4 Simple Ways to Invest $500 Wisely
- Open a robo-advisor account. A robo-advisor is a great option if you’re just getting into the investing game.
- Go micro. Micro-investing is a good option to consider if you want to keep building on your initial $500 investment.
- Open a high-interest savings account.
- Pay off debt.
What should I do with $500?
15 of the Smartest Things You Can Do With $500 Right Now
- Invest in an index ETF.
- Pay down credit cards.
- Make an extra payment on a mortgage.
- Start an IRA.
- Consolidate some debt.
- Buy life insurance.
- Fix your car.
- Get a health screening.
Can I buy stock with $500?
However, it’s tough to buy enough individual stocks with $500 to adequately diversify that money. Diversification is important because it spreads your investment around — when one investment goes down, another might go up, balancing things out. You could get a few ETFs and be fairly well diversified for $500.
How can I turn $500 into $1000?
Check out the eight ways you can turn $500 into $1000.
- Learn the Stock Market.
- Try Robo Investing.
- Add Real Estate to Your Portfolio with Fundrise.
- Start an Online Business.
- Invest in Yourself with Online Courses.
- Resell Thiftstore Clothing.
- Flip Clearance Finds.
- Peer to Peer Lending with Prosper.
How can I invest 500 per month?
A step-by-step plan
- Open a brokerage account with the fund company of your choice, or enroll in your company’s 401(k) plan.
- Provide your bank information to your broker, or fill out some paperwork at your company, and set up automatic $500 deposits every month.
- Select the fund(s) in which you want to invest.
How can I invest $20?
How to Start Investing in the Stock Market With Only $20
- Set up an Online Profile. Shop around a bit to find the online investment company that you like the most.
- Select a No-Fee Mutual Fund.
- Set up Regular Transfers to Your Account.
- Be Patient and Consistent.
- Using Acorns or Other Passive Investing Apps.
- Use a Commission-Free Trading Platform Like Robinhood.
How can I get rich with 5000 dollars?
7 Best Ways to Invest $5,000 of Your Savings
- Save with an online bank.
- Think about certificates of deposit (CDs) or money market accounts.
- Consider investing in a Roth IRA.
- Research online investment firms.
- Invest in actively managed mutual funds.
- Go for index funds.