Have some dollars under your bed, thinking about what can you do with these? Spend them on some dinner night or party? What else can you do with 100 dollars? You are wrong, dear. You can invest your money and make it grow more and more to fulfill your dreams. It just you don’t know how to invest 100 dollars, so you are wasting your money. You know most successful men had started with a small amount of money. Then why not you? You can be a millionaire too. Find the best way to invest money and let your money grow; there are so many ways to make your $100 into $1000, then $10,000, and go on. Is it really possible to invest $100? If possible, then how to invest 100 dollars?
We are here to tell you about some smart ways to invest your 100 dollars and make money with it.
How to Invest 100 dollar
Many ways are there to invest 100 dollars but not being fruitful. Before you choose to invest your money, you need to consider some factors and find the best match. First, we will know about the investing ways; then, we will learn which investment style is best for you.
High-Interest Online Savings Accounts
This is the best and safest way to invest money for a beginner or when you have only 100$. If you don’t have any other savings or savings but a little and will need this money if you get an emergency, investing in high-interest online saving accounts is the best option for you. If you are worried about investing in online saving accounts, let us clear you. Some online banks like CIT, Ally, or UFB direct bank accommodate beginner investors like you. They will give you 1.80% of interest on your savings, while the traditional bank offers you only 0.04%. There is an option of compound interest; if you invest in compound interest, your interest will grow faster. How? You will get interested in your interest until you withdraw it.
Investing in Yourself
Another best way to invest 100 dollars is by investing in yourself. This investing won’t get money for you but will make you worthy of making money. There is no more excellent investment than invest in yourself. Then we told saving is the best one? Because before you try to walk, you will need a way to walk on. So you need to have some savings before you start any type of investing. How can you invest 100 dollars in yourself? There is no way you can complete your higher study with 100 dollars and make a better career. But formal education isn’t the only way. There are many ways available to improve yourself and make you worthy of making better livings. You can grow your skills by taking any training or courses. Or you can purchase some books like rich habits, growth mind, etc., that will make your mind sharp and make you smart enough to reinvent yourself.
Paying Off Your Debt
It’s not an investment but better than that. An example, if you have 100 dollars to invest and 100 dollars debt, what should you do first? Will you pay off your debt or invest the money you have? You should pay off the debt first. Because of the much interest, your 100 dollars can get for you, more than the interest you have to pay when you have a debt of 100 dollars. And paying off debt will make a habit of saving some money. When you save money every month to pay off your debt, it becomes a habit and makes it easy for you to save some money. One more thing is getting rid of worried. When you have a loan or debt, it always stays in your mind and gives you stress. So when you are free of debt, you are stress-free. It means you can now give more attention to your work or skill-building and get ready to earn more money.
It’s a smart way to invest your 100 dollars and earn a good amount of interest. You can buy stock funds or index funds, or any other stock that you like. Many types of stocks are there. Some offer high interest but have risk, and some offer less interest every month but safe to invest. So before you invest in the stock, do some research about the stock risk, interest, etc. It’s better to acquire some knowledge, and it’s elementary these days. If you search online, you will get the information you need to know the stock investing. And you can know about the company portfolio by researching online and find out how much profit they are offering, buying their stock will be good for you or not.
If you buy a dividends stock, you can reinvest your interest and buy more stocks without paying any trading fees.
Investing in a business
With 100 dollars, you can start a business. Yes, you heard me right, it’s possible to open a business with just 100 dollars. There are so many business options you can start with only 100 dollars. But a business doesn’t need only money. It will need your dedication, hard work, and patience. To start, you have to leave your business that is not true. You can start a business without leaving your job too. You can do an online business like drop shipping or affiliating when you don’t want to leave your current job. Don’t have enough knowledge about dropshipping or affiliating? Search online; you will get enough resources to know about these businesses. And these business Doesn’t have any loss. You will earn a good amount of profit for selling products without investing in buying them.
The Bottom Line
One hundred dollars isn’t much but not less also. It’s better to have something than nothing. And there are many ways to make your 100 dollars grow. And we have told you how to invest 100 dollars and grow it more and more. Choose one of the ways we have mentioned above and start investing today. We hope your 100 dollars will grow soon, and your dream of becoming a millionaire will also be fulfilled.