Best Ways to Invest $1,000 (& Beyond)

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While saving isn't a bad answer per se, at the end of the day there are better ways to invest $1,000. Whether it is your first time investing $1,000, you just got your tax refund, or you are simply looking to invest $1,000 every month.

1. Start Your 401(k)

If you haven’t got one already, a 401(k) retirement plan is one of the best ways to invest $1,000 especially as you could literally double your money (more on this in a second).

2. Look into IRAs

Like a 401(k) plan, IRAs are tax advantaged, meaning you can pay into one before tax has been deducted. However, because an IRA isn’t sponsored by your employer, you won’t benefit from any matching.

3. Check out Index Funds

Ask any financial planner about index funds and you’ll find the vast majority agree that they are one of the best ways to invest $1,000 and build long-term wealth.

4. Download Robinhood and consider stocks…

Robinhood really shines is that it is a commission free platform. That means you can trade for free, with every dollar saved on commissions effectively an extra one in your pocket.

5. Check out Robo Advisors

Robo-advisors are algorithm-driven digital platforms that use information you provide them to make investment decisions on your behalf.

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