National auto chains like Pep Boys, Midas, and Firestone offer store credit cards because they know customers aren’t prepared to pay expensive repair bills. But going into debt isn’t the best money move.

You can’t just put off car maintenance until you have enough time to save either. And by the way, stop ignoring that check engine light.

“You need to maintain your car properly to help avoid breakdowns and failures that can be more expensive to fix,” said Michael Calkins, former manager of technical services for AAA. “If you take care of your car on a regular basis, you’re less likely to experience an unexpected failure.”

Having a stash of cash saved up before you need to go to the auto shop relieves that financial anxiety. Here’s your guide to how — and how much — to budget for car maintenance and repairs.

Prepare for What Lies Ahead

If your car is not under warranty, all maintenance and repair costs fall to you. Even with a warranty, it’s likely you’ll still have to foot a few expenses, like oil changes or new tires.

Your vehicle’s owners’ manual — what Calkins calls “the least-read book in the Western world” — lays out how frequently you should get certain work done. If you don’t have your manual, check your car manufacturer’s website for a digital copy. That’s your primary guide to how much to budget for car maintenance.

When your car will need servicing depends on the make and model, plus other factors like how often you’re on the road and if you’re driving in rough conditions.

“The most common maintenance job is an oil filter change,” Calkins said. “A typical oil change price can range anywhere from $30 for a quick lube job with conventional motor oil to upwards of $150 for a full synthetic oil change on a car that requires quite a bit of oil.”

Modern cars typically need oil changes every 5,000 to 10,000 miles, he said, but European imports using synthetic motor oil may go as far as 15,000 miles before needing an oil change.

Other forms of routine maintenance you’ll want to stay on top of include tire rotations and alignments, filter changes, and even spark plug replacements. You can address this maintenance in 5,000-, 10,000- or even 20,000- and 30,000-mile intervals.

When you leave the maintenance to a professional — especially a dealership service department that works on your specific make — you can also count on a thorough multi-point inspection. During this inspection, the mechanic will check things like your brakes, battery, and engine for potential problems. And don’t worry: This inspection is usually included with the cost of the oil change. (But the repair work it results in, not so much.)

One common routine maintenance item people overlook when it comes to maintaining their cars is tire pressure. And that’s because you should be monitoring your tire pressure more regularly, between visits to the mechanic.

“There are a lot of cars running around with underinflated tires,” Calkins said. “Most newer cars have a tire pressure monitoring system that lights up a warning light on the dash when [a] tire is 25% low on pressure. But AAA feels that’s too late.”

He recommends checking the air pressure in your tires at least once a month and filling them up as necessary. As colder weather comes in, Calkins said it’s important to note that tires lose about one pound of pressure for every 10-degree drop in outside temperature.

Having properly inflated tires give you the best handling and braking as well as the best fuel

How Much to Budget for Car Maintenance and Repairs

You can’t see into the future to know exactly when your car will need to be serviced and how much it’ll cost, but you can prepare for the inevitable.

A few years back, AAA conducted a study on the cost of auto repair; while they haven’t put out an updated study since it’s safe to assume that rising inflation has slightly increased the costs in the last couple of years.

“First, the typical unexpected repair is in the $500 to $600 range,” Calkins said of the study. “We also found that 1 in 3 Americans couldn’t afford to do that repair without going into debt.”

So how can you start saving for unexpected car repairs and even just routine maintenance? We’ve got a few suggestions:

1. Set Aside $100 a Month, Per AAA

AAA recommends saving about $50 a month to cover unexpected repairs, which adds up to $600 a year. Then there’s the money you’ll need for maintenance. It will vary by car, but AAA recommends setting aside roughly the same amount that’s in your repair fund.

Saving $100 each month for maintenance and repairs doesn’t mean you’ll need to use the money right away. You may skip a year or two without needing any major work and then end up spending over $1,000 on service.

