6 Things to Do With Your Money Once Your Salary Reaches $70,000

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Remember overdrafting while you waited for your next paycheck to come — that was the worst, am I right? You’d be short on cash and your bank would get its revenge by helping itself to $35 of all that money you didn’t have.

But you’re making $70,000 a year now, and those days are behind you.

It’s time to think about what you want to achieve next with your money. Do you want to invest? Plan for the future? Pay off debt? We’ve got some ideas for you:

1.  Invest Like a Tycoon (Even If You’re Not Wealthy)

If you really want to grow your wealth over the long term, you shouldn’t limit yourself to only investing in the stock market. You should consider investing in real estate to diversify your holdings, spread your risk around and give yourself the potential to earn strong returns, too.

We found an easy and legitimate way to accomplish this: A company called Fundrise can invest your money in portfolios owning assets, such as multifamily residential real estate, all over the United States, with no effort required from you. You can see exactly which properties are included in your portfolios — like maybe a set of townhomes in Snoqualmie, Washington, or an apartment building in Charlotte, North Carolina.

This is a good way to get started in the world of real estate. You could invest as little as $500 or $1,000 or $2,000 to start with, and automatically add a little more every paycheck. The more you invest, the more you can potentially make.

Plus, you don’t have to play landlord because Fundrise does all the heavy lifting. And as tenants pay their rents, you can potentially earn money through periodic dividend payments and long-term appreciation of the properties. 

Check out Fundrise for yourself.

2. Ask This Website to Pay Your Credit Card Bill This Month

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You’re making good money now, but that doesn’t mean your debt magically disappears. If you need some help, we found a company that will pay your credit card bill this month. No, like… the whole bill.

Your credit card is getting rich by ripping you off with insane rates, but a company called Fiona could help you pay them off tomorrow.

Here’s how it works: Fiona will match you with a low-interest loan you can use to pay off every credit card balance you have. The benefit? You’re left with just one bill to pay every month, and because the interest rate is so much lower, you can get out of debt so much faster. Plus, no credit card payment this month.

Fiona won’t make you stand in line or call a bank. And if you’re worried you won’t qualify, it’s free to check online. It takes just two minutes, and it could save you thousands of dollars. Totally worth it.

You’re making great progress in your career. Don’t let your credit card company hold you back.

3. Leave Your Family $1 Million — Even if You Aren’t Making Millions

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Want to sleep easier tonight?

We’ve all wondered about what’d happen to our spouse and kids when we die; could they afford the mortgage? Pay the bills on time? Handle the cost of childcare or college? That’s where life insurance can give you peace of mind.

Through a company called Policygenius, you can find $1 million life insurance policies starting at just $25 a month. Yup — that means you pay $25 a month now, so you can leave your family $1 million when they’ll need it most. Totally affordable and totally worth it.

With Policygenius, it takes about two minutes to enter some basic information, and then the company will provide you a quote. If you’re not sure how much coverage you need, it’ll guide you.

Once you find a policy that fits your needs, you’ll apply online and finish up the process with a quick phone call from a representative who’ll be able to answer any questions you have.

Tonight you’ll be able to sleep easier knowing your family will be taken care of financially.

4. Embrace Autopay to Save on Your Bills

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Tina Russell/The Penny Hoarder

Because the fear of overdrafting isn’t hanging over your head anymore, you have no reason to fear autopay now. Another accomplishment!

Cell service providers, utilities and student loan companies all love it when you opt into a monthly autopay plan. That way, they can count on your payment rolling in like clockwork.

They love it so much, they might even give you a discount. For example, many student loan providers will give you a quarter-percent discount on your interest rate for using an autopay function, and that savings will really add up over time. 

Lots of cell phone companies will kick in a monthly discount of around $5 if you use autopay.

This also helps with credit cards. If you make your payments automatically, they’re never late — so your credit cards won’t jack up your interest rates.

5. Let This Website Help You Pay off Your Student Debt 5 Years Faster

So, you’re doing everything right, but you still feel like you’ll be stuck with student loan debt forever. Truth be told, your student loan providers just might be ripping you off with some insane rates — yup, they’re getting rich off you. 

But there are other, nicer companies that’ll help you out. A website called Credible knows the best ones and could pair you up as soon as tomorrow. 

Here’s how it works: Credible will match you with a loan that’ll cover your student debt tab. Use that loan to pay off your federal and/or private loans. Now you’ll be left with one new monthly payment. This process is called refinancing. 

The key to refinancing is to a loan with better interest rates or lower monthly payments. In fact, we talked to Ashley Williams, a financial analyst who graduated with $46,000 in debt. Refinancing allowed her to knock five years worth of payments off her loans, and it saved her more than $18,000 in interest.

Now, if you’re not sure where to start, we like Credible because you can easily compare your options, and it won’t make you stand in line or call a bank. And if you’re worried you won’t qualify, it’s free to check online. It takes just two minutes, and it could save you thousands of dollars. 

Totally worth it.

6. Save up to $670 a Year on Car Insurance — for the Same Coverage

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No matter how much you’re making, you can never get too good of a deal. It’s always worth checking. If you’re not shopping for car insurance twice a year, you could be leaving $670 a year on the table. 

Insurance companies take a lot of factors into consideration, and they change their rates all the time. But who wants to call their insurance provider twice a year?

Thankfully, a free website called The Zebra will do the shopping for you — in just two minutes. 

All you have to do is enter basic information about your car and driving history, then The Zebra compares prices from more than 100 companies to find you the best price.

The Zebra says it saves its users up to $670 a year.

If you find a policy you like, you can sign up online instantly.