Here are the BEST strategies you can start using TODAY to begin investing, earning passive income, and building wealth with $100 per week – Enjoy! Add me on Instagram: GPStephan
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Step 1: The first step to investing $100 per week…is to have an extra $100 per week to invest:
The first thing I would do is look at your day to day spending and see if there’s a way you can reduce your overhead by $14 per day. But, for those people who simply can’t cut back any further than they already are…then it’s up to you to make up the difference through a part time job, switching careers, learning a new skill, or doing anything else you can to increase your income. Thinking about investing at this point is NOT going to have as high of an ROI as increasing your income – so finding any extra work should be a priority, until you can get to the point where you have a little left over to consistently save and invest.
Step 2: Make sure you FIRST build up a 3-6 month E-fund.
This is just a “Savings Account” with money that you keep, in cash, to cover 3-6 months worth of your expenses in the event something happens, you lose your job, the money printer stops going BRRRR, and they still can’t agree on a Stimulus Deal…at least you’d have 3-6 months worth of cash on hand to cover your overhead until you get yourself back on your feet.
Step 3: Use $100 per week towards maxing out your Roth IRA.
This is a tax advantaged retirement account that lets you contribute post tax money…meaning taxes have already been taking out of what you earned…and by the time you’re 59.5, all the PROFIT in that account can be accessed completely tax free.
Step 4: Another Alternative to a Roth IRA is the potential of investing in what’s called a 401k…and, depending on your employer, this one could be EVEN BETTER than the Roth IRA.
This is an account that you invest PRE-TAX money into, and then you’re taxed when you begin withdrawing the money after the age of 59.5. From my perspective, the 401k really only makes sense in a few scenarios:
-The first is when your employer offers what’s called a 401K match…this is when they will match your contribution, dollar-for-dollar, up to a certain amount.
-Secondly, a 401k makes sense if you’re in a REALLY HIGH tax bracket now…and expect to retire on much less, in a LOWER tax bracket ,
Step 5: Use this extra money to pay down any high interest rate debt you have.
Paying down debt is like getting a guaranteed return on your money at whatever interest rate you’re paying – because, otherwise, if you didn’t pay it down – it’s COSTING you whatever the interest rate is.
Step 6: Spend $100 per week investing back in yourself.
Here’s the thing – when you look at the initial ROI of investing $100 per week, in the very beginning, it’s not much. Even if you get an INCREDIBLE 20% return within a year, we’re talking about MAYBE $1000 in profit…well, that could very well PALE in comparison towards what YOU could do for yourself.
Step 7: Invest $100 Per Week in a taxable brokerage account.
By doing this, you’d have access to ALL of your money, anytime you need it, without paying an penalties for cashing out before the age of 59.5…HOWEVER, all profits will be taxed, which is why I recommend you familiarize yourself with the benefits of long term capital gains taxes, and understand which bracket you fall under so you can best understand how much you will owe if you sell.
Step 8: Use this money towards your own business that has the potential to generate even more money.
Similar to investing in yourself, THIS is an area where $100 per week could have an INSANELY high ROI.
Step 9: Hit the like button 🙂
For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at GrahamStephanBusiness@gmail.com
*Some of the links and other products that appear on this video are from companies which Graham Stephan will earn an affiliate commission or referral bonus. Graham Stephan is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available.