2. Use Last Year’s Expenses to Inform This Year’s Budget

A different budgeting approach is to review how much you’ve spent on maintenance and repairs in the previous year and save up that much. However, keep in mind that each year may not mimic the next. If you recently had major work done, you might be safe to budget less. If your car is older and overdue for servicing, you should budget more.

3. Treat It Like a Car Payment … to Yourself

If you bought a new or certified pre-owned car, it likely came with a warranty. Depending on the manufacturer, the warranty may last just about as long as your scheduled car payments. That means, just as you’ve finally paid off your car, you’re going to be financially on the hook for larger repairs.

Since you’ve already adjusted your budget over the last three to five years to make the car payment, continue spending that money each month by shifting it from your checking account to your savings account. Let it sit there until you need it.

And if you miraculously don’t wind up needing it all by the time you go to sell your car? Well, you’ve got a healthy little down payment set aside for your next set of wheels.

4. Get Cheaper Car Insurance

If you haven’t thought about your car insurance in a while and you’ve got a clean driving record, it’s time to shop around. Get quotes from multiple car insurance agencies (check out Policygenius for easy comparison), and explore what coverage you might be able to scale back, especially as your car ages.

If you wind up saving $20 a month, but that monthly $20 into your savings account to cover unexpected repairs. It likely won’t help with a full $600 bill, but every little bit counts.

How to Save Money on Auto Services

Having a relationship with a mechanic you trust is a good way to make sure you’re getting the work your car needs at a fair price.

“(AAA) found that 2 out of 3 motorists don’t trust auto repair shops,” Calkins said. “It’s a pretty common feeling. People think they might be getting ripped off.”

If you don’t have a regular mechanic, you can search for an AAA-approved auto repair shop. Calkins said the association evaluates various factors such as customer satisfaction, financial stability, business track record, technician certification, and whether the facility is insured and has the proper equipment.

You can also look for a shop recognized by the National Institute for Automotive Service Excellence, or ASE. Checking the Better Business Bureau, asking friends and family for recommendations, and reading online reviews are other ways of identifying trusted mechanics.

Getting service quotes from more than one shop could help you save money. You may be able to use a competitor’s price to negotiate a better deal with your preferred mechanic.

Ask about sales promotions and discounts, and look for coupons for oil changes or tires online or in your weekly circular.

You’ll pay more to go to a dealership service center for your specific make. Still, they will use genuine OEM parts for better performance and efficiency, are specially trained for your vehicle, and are governed by the actual vehicle manufacturer, meaning they’ve got more pressure to operate fairly. They’re also the only place you can get recall fixes done free of charge.

Another way to stay within your budget for car maintenance expenses is to do some of the work yourself — if you’re able. Just don’t cheap out on necessary parts or products, Calkins said.

“There’s a big difference in quality between a $3 oil filter and a $7 oil filter,” he said. “You can’t see it, but inside there is a big difference.”

Been a while since you turned a wrench? Use a service guidebook like a Haynes Manual (which is not to be confused with your owners’ manual) or watch free DIY auto repair videos online.

Keeping up with minor maintenance — like replacing worn-out windshield wipers, topping off fluids, and keeping your tires properly inflated — will keep you from encountering worse (and more costly) trouble later on down the road.

Nicole Dow is a former senior writer at The Penny Hoarder. Freelance writer Timothy Moore contributed to this report. 

As you get into investing, review that all endeavors go with their own risk and bring suspicions back. It’s astute to broaden your portfolio to lessen the danger related to anyone’s speculation. Chris Rawley, CEO of Harvest Returns, states that “expansion deals with the general danger of a portfolio and can help safeguard gets back from market instability, monetary vulnerability, and swelling.” Try to vary your investments and use this investment calculator to project your financial success.

