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Money
by Doug Murray
Updated May 18, 2021
Are you under the impression that in order to invest money you must have lots of it in the first place? Well, we’re asking you to reconsider this myth. If you invest wisely, even a small amount of money can grow to a large amount — and sometimes much faster than you’d think. Don’t let limited funds put you off from investing what you have. Get out of debt first, create an emergency fund and then consider these easy ways to invest $100 and grow it to $1,000.
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High interest savings account
If you’re wondering how to double $100 (and then some), look no further than the bank. The easiest way to invest $100 is to put it into a high-interest savings account. The secret is not to touch that money and let the interest accumulate. It will take time for your bank balance to really grow, but it’s one of the surest ways to earn money while you sleep.
Good Financial Cents points out that, once you’ve grown your money to $1,000 this way, you'll have many more investment options to choose from down the road.
You may also like:20 money-saving tips for people who struggle with saving.
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Use robo-advisors
There’s a reason why financial advisors have one of the highest paying jobs for Generation Z. They charge an investment fee and if you have only $100 to invest, much of it will go towards your financial advisor’s fee. When it comes to investing money for beginners, a great alternative is to go the robo-advisor route. This way, you get sound financial advice online without all the human interaction and fees. MoneySense suggests robo-advisor websites like Wealthsimple, WealthBar, Justwealth and Nest Wealth.
Related: 20 Canadian jobs that don't need a degree but still pay well.
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Invest in dividend stocks
With dividend stocks, the company you’ve invested in pays you regularly based on how well they’re performing financially. Financially stable companies are the best ones to invest in if you want dividends. This is not an “invest $100 and grow it to $1000 in a day” solution, but it is a good option if you’re investing for the long haul and want to retire at 40. As Credit Donkey suggests, you can use your dividends to buy more stocks, which will earn you more dividends.
See also: How to survive a job layoff in 2021.
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Start a business
Starting a business can require quite a bit of money, but as many tech billionaires have shown, you often don’t need much more than a computer, a college dorm room and a vision. As Well Kept Wallet says, there are many kinds of businesses that you can start with $100. It may take a while for things to start booming, but once your business takes off, you can become very wealthy indeed. To increase your chances of success, you may want to consider relocating to one of the best places for tech start-ups.
Related:A beginner’s guide for how to start investing in Canada.
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Invest in yourself
Why not invest your $100 in online courses that will look great on your resumé? You can learn new skills or sharpen the ones you already have. Either way, they’ll make you more marketable so you can land that dream job with a six-figure salary.
See also: 20 of the highest-paying jobs in the world that you can actually do.
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Lend your money
You probably won’t make money if you lend your $100 to family or friends, but if you want to know how to invest, an option that is becoming more popular is peer-to-peer lending. As Well Kept Wallet explains, when you sign up with a peer-to-peer lending organization, you lend money to a business start-up, for instance. The loan then gets paid back to you, along with interest. You can then use that interest to lend to someone else or to invest in the business you originally lent to.
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Buy and sell stocks
You don’t need a lot of money to start trading on the stock market. There are plenty of online discount brokerages where you can buy and sell stock for minimal fees. Of course the stock market can be risky, so if you want to make your $100 grow to $1000, rather than lose it all, you need to become financially savvy. You can start by learning the financial terms most Canadians don’t know, but should.
See also: 20 Canadian towns with low cost of living and high-paying jobs.
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Written ByDoug Murray
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