So, you have an extra $100 in your pockets and you are wondering how you can invest them to earn a profit. Wouldn’t it be great to have your $100 turn into a larger sum that will ultimately turn into an even larger one, or a side business or a career?
I can’t promise you the moon, but I can give you 8 ways that can get you started on finding ways to make those $100 work for you and maybe even open up new and exciting opportunities.
Read on and let your creative imagination take flight.
Invest and invest in what you know. $100 is not going to get you very far or make you a millionaire overnight, but it will get you started on gaining experience investing in stocks, bonds and funds.
In my article “10 Ways for Beginners to Start investing” I mention index funds like Schwab and Fidelity that have funds available for as little as $1 to get you started investing.
Investing using $100 can also take shape in thinking outside the stock market box. So, instead of trying to find ways to hopefully make money with a high risk, high return opportunity, you can also invest your money in a small, local business, for example.
There are plenty of opportunities to invest your $100 in creative ways.
2. Flip Items
If you have some talent and skill in the arts and crafts department and maybe a free corner in a garage, you can easily take old discarded items, spruce them up by fixing minor damage, giving them a new coat of paint and selling them for a little profit.
You can then use the profit you earned from the sale of the item to either purchase another item for flipping, or if you have access to more items for free, stock up on your supplies and start on your next project.
It most likely will never yield huge amounts of money, unless you are lucky enough to build up the profit that it’ll be enough for a down payment for a house that you can flip, but it can be a humble start to a hobby that can easily turn into a side hustle. And all that through the use of your $100.
3. Invest In Yourself
There are different ways you can take this option to heart.First, you can invest in yourself by paying down your debt, if you have any.
I know, it doesn’t seem very exciting to think about using your extra $100 just to make a credit card payment and be done with it.
But hear me out. This is a good thing. We don’t like to think about our debt. We don’t get particular joy form paying bills, because then there is no money left in our bank account to spend on fun things, on things that make us happy and distract us from the mundane everyday life.
I get it. Recently, though, I realized that paying off my student loan has become much more of a reality than I had ever thought possible. Crazy, right? No more student loan. What would life be without it? Exactly! Life without a little less stress.
Instead of going on that trip to celebrate completing school, I took the money and put it on the line of credit. Because I saw how much interest rate the bank is charging me every month for the remaining balance.
It made me angry. Here I am, trying to get an education and they make money from my desperate situation. So, you see, taking that $100 and putting it on your credit card or line of credit will lower the overall sum you have to pay back and that in turn will lower the percentage yielded that is charged to you on a monthly basis.
You are investing in your future self to be done with debt earlier.
Another way to invest in yourself is buy taking an interest or a hobby to the next level. Use those $100 to purchase the supplies you need or the resources and books that can teach you more about the subject.
A little side note on the books: check your local library, if they have the books in your subject to lend, this way you are saving money on buying those resources and you can invest them into another part of your endeavor.
4. Learn a High Income Skill
I had a friend in university, who spent 4 years studying general science. He graduated, moved to the big city and enrolled in courses to get his financial risk management certification and now works for a big, important bank, making lots of money.
It depends which institution offers the courses in your area, but there are plenty of ways to get started on that type of career, if it suits you.
The most important point to get from this is the very real opportunity to start something that can lead you to a lucrative career with little to start with.
5. Become an Influencer
It’s the age of social media. The age of phones that are cameras, connected to the web at all times. It is the age for a person to reach a large number of other people telling them what they think about whatever topic or product they wish to talk about.
If you think this is something for you. If you think, you are comfortable enough showing yourself on social media, then there is no harm in giving it a try.
It might be a long way before you see any profit, if at all, but it can give you an opportunity to promote yourself and your skill set, which could lead to a career or side business.
Cell phones and cell phone plans are generally quite affordable these days. It is an ongoing expense and if you already have the tools all set up, you can upgrade or use the money to pay your next few bills while you start your venture on social media.
A few tips people of influence have given: Be open, honest and transparent. You should offer something of value, something the other person watching wants.Get traction organically. You need to put in the work and it does take time.
6. Invest in a Business
This kind of expands on what I have already discussed in previous points, but it never hurts to read more on it to get the creative juices flowing.
Invest in a business. Invest in your own business. Buy those books that will teach you more about the trade you are interested in. Get that second-hand camera to start your photography website, travel blog etc.
Use the $100 to get you started.
I had another friend in high school, who got some money for his 18th birthday and went to the casino. He took half the money to gamble, made a profit and kept going until he lost.
I would never encourage the excessive practice of gambling in order to earn money you may rely on to pay bills. But , if you have those extra $100 and you want to try your hand at black jack or any of the other games, it is a small enough amount that on the occasion of losing it would not hurt you too much.
You can also buy $100 worth of lottery ticket when the jackpot is enticing enough for you. Just like with anything else in life, there is always a certain amount of luck involved when venturing into the world of investing. Perhaps Lady Luck will be on your side.
8. High Interest Savings Account
This is a super obvious one and one that is the most secure and least creative way to invest your $100: a high interest savings account.
Do some research into the banks in your area and on the type of high interest savings account they offer.
What is the interest rate they offer? Do they charge any monthly fees? What is the minimum amount they allow? Can you withdraw the money without penalty? What other rules and regulations do they have?
If you have a good feeling about it, why not give it a try?
When you have an extra $100 that you have the opportunity to invest, there are so many things you can do with it. If you choose any of these 8 ways to invest that $100, you’ll be doing well in no time.