1. SoFi Invest

Apple Store Rating: 4.8 out of 5 stars | Google Play Rating: 4.1 out of 5 stars

As one of the top-ranking investing apps in the Apple Store, SoFi Invest is made for all experience levels. Beginners can easily opt for automated investing and let SoFi’s investors build your wealth for you. For the more hands-on beginner, you also have the freedom to diversify your own portfolio by choosing from crypto, stocks, or exchange-traded funds (ETFs). With SoFi’s affordably priced offerings, all you need is $1 to get trading with no commissions.

Features:

• Fees: None
• Commissions: None
• Minimum balance: None

Pros:

• User-friendly platform
• Affordable trading
• Fractional share options
• No-cost financial planning

Cons:

• Limited investment options

2. Betterment

Apple Store Rating: 4.8 out of 5 stars | Google Play Rating: 4.6 out of 5 stars

If you want an investing app designed to help you reach your goals, start out with Betterment. This app is great for beginners because it takes care of everything from managing your money, investing it, trading, and rebalancing your portfolio. The only caveat is that Betterment does it all for you if you’re willing to spend a little extra on it. You can choose from two investing plans: Digital (0.25 percent of your balance) and Premium (0.4 percent of your balance).

Features:

• Fees: Annual fees of 0.25 percent or 0.4 percent of your balance, various fund fees
• Commissions: None
• Minimum balance: None for Digital, $100,000 for Premium

Pros:

• Hands-off investing
• Goal-oriented platform

Cons:

• Annual fees for advising (high with large balances)
• High minimum balance for Premium plan

3. Charles Schwab

Apple Store Rating: 4.8 out of 5 stars | Google Play Rating: 3.1 out of 5 stars

Investing with Schwab Mobile is a great option for beginners who want to learn and put their knowledge to use. Schwab’s free and expansive research offerings include real-time news, a quarterly magazine, researched reports, and expert quotations. The platform also offers a variety of affordable funds to invest in. As you level up your skills, you can use the mobile app to trade and monitor your positions at all hours, as well as customize your investing experience with alerts, summaries, and notifications. The app earns bonus points with beginners for zero minimum balance and no annual or inactivity fees.

Features:

• Fees: None
• Commissions: None
• Minimum balance: None

Pros:

• Large investment selection
• Ample research offerings
• No fees or minimums
• Biometric security

Cons:

• Small cash sweep rate for uninvested funds

4. Acorns

Apple Store Rating: 4.7 out of 5 stars | Google Play Rating: 4.4 out of 5 stars

Founder of DebtHammer, Jake Hill, says, “Even if you don’t have a lot to invest, make sure you’re putting it in different places. Whatever you can afford without straining your finances.” Acorns make investing with whatever you have easy by automatically investing your spare change. Users can set up an account in less than five minutes and begin automating micro-investments at price plans of $1 (Lite), $3 (Personal), or $5 (Family) per month. Depending on your plan, you can invest your spare change, start saving for retirement or even start investment accounts for your kids. Beginners can start investing without having to think about it or manage it, and a team of advisors is there for support if you ever need them.

Features:

• Fees: $1 to $5 per month
• Commissions: None
• Minimum balance: None to open, $5 to invest

Pros:

• Invests spare change from purchases automatically
• Built-in Robo-advisor
• Educational and investing support
• Cashback at select retailers

Cons:

• High monthly fees compared to small account balances
• Small portfolio
• Can’t build your own portfolio

5. Stash

Apple Store Rating: 4.7 out of 5 stars | Google Play Rating: 3.9 out of 5 stars

Stash is focused on simplifying investing for regular people, and it represents another option for beginners to grow their wealth. The Stash Beginner plan allows you to start investing long-term in fractional shares for $1 per month, and you can always level up to Stash Growth ($3 per month) or Stash+ ($9 per month) if you want to do more than that. They offer a great learning center with built-out posts to teach you about investing and keep you up-to-date on money news.

