4 Memorial Day Tips to Make More Money
Memorial Day is a wonderful time to honor those who served our country. It’s also a time to take a break from work. First, honor the veterans. Next, enjoy your time off. But don’t forget to spend a few hours on your financial future and make money over Memorial Day.
It’s tough to find time make more money while handling the gritty business of work, raising the kids and keeping up with the house. But Memorial Day is a perfect time to set aside a couple of hours to increase your income for now and for the future.
4 Make Money Over Memorial Day Tips
1. Increase your 401k contribution and make more money over Memorial Day.
Log into your workplace 401k portal and increase your retirement account contribution by 2%. If you make $70,000 per year, that’s $116.00 per month deducted from your paycheck. And with the tax deduction benefit of your contribution, it’ll only cost you $90 per month, if you’re in the 22% tax bracket. That works out to just $3.00 per day!
Here’s why this money tip is so valuable.
If that $116 per month contribution grows for 30 years at 7%, as it may in an S&P 500 stock index fund, at the end of 30 years you’ll have increased your savings by a whopping $143,154. Just $3.00 per day invested at 7% over 30 years grows to $143,154.
Bonus; Save money on your 401k fees and get a Blooom free retirement account review.
2. Open an Investment Account to make money over Memorial Day
If you think that investing in your 401k is enough to set you up for a sound financial future, you might be surprised. You need to invest outside of your retirement account, for intermediate term financial goals.
Let’s say you’re looking to remodel your home, buy a home or purchase a vehicle in 5 or more years. You can save up in a cash savings account for those future purchases. But if you are certain that you won’t need the money during the next few years, open an investment account at Schwab, Fidelity, TD Ameritrade or one of the big brokerage houses and invest.
By investing your money in a diversified mix of stock and bond investments, you’re likely to earn greater returns than leaving it in a savings account. Although short term future investment returns aren’t guaranteed, over the long term, investors have enjoyed an average of 9% investing in stock market funds, 5% in bonds and 3% in cash.
4. Search for high yield CDs to make more money.
Interest rates are going up. If you’ve got cash parked in a low yield checking or savings account, Memorial Day is the perfect time to transfer it into a high yield certificate of deposit. In fact, GoBankingRates lists a 14 month Synchrony CD that pays 2.35%. (I think I’ll check this one out myself!)
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Since interest rates are poised to rise over the next year, it’s a good idea to stick to short-term CD’s so that as the when the certificate matures, you can reinvest the proceeds at a higher interest rate.
4. Work over Memorial Day to make more money.
There are countless hacks to earn more money. Inbox Dollars rewards you for taking surveys, watching videos and even playing games. (There’s even a $5.00 sign up now). For example, take a short survey and money and gift cards for each one completed. You can also complete quick “tasks” such as small editing, transcription and validation jobs. My favorite is watching videos! If you’re going to surf the net, then why not get paid with gift cards and more?
If you’ve got junk around the house or are a garage sale afficionado, round up some bargains to resell on craigslist and eBay. There are actually folks that make a full time living with this money hack.
So, pay your respects to the vets, have some fun with the family and carve out some time to grow your wealth, over Memorial Day.
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