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5 Genius Ways to Make $5,000 Fast – Money Talks News


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Inflation does more than eat away at your current budget. It also affects your financial future in a big way: The more things cost now, the less you have for goals like a down payment on a home of your own or a healthy retirement fund.

Traditional money-saving activities are fine, over the long haul. But tactics like shopping the sales, washing your own car and bringing coffee to work just don’t add up very fast. For example, suppose you save $3 a day carrying that thermos of java. In six months you’ll have saved … $390. That’s nice, but not game-changing.

If you’re tired of hustling or scrimping for a relatively small amount of cash, try some of the following tactics. Future you will be glad you did.

1. Grow your bank account 66 times faster

Inflation hits cash savings hard. Here’s a depressing example: The current inflation rate is estimated to be around 8.3%, but the average interest rate on U.S. savings accounts is 0.06%. Yet we need at least some liquid cash on hand, accessible in case of an emergency.

Put your savings to work with Current, an online-only bank, and you’ll earn 4% APY, the highest savings interest rate in the country. That’s over 66 times more interest. You can earn that rate on up to $2,000 worth of deposits for their free account, and up to $6,000 on a premium account.

Current’s basic account is free. With no fees or minimum balance requirements and more than 40,000 free ATMs nationwide with its rewards debit card, Current is completely transparent and offers a great way to watch your money grow.

You can open your own account online in just a few minutes without ever visiting a bank branch. Once you’re signed up, you can deposit checks and manage your account online and through the mobile app. Then, watch your bank maximize every dollar you save.

Ready to start earning 4% APY? Sign up in less than two minutes.

2. Cancel your car insurance

Not for good! Obviously, you need reliable car insurance to protect yourself and your vehicle.

Keep coverage, but pay less for it. And you won’t need to do an ounce of research on your own: The Zebra will run all the numbers for you, without ever asking you to provide personal information.

Oh, and it’s also free. Take two minutes to answer some questions about yourself and your driving record, and The Zebra will compare costs from more than 200 insurance providers, getting you the best deal possible. No muss, no fuss — and no spam.

On average, folks save $440 per year. In five years, you’ll have saved up to $2,200 on insurance. Think of what those dollars could do for your bottom line.

If you’re ready to see how much you can save, enter your ZIP code here to get started.

3. Own a Banksy (even if you’re not a millionaire)

Typically, art investing has taken place at famous auction houses like Christie’s or Sotheby’s, where wealthy people bid on old and new artworks. Some want to own the art, while others buy in order to re-sell.

Most of us don’t have the millions of dollars it takes to become a big-time player in the global art market. But with help from Masterworks, you can devote some of your portfolio to this often-overlooked asset, and you can start with as little as $20 plus fees.

Your investment let you buy “slices” of specific artworks both old and new. According to Masterworks, over the last 15 years, their average annual investor return is 14%. Some artists, like the modernist street artist Banksy, provide higher returns. His “Mona Lisa” went live on Masterworks in October 2019; it sold a year later for $1.5 million and provided a 32% net annualized return.

His “Girl With Balloon” work sold for more than $1.3 million at a London art auction — and began to shred itself moments later. Only half the painting survived the artist’s built-in self-destruct device, but the buyer paid full price. Three years later, the piece re-sold at auction for $25.4 million.

No one can guarantee you’ll make big bucks with Masterworks. But the fact that someone paid $25.4 million for just half a Banksy is a clue about the intense interest in art investing.

Why should high rollers have all the fun? Join 400,000+ members investing in fine art.

4. Add $1.7 million to your retirement

Think your investment plan is pretty solid? Getting a second set of eyes — an expert set of eyes — could yield huge rewards.

According to a Vanguard study, a good professional adviser can increase returns by up to 3% annually. Doesn’t sound like much? Consider this: Earn 5% on $500,000, and after 25 years you’ll have $1.7 million. But increase that return to 8% — just 3% more, and you’ll end up with $3.4 million. That’s $1.7 million more!

That’s why you should at least talk to a pro. It’s a snap with a no-cost matching service called SmartAsset.

Fill out a short questionnaire, and SmartAsset matches you with up to three local money experts. Your matches will all be fiduciaries, meaning they’re legally required to put your needs first.

You won’t pay a dime for SmartAsset’s service. Bonus: In many cases, your first consultation is free, too.

It only takes a couple of minutes. What have you got to lose? Click here to check it out right now.

5. Earn 23% investing in commercial real estate

Some of the folks who invested in apartments, houses and commercial properties struggled a bit during the pandemic, but business is booming now.

So are prices, unfortunately. That means a lot of would-be real estate investors are priced out of the market. If you want to get your foot in the door, so to speak, Fundrise can help. This company lets you buy into properties all over the country — and with as little as $10 you can get started.

Imagine that: The price of a burger and fries can get you started on your real estate empire.

According to Fundrise, investors earned an average return of 22.9% in 2021. Of course, past performance is never a guarantee of future results. But people will always need a place to live and work, and investing in those places has always been a pretty good long-term bet.

So let’s recap: Real estate is a fairly stable investment, you wouldn’t have to do any actual real-estate work, and you can start with as little as $10.

Don’t miss this opportunity. It only takes a few minutes to create your free account.

Disclosure: The information you read here is always objective. However, we sometimes receive compensation when you click links within our stories.

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