Features:

• Fees: $1 to $9 per month
• Commissions: None
• Minimum balance: None

Pros:

• Educational resources
• Personalized advice
• Automated investing

Cons:

• High monthly fees compared to account balance
• Only four trading windows

6. Stockpile

Apple Store Rating: 4.7 out of 5 stars | Google Play Rating: 4.2 out of 5 stars

With Stockpile, beginners can start investing with as little as $5. This trading platform lets you purchase fractional shares in any dollar amount or gift stock ownership for any amount with a gift card. You can choose from a variety of stocks and ETFs, and with no account fees, you just pay the small commission of 99 cents per trade. Stockpile allows you to start investing what you have and lets you learn as you go with mini-lessons to guide you.

Features:

• Fees: None
• Commissions: 99 cents per trade
• Minimum balance: None

Pros:

• Redeemable stock gift cards
• Fractional shares
• Educational resources

Cons:

• No real-time trading
• Commission on every trade

7. Public

Apple Store Rating: 4.7 out of 5 stars | Google Play Rating: 4 out of 5 stars

If you love social media and are looking to get into investing, Public may be the app for you. Public allows beginners to buy fractional shares of their favorite companies for any amount of money you choose, commission-free. Beginners benefit from the Public’s social nature by using it to learn and find community. By following other investors on the app, you can see what everyone else is investing in, learn from them, participate in group messages, and share your own experiences.

Features:

• Fees: None
• Commissions: None
• Minimum balance: None

Pros:

• Social component
• Referral program
• Fractional shares
• No fees or commissions

Cons:

• Small investment selection

8. Invstr

Apple Store Rating: 4.6 out of 5 stars | Google Play Rating: 4.3 out of 5 stars

Beginners can practice investing before doing it with real money using the Invstr app. The app is free to download and after registering, get learning with lessons from Invstr Academy. Put your newfound knowledge to the test by practicing with other community members in the Fantasy Finance League and win prizes. After gaining experience and some confidence, you can start investing in fractional shares with as little as $1.

Features:

• Fees: Up to $3.99 per month, withdrawal and deposit fees
• Commissions: $2.99 per full trade, 99 cents per fractional trade
• Minimum balance: None, but $25,000 to day trade

Pros:

• Practice investing without risking your money
• Educational resources
• Large investing community
• Portfolio and performance insights

Cons:

• Limited amount of trades per day (unlimited with subscription)
• Can only invest in U.S. stocks
• Lots of fees

9. M1 Finance

Apple Store Rating: 4.6 out of 5 stars | Google Play Rating: 4.3 out of 5 stars

M1 Finance is an investing platform that offers a lot of flexibility for beginners. You can choose from premade expert portfolios or cultivate your own investment strategy by building a customized portfolio for free. You also benefit from automated contributions and rebalancing of your account. Enjoy the flexibility of this app for free, but beware of other miscellaneous fees and a $100 minimum account balance before you get started.

Features:

• Fees: No annual or monthly fees, but a $20 inactivity fee and others
• Commissions: None
• Minimum balance: $100 to $500

Pros:

• Customizability
• Automated investing
• Fractional shares

Cons:

• $100 minimum account balance
• Inactivity fee
• Morning trading window only for free accounts

10. TD Ameritrade

Apple Store Rating: 4.5 out of 5 stars | Google Play Rating: 2.9 out of 5 stars

This award-winning trading platform is a good mobile investing option for beginners and active traders alike. With no account minimums and no commissions, beginners can easily get started and quickly level up their learning with how-to videos. The TD Ameritrade app also offers free research in the form of market trend reports, charts, and updates. This app also allows you to set up price alerts and get quotes in real-time. As an added bonus, it’s easy to monitor your portfolio from a phone, tablet, or even Apple Watch.

