Once Your Paycheck is Higher Than $750/Week, Make These 4 Moves

Now that you’re not worried about running your bank account down every week, it’s time to think about what you want to achieve next with your money. Do you need to save more? Buy a home? Invest?

What’s the next step you should take? This is all part of adulting, you know. What are some specific things you can do you to take your finances to the next level?

We’ve got some ideas for you:

1. Invest Like a Tycoon (Even If You’re Not Rich)

It’s no secret: Investing can a great way to grow your money. But that’s something only wealthy people do, right?

Wrong.

You don’t have to be Warren Buffet to get started with investing.

In fact, you can get started with just $1, using a company called Ellevest. Plus, when you sign up through The Penny Hoarder, you’ll get a $25 bonus in your Ellevest account.* 

You don’t even have to know how to pick stocks. When you sign up, Ellevest will build an investing plan just for you. Even better: The whole platform is designed for women, by women and in support of women-owned businesses. In fact, the company was founded to address the fact that women statistically get paid less than men (and live longer!), which most financial companies typically ignore.

Take that, Monopoly man — money’s not just for men. .

2. Secure $1.5 Million in Life Insurance for Just $20/Month

You probably don’t want to think about what will happen to your spouse or family after you die — but have you ever wondered how it would affect them financially to lose you (and your income)?

A company like Bestow offers you an easy way to compare and buy life insurance. Unlike traditional providers, this online-only platform provides an easy way to apply, and it offers instant quotes from top carriers online to help you make a quicker decision.

“The biggest mistake I see millennials making is being duped by insurance salesmen,” says Andy Yadro, a financial planner with Googins Advisors in Madison, Wisconsin. “Everyone needs insurance, but a very small subset of young people need the insurance that is sold by most ‘financial advisors.’”

To get a quote through Bestow, you’ll just enter some info about yourself and your health online. Once you choose a life insurance company, you can apply right online, and a Bestow rep will give you a quick call to ask a few follow-up questions.

You get easily leave behind $1.5M for as little as $20/month.*

3. Reduce Your Car Insurance to as Low as $22/Month

How much are you paying for car insurance each month? $75? $150? $250?

Yes. There’s no getting around car insurance, unfortunately. But once you’re making a little more money, it might be smart to change your car insurance.

And you should shop around twice a year.

“Not only can a lot of circumstances in your life (getting married, for example) and your car (mileage, age) change in that time, but insurance companies may be changing their pricing as well, and you want to be sure you’re getting the right coverage, service and of course pricing to suit your changing needs,” says Alyssa Connolly, the director of marketing insights at The Zebra.

One website that can help you save money on your car insurance is SmartFinancial. This digital marketplace could be getting you rates as low as $22 a month — and saving you more than $700 a year.

It takes one minute to get quotes from multiple insurers, so you can see all the best rates side-by-side. Yep — in just one minute you could save yourself $715 this year. That’s some major cash back in your pocket.

So if you haven’t checked car insurance rates in a while, see how much you can save with a new policy.

4. Let This Company Pay Off Your Credit Cards

Every month, you make payments toward your credit card debt. But you never seem to make a dent. It’s because of those sky-high interest rates — as much as 24% interest. It can feel impossible to get ahead.

But MoneyLion could help you find offers to cut your interest rate by 70% as soon as tomorrow.

Here’s how it works: MoneyLion can match you with new loan offers at a lower interest rate — as low as 5.20% APR*. That’s 70%* lower than the average credit card interest rate. And it’s the key to finally getting ahead.

You can use this new loan to pay off all your existing credit card debt, leaving you with one (cheaper) monthly payment that will help you get out of debt faster.

If you have a credit score of at least 620, you could get up to $100,000. With no collateral. And terms go up to 144 months.

Worried you won’t qualify? Take two minutes to check online and see if you could cut your credit card interest rate by 70%.

*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.

*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.