Turn $100 into $60,000 + How to Get The Extra Cash to Invest.

Turn $100 into $60,000 + How to Get The Extra Cash to Invest.

⏱️ Estimated Reading Time: 7 Mins
Last Updated: May 2022

in this article:
How to Save & Make Your Money Work For You.

This post covers finance tips for women so that they can take control of their financial futures, achieve their money goals and live a wealthy abundant lifestyle:

• Through investment examples and the power of compounding interest.
• 10 ideas on how you can save money each month so you can start re-allocating funds and invest in yourself and in your future.
• Additional resources on finance, saving, earning more and investing. 

My sincere belief is that all women need to take control of their finances if they are going to have control over their future and over their lives.  In society in general, there is not enough education around personal finances and investment, we are not even taught the fundamentals of personal  finance in all the years of our schooling.  So unfortunately, it is up to us to teach ourselves how to best manage our money so that we can design a future that we love and create opportunities in our lives that the rich are using to grow their investements.  What I have learned over time is that a little really can go a long way when it comes to investing and multiplying earnings for our future benefit.  For example, you can turn a $100 monthly investment into $60,000 just using the magic of compound interest.  Want the math behind it?  See below:
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Assumptions: $100 monthly investment with a monthly conservative estimated rate of return of 8% (Stock market average is 10%) over a 20 year period. (Source: Nerd Wallet)

In the final year of investment you would have earned over $35,000 in just interest on your investment alone! Now that is what I call having your money work for you! What would an extra $60,000 mean to your future and your comfort and security? And that is only with an investement of $100, consider what your returns could be through the power of compounding with a larger monthly investment! 
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Invest in Your Future

Now I can already hear what most of you are saying, sounds great but I don't have an extra $100 per month to invest! I thought that could be a potential objection, so I have put together some ideas for you to save the money or add another $100 per month to your income so that you can divert it to your savings and future.  Check out how to save $100 per month with these 10 tricks:

1. Plan your meals, buy your food in bulk & do prep ahead meals not only will these save you money but time as well. I have some posts with Prep Ahead Freezer Meal Recipes that you can check out HERE. 
2. Keep the change.  A lot of banks now have a program where you can round up purchases to the next dollar and those funds are automatically transferred to your savings account. Making it easy to save without feeling like your giving something up and you'd be surprised how fast it adds up!
3. Eat out less and make home cooked meals.  Buy lunch at work?  Bring one from home instead, this will easily save you $100 per month. Want some Healthy Lunch recipe ideas click HERE. 
4. Take one weekend each month and make it a free weekend.  Find creative ways to have fun without spending any money.  Not only will it save you cash, it will force you to try new things.
5. Look for alternatives.  Go through each of your monthly expenses and see if there is an alternative cheaper option available and make the switch. There is always new competitors entering the market and new promotions available that you can take advantage of. 
6. Lower your expenses by negotiating a better deal on your monthly services.  With one phone call you can actually end up savings thousands per month on your bills.  Nervous? Don't worry the guru of negotiation, Ramit Sethi, has actually done the work for you by putting together a script you can follow for just about any call you can imagine.  Get it HERE.
7. Start a side hustle.  There are tons of ways to bring in at minimum an extra $100 per month by starting a side business.  There are tons of ideas available online plus I have put together 5 great side hustle ideas where the sky is the limit for earnings.  Check them out HERE.
8. Pay yourself first.  Have the $100 taken automatically from your paycheck each month.  You will see that you find a way to make up the delta in expenses by spending less when you don't have another option plus shouldn't you invest in your future first before you start paying for someone else's dreams?
9. Use your perks.  There are so many money savings coupons, gift certificates, loyalty cards, etc that offer you savings or cash back that can really start to add up.  Take a day on the weekend to research all that are available to you and start putting them to work for you.
10. Negotiate a raise at work.  Most of us are adding value to our employers and could be making more for our efforts and contribution.  In a lot of cases we could make thousands more but we, especially women, just don't ask for it.  Get what you deserve and ask for that raise - I have a post especially for this that walks you through the process step by step so that you can ask confidently and in such a way that your boss will actually be happy to give it to you.  Check it out HERE.  Then have those extra earnings immediately diverted to your savings for investment.

These are only 10 ideas to get you started which if you do more than one you can save even more than $100 per month.  Want to know what investing more than $100 per month will look like for you?  You can do the calculation easily using this online compound interest calculator available HERE. 
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So, now that you have the money to invest, now what?  What do you do with it, where do you invest it?  I am not an investment expert and I don't claim to be, so I would suggest the first thing that you do would be to meet with a fiduciary financial advisor.  Please take note of the underline on fiduciary as this type of advisor legally has to have your best interests in mind when giving investment advice and is not there just to sell you something to make a commission.  This ensures that you get good quality investment advice made for you, so please do consider this when seeking professional advice. There are also a lot of different online services that you can use that will automatically manage your investment on your behalf like Wealth Front, Robin Hood, and VanGuard with limited to no fees. But again, this is something where you should invest some time to educate yourself and get some support before making the right decision for you and your circumstances.  But remember, this will be one of the best investments you make as it will be in yourself and in your financial future, so make the time. 
 
If you want to learn more on the topic and in a way that can be easily understood without all of the financial jargon that usually turns people off, I would recommend the two following books from Tony Robbins.  He has done the work for you by going out and learning from all the wealthiest and successful money managers and breaking down their strategies so that they can be used by the average citizen.  I would highly recommend as a  starting point to your financial education journey!

• Money Master the Game: 7 Simple Steps to Financial Freedom - Tony Robbins - Get it HERE.
• Unshakeable: Your Financial Freedom Playbook - Tony Robbins - Get it HERE. 

I really hope that you found this information useful and that you will take the time to invest in yourself and in your future in order to design a life that you actually love.  I would love to hear your feedback on the topic and also love to hear about any other money savings ideas that you might have that we can all share and benefit in the comments below!
 
Design YOUR Life ~ Be Authentic.  Be You.   Be Sharp

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Sources:

• Nerd Wallet.  "Compound Interest Calculator". By Tony Armstrong.  August 20, 2018. https://www.nerdwallet.com/banking/calculator/compound-interest-calculator
• Nerd Wallet. "What is the average stock market return". By James Royal, Pd.D & Arielle O'shea. May 11, 2020. https://www.nerdwallet.com/blog/investing/average-stock-market-return/
• I Will Teach You to be Rich. "Negotiation Techniques: How to save thousands in 1 phone call (Ramit’s free gift)". By Ramit Sethi. https://www.iwillteachyoutoberich.com/blog/how-to-save-thousands-of-dollars-in-10-minutes-ramits-free-gift/