Features:

• Fees: None
• Commissions: None for online U.S. stock, ETFs, and options trade (65 cents per options contract fee)
• Minimum balance: None

Pros:

• Ample research and educational offerings
• Large investment selection
• Quality customer support
• Apple Watch compatibility

Cons:

• No fractional shares
• Advisor program fee (a percentage of managed assets)

11. E*TRADE

Apple Store Rating: 4.5 out of 5 stars | Google Play Rating: 2.2 out of 5 stars

As another popular, award-winning investing app, E*TRADE offers commission-free investing to beginners with an easy-to-use app interface. The app has a wide investment selection and is compatible with mobiles, tablets, and Apple Watches. Users can access real-time news, Bloomberg TV, and third-party research to stay updated on the market at all times. Beginners can watch a platform demo to get started and work toward becoming a more active trader.

Features:

• Fees: None
• Commissions: None for online U.S. stock, ETFs, and options trade
  • 65 cents per options contract
  • $1.50 per futures contract
  • $1 per bond
• Minimum balance: None

Pros:

• Large investment selection
• Ample research offerings
• User-friendly interface
• Quality customer support
• Apple Watch compatibility

Cons:

• High minimum balances and fees for managed portfolios

12. Robinhood

Apple Store Rating: 4.1 out of 5 stars | Google Play Rating: 1.1 out of 5 stars

Beginners can easily get started on Robinhood and invest commission-free with no minimum balance and no fees. Users are able to customize their portfolios, trade-in real-time, and invest any amount they choose thanks to fractional shares. For beginners that just wish to trade stocks and ETFs, Robinhood is a solid option and new users can get their first stock free.

Features:

• Fees: None or $5 per month for Robinhood Gold
• Commissions: None
• Minimum balance: None

Pros:

• Fractional shares
• Cryptocurrency options

Cons:

• No free research offerings
• No retirement options
• No bonds or mutual funds

Whether you prefer to be a hands-off investing beginner or a hands-on learner, there’s a mobile investing app to help you get started. Try out one of these best-investing apps for beginners to start growing your money today. Don’t forget to link your investment accounts with the Mint app to ensure that you maintain your personal budget when making investment contributions and make the right money moves toward a brighter financial future.

Sources: Business Insider | CNBC | Medium | Statista 1 2 | The Harris Poll | Yahoo Finance |

Economists distinguish between a few different types of unemployment when looking at a nation as a whole: the main types of unemployment are cyclical, frictional, and structural. Additionally, many workers experience underemployment, another important measure to be aware of. We’ll explain how each of these works, along with a few different kinds of unemployment below.

Jump to:

Or, read through for a top-to-bottom explanation of different types of unemployment in economics. 

What is unemployment?

Unemployment occurs when a worker who is willing and able to work is unable to find a job. Unemployment figures can vary depending on the criteria researchers use to define it. However, generally speaking, unemployment numbers exclude demographics like children under 18, retired people, and permanently disabled people who are unable to work.

A similar phenomenon, underemployment, occurs when people do have work, but the work does not pay enough to make ends meet. It can also happen when a worker’s skill set is not fully used by the job they currently have.

Unemployment is a broad category that encompasses many different situations. What are the types of unemployment that economists—and workers—care about? Let’s take a look at that now.

What are the types of unemployment?

There are many different types of unemployment in economics that experts and workers might be interested in. However, there are 3 types of unemployment that are most prominent.

• 
  

  Frictional unemployment

Frictional unemployment is common. It occurs naturally whenever someone is between jobs, has just graduated from high school or college and is looking for work, or is re-entering the labor force. Because there are always people looking for new jobs, there is always some level of frictional unemployment that gets factored into unemployment numbers. For that reason, many economists consider frictional unemployment to be the least worrying type of unemployment. 

• 
  

  Cyclical unemployment

This type of unemployment happens due to the fluctuating nature of the market. During periods of economic growth, there is often more money in people’s hands. This includes employers who are able to hire more employees. When the economy is in a downturn or recession, employers struggle and often have to lay off some employees.

The government can help reduce the damage caused by cyclical unemployment through public policy interventions. For instance, the Federal Reserve can cut interest rates, making it cheaper for banks and businesses to borrow money. This can stimulate the economy and help employers hold on to employees while the economy is in a downturn.

