few hundred dollars to build and organize a website design. I am now my full-time job and work from home.
Another great example is my friend Megan
Another great example is my friend Megan, a Pinterest Virtual Assistant who has set up a business around Pinterest marketing. After taking a Pinterest VA course, she is now a Pinterest Virtual Assistant helping businesses thrive on Pinterest.
Another great example is turning your hobby into a business. My childhood friend Chelsea creates beautiful macrame decorations at home. I recently bought a Christmas wreath from him and it is one of my favorite purchases ever.
Use a high-yield savings account
Where do you store your emergency fund or quick access savings? Check your savings rate if it is in a savings account at your local bank. Most banks offer low savings rates that return only a few cents each year. That is why I recommend banks like Ally or CIT Bank.
I keep my emergency fund in an Allied online savings account. As I write this article, I am getting 0.60% APY in my savings account. In early 2020 I was getting 2.0% before all the madness happened. Savings rates often change because of the federal government, which you can learn more about here if you are curious. Regardless, 0.60% is much better than what my local bank offers, i.e. 0.10%.
invest in yourself
There are many ways to invest in yourself that can increase your wealth and help you earn more money.
Earlier this year, I invested in a life coach who helped me completely change my life. We met 45 minutes a week and talked about my problems with relationships, work, and my life in general. Finding solutions to my problems, I spent less time on these things and had the mind to run my business.
. Repay your credit card debt
Repaying credit card debt can save you a ton of money. This is because most credit card interest rates and credit rates are high. When you pay off your debt, you get rid of those interest rates.
If your goal is to pay off debt quickly and start building wealth, there are several ways to do this. First, we need to know the different methods of debt repayment. The most common methods are the avalanche method and the snowball method.
avalanche method works
The avalanche method works by first repaying your debt with the highest interest. Then you go into your second highest interest debt and so on. The snow collection method works by paying off the credit card with the smallest balance and climbing from there.
Let us look at an example of Mary’s debt.
Debt 1 (personal loan): $ 3000 with 9% interest.
Debt 2 (student loan): $ 8,000 with 7% interest.
Debit 3 (credit card): $ 5000 with 24% interest.
There are many ways to convert $ 100 to $ 1000. The next time you look at your bank account and see any amount of money, think about how you can turn it into something much more than that.
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