It is not always the case that you want to spend cash on investments to boost your financial well-being. But you might want to put up some money and take advantage of some good investments.
Of course, there is this time and age-old adage that if you have the money you can buy whatever you want, so we are not suggesting that you should be spending your money on debt. But there are a few things that we learned from our research and analysis that you might want to consider before taking out your first loans.
First off, you might want to consider taking out some small loans. This will allow you to avoid some of the more high-risk investment options that might be better suited for the long term (i.e. money market funds).
Even though money is often the most important thing we can all spend, some of the options we’ve looked at are better suited to the short term. The short term for us was $10K, but we also looked at loans of $20K because we’re considering the possibility of losing that money if things go awry.
The problem is that we were unable to find any loan with a 30-year term. Because it’s such a risky investment, a longer term loan is probably better. That way, if you lose everything, you can always get a large loan from your bank.
If you lost everything you could probably make it work, but you still need $10K in your account to open it. If you had a small amount and were looking for a loan, it might be a good option. We were also able to find loans with 20K, but their terms were a bit short of what we were looking for. Again, you have to be careful with these loans. If the interest rates are too high, then it isn’t worth it.
I feel like everyone should at least have this option. If you’re looking for a loan, the interest rates that are offered are usually a bit higher than what you’re looking for. Especially if you have a young family.
The interest rates on loans that we found to be acceptable are generally around 6-8% per month with the best interest rates being around 1.5%. That means that if you pay the loan back in a year, you would only pay a little more than $350. I personally would consider this a good deal.
Like the other jobs that we found, being a part-time finance intern is a great way to make a little extra money while taking care of your family. In the past, you might have been able to make money if you had other jobs, but not anymore.
While there are benefits to being a part-time intern, it does come with a downside, as it means you’re not earning a full-time salary. However, the upside is that you’ll probably find it easy to find a job that pays more than $10 per hour.