• 
  

  Structural unemployment

When the labor force is not adequately trained for the jobs that are currently available, people face structural unemployment. For example, if major cities adopt more forms of public transit or electric self-driving vehicles in the future, traditional auto mechanics might face a period of structural unemployment.

Structural unemployment can be particularly concerning, as retraining workers is expensive, and in the meantime, many previously employed workers now must rely on government assistance programs in order to make ends meet.

Other types of unemployment

In addition to these 3 types of unemployment most often focused on, there are other types of unemployment that you might encounter or experience:

• Regional unemployment: This occurs when an industry moves out of an area, or some other localized condition causes unemployment.
• Seasonal unemployment: Some jobs only exist during some parts of the year. For example, ski instructors might face seasonal unemployment during the warmer months.
• Voluntary unemployment: People might be voluntarily unemployed if they are making enough money from other sources, such as a spouse, inheritance, or investments.
• Classical unemployment: Classical unemployment occurs when the rate of wages is too high for employers to afford, so there is a surplus of unemployed labor.

Underemployment

Another factor to consider is underemployment. As previously mentioned, this occurs when workers have jobs, but these jobs pay below a living wage or do not fully utilize the worker’s skill level. Underemployment can occur due to a number of factors, such as the market under-valuing labor. It might also occur alongside the 3 types of unemployment mentioned above.

Underemployment can be a difficult problem for economists and policymakers (as well as for workers) because, though it may seem that the unemployment numbers are low, the actual unemployment numbers may, in fact, be much higher when underemployed workers are factored in. In some cases, even workers who have a full-time job might be unable to make ends meet due to the inflated cost of living in some cities and a minimum wage that is too low.

This means that, while unemployment numbers can be a useful metric to understand how well the economy is doing, it often requires looking into further factors to understand the situation better. It may seem that unemployment is low, but if many workers are underemployed, that low unemployment can be misleading. 

Unemployment classifications of people affected by COVID-19

People affected by the COVID-19 recession may be experiencing unemployment. As many as 15% of Americans were laid off when the recession hit; half of that total was still unemployed as of Fall 2020. Because this is such an extraordinary event, it can be hard to say what type of unemployment this would fall under, though it could be a form of cyclical unemployment due to the fact that an economic recession brought it on.

Unemployment benefits

In order to combat the worst personal effects of unemployment, no matter what kind it is, state governments implement unemployment insurance programs. These programs usually require workers to pay a portion of their monthly earnings into the administration; then, they have the right to claim benefits if they are laid off. It’s a form of socially funded insurance that protects people from financial hardship if they are laid off.

While workers might experience any of the kinds of unemployment listed above, the good news is that it doesn’t matter when it comes to getting connected with sources of aid. The bad news is that, as of Fall 2020, the government has not passed any new stimulus packages for COVID-19 economic relief. However, individual states still administer their regular unemployment insurance benefits. Be sure to find your local state’s unemployment administration and apply for benefits as soon as you can to protect your personal financial wellbeing.

Unemployment insurance usually only lasts for a few months, so it’s important to focus on finding a new job or another source of income while you are living on benefits. Reassessing your finances after a job loss can be challenging, but it’s important to remember that you have resources available to you.

Types of unemployment: the key takeaways

Here’s a quick review of what was explained in this article.

• There are 3 types of unemployment that economists focus on most often:
  • Frictional unemployment: the natural unemployment people experience when they’re between jobs.
  • Cyclical unemployment: when the economy is doing well, more jobs are created; when it’s in a downturn, many people wind up being laid off.
  • Structural unemployment: sometimes, the jobs that are available require different skills from those that the workforce has been trained in — this is a bigger problem.
• In addition to unemployment, underemployment is an important metric to understand as well. This occurs when people work in jobs below their skill level, or when the market under-values workers’ labo, making them unable to make ends meet, despite working full time.
• People whose livelihoods were impacted by the COVID-19 pandemic may be experiencing a form of cyclical unemployment — however, it’s important to note that these are extraordinary circumstances.
• Luckily, unemployment benefits are usually available to laid-off workers regardless of the form of unemployment they might be experiencing.
  • You can apply for unemployment benefits through your local state’s unemployment administration.

Whatever type of unemployment you might be experiencing, it’s important to get a handle on your personal finances. One way to do that is by starting a budget. You can use the Mint app to get started making a monthly spending plan, assessing your different financial accounts, and managing outstanding debts — all in one convenient place.

Generational wealth. It sounds so fancy and out of reach, doesn’t it? Like a topic of conversation for the Vanderbilts to chat about over their afternoon tea, not a smart financial strategy for everyday people.

But at its core, generational wealth is something we all can aspire to. It’s about building a more prosperous future and having something to pass on to your children. Whether that’s cash, stocks, or property, it doesn’t need to be in a trust fund to make life better for future generations.

Once you realize “generational wealth” isn’t just for descendants of railroad tycoons, you can see it’s totally attainable — and incredibly important — for the rest of us common folk.

Here are a few ways to start a generational wealth plan for your family.

1. Leave Your Family up to $1M

Whole life insurance is, in fact, insurance on your life, it is also an important step toward improving your children’s future if something were to happen to you.

With a term life policy, you could leave them $1 million to help them build their lives if you were to die early. And you don’t need to be a millionaire to pass on a million dollars.

We suggest finding a policy through a company like Bestow. Maybe you’ve considered this before, but thought it was only for rich or older people. But we’re hearing that people are getting it for as little as $16 a month.

You can take advantage of Bestow until you’re 54 years old, but the sooner you take care of this, the cheaper it could be.

You don’t even need to leave your house to get a free quote from Bestow — it takes minutes to do this online. Instead of leaving your family with what’s in your checking account and a bucket of worries, they’ll be able to afford the life you’ve always wanted for them.

2. Spend $1 to Own a Piece of Amazon, Google, or Other Companies

All this talk of hedge funds in the news might make you think that owning companies or investing in them is only for people who are rich and financially savvy — that they’re the only ones who can invest millions, make millions more, then pass those millions down to their kids.

And sure, that’s one-way millionaires create generational wealth. But you can create it that way, too. All you need to do is start small and build up your nest egg.

A lot of people use the app Stash to start investing. It lets you be a part of something that’s normally exclusive to the richest of the rich — buying pieces of other companies for as little as $1.*

That’s right — you can invest in pieces of well-known companies, such as Amazon, Google, or Apple, for as little as $1. The best part? When these companies profit, so can you. Some companies even send you a check every quarter for your share of the profits, called dividends.

It takes two minutes to sign up, plus Stash will give you a $5 sign-up bonus once you deposit $5 into your account.**

3. Make Sure You’re Getting Your Retirement Fund Fully Matched

Most people think about their retirement savings plan as a means to an end. It’s reaching a goal number that will last you through your golden years comfortably. But if you were to save up more than what you need, you could make a big difference in your next generation’s lives.

And if your employer offers to match your retirement contributions, taking full advantage of that could mean hundreds of thousands of extra dollars down the road. Yes, hundreds of thousands.

But if you can’t take advantage of this employer benefit because you need all of your paychecks every month, a company called Lendtable will give you the cash.

We know it sounds too good to be true. But if your employer has a 401(k) match program, this is money they already have earmarked for you. By using Lendtable, you’ll be able to unlock that free cash.

Let’s say you make $50k a year and your employer matches your 401(k) contribution up to 4%. If you put $0 in your retirement account this year, you get $0 from your boss. If Lendtable lends you the 4% of your salary your employer is willing to match, you get $2,000 from your boss, minus Lendtable’s fee. (This comes from the extra money you’ve earned, so there’s no sacrifice on your part.)

It takes three minutes to answer a few questions about your eligibility and sign up for an account.

Once you’ve gotten your full match amount from your employer, LendTable will take the money they lent you back, plus a small share of your profit. If there’s a penalty from your retirement account provider for taking money out, Lendtable will cover that, too.

The risk for you is basically nonexistent, so not taking advantage of your employer match with Lendtable’s offer would make Future Millionaire You bow your head in shame. Get started here.

4. Invest in Real Estate (Even if You’re Not a Millionaire)

The stock market can be a scary place. Stock prices shoot up and down like a roller coaster ride, and who knows when the whole thing might crash?

It would be nice to diversify and invest some of your money in real estate, but don’t you have to be wealthy to do that?

Now you can invest as the 1% does, and all you need to get started is $500. A company called DiversyFund will invest your money in private real estate — specifically, in apartment buildings, it co-owns with its investors — and you only need $500.

You can see exactly which properties are included in your portfolio through their online dashboard — like a 54-unit apartment complex in Salt Lake City, Utah, or a 30-unit waterfront property in Stuart, Florida. And you don’t have to experience the headaches that come with being a landlord — DiversyFund does all the heavy lifting for you.

Real estate has historically been very stable compared to the stock market. Over the long term, investing in the stock market will earn you an average annual return of 7%, adjusted for inflation, according to several studies. DiversyFund can’t guarantee how its investments will perform in the future — no one can — but historically, real estate has outperformed the stock market for the past 30 years.

So you don’t need the fortune to invest in real estate. All you need to get started is $500. Sign up here to start investing today.

5. Own Property — Any Piece of Property

A massive key to generational wealth revolves around the passing down of property. You might be picturing mansions or large estates only millionaires could leave their kids in their wills.

But imagine how much easier your life would be right now if you didn’t have to pay rent on an apartment, or you had a free piece of land to build a tiny house on. That would be awesome, right? Sure, a penthouse in Manhattan would be more impressive, but anything that could remove one stressor from someone’s life is worthwhile.

There are lots of ways to make property ownership possible for the 99%. First-time homebuyers are eligible for lower rates and smaller down payments. Veterans may not need to put any money down at all. Talk to a mortgage lender and see what opportunities are available to you.

So set a goal of property ownership. Any sort of property! It’s an incredible and attainable way of creating generational wealth.

6. Stop Wasting Your Money on Credit Card Debt

If you have debt, all this hard work of creating generational wealth could be for nothing! You don’t want to dump a problem like that onto your loved ones — debt doesn’t disappear just because you did.

For a lot of us, credit card debt is the biggest offender. And your credit card company is more than happy to keep charging those insane interest rates until your family pays off your debt. But a website called AmOne wants to help.

If you owe your credit card companies $50,000 or less, AmOne will match you with a low-interest loan you can use to pay off every single one of your balances.

The benefit? You’ll be left with one bill to pay each month. And because personal loans have lower interest rates (AmOne rates start at 3.49% APR), you’ll get out of debt that much faster. Plus: No credit card payment this month.

AmOne keeps your information confidential and secure, which is probably why after 20 years in business, it still has an A+ rating with the Better Business Bureau.

It takes two minutes to see if you qualify for up to $50,000 online. You do need to give AmOne a real phone number to qualify, but don’t worry — they won’t spam you with phone calls.

Kari Faber is a staff writer at The Penny Hoarder. She’s hoping to set her son up for a wealthy life with the decisions she makes now. 

*For Securities priced over $1,000, the purchase of fractional shares starts at $0.05.

**You’ll also bear the standard fees and expenses reflected in the pricing of the ETFs in your account, plus fees for various ancillary services charged by Stash and the custodian.

The Penny Hoarder is a Paid Affiliate/partner of Stash. Investment advisory services are offered by Stash Investments LLC, an SEC-registered investment adviser. This material has been distributed for informational and educational purposes only and is not intended as investment, legal, accounting, or tax advice. Investing involves risk.