Here’s How Much Money The Average 45-Year-Old Has
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This article originally gave some figures for the average net worth of 45-year-olds sourced from reports from various companies and websites.
But what other people have or don’t have shouldn’t matter to you, what matters is that you better your financial situation to the best of your ability starting now whether you have a thousand dollars or a million dollars. That’s why we’ve put together a list of easy moves any 45-year-old in almost any situation can do right now. Even if you just find one thing on this list that benefits you, you’d be moving in a better direction.
11 Ways 45-Year-Olds Can Take Control of Their Money Today:
1. You Could Leave Your Family with $1.5 Million
If the pandemic taught us anything, it’s that one of the smartest money moves you can make is to protect your family’s financial future. Many people underestimate how much money is needed to provide for their families after they die. This is why life insurance is a must. Don’t wait, get a free affordable quote right now.
The older you are, the more expensive life insurance becomes. And because today is the youngest you’ll ever be, there’s no better time than today to get a life insurance policy.
Plus, with life insurance company Bestow, you can actually lock in your rate. As you age and your health declines, you’ll get to keep paying that same low premium.
Bestow’s policies start from as little as $16 a month, and you can get a quote in minutes — without providing a medical exam or filling out paperwork!
And with coverage of up to $1.5 million, you can leave your family with a significant amount of money after you pass.
Get your free quote from Bestow today and make sure your family’s future is secure.
2. Diversify Your Investments By Investing In Fine Art (without needing a lot of money)
For years, blue-chip artwork was an area that only the super-rich could get involved in. But Masterworks has made it so that anyone can get started investing in top-tier pieces!
Investing in blue-chip artwork — which, according to Artprice, has outperformed the S&P by more than 250% from 2000 – 2018 — might be a good way to diversify your investments and safeguard your money in a fluctuating economy.
Here’s how it works. On the platform, you can invest in a portfolio of iconic works that have been carefully crafted by Masterworks’ team of research professionals. You can wait for Masterworks to sell the artwork at some point during the next 3-10 years, or you have the option to sell your shares to other investors on Masterworks’ secondary market.
You’ll only need to pay a small management fee, and in return, you’ll get all administrative costs covered, professional storage, insurance, regulatory filings, and annual appraisals.
To start investing, simply request an invite for membership today!
3. Save Hundreds Right Now On Your Car Insurance
While auto insurance is a necessity, it can also be pretty expensive. But it doesn’t have to be — you might be able to save hundreds on your auto insurance this year.
Let EverQuote tell you in two minutes if this is possible. This site will return multiple auto insurance quotes for you to compare in one place.
That’s a lot of time you’ll save. Just fill out a quick questionnaire.
If you find cheaper insurance than you currently have, EverQuote can help make the switch super easy.
It might save you hundreds of dollars a year.
4. You Could Save Thousands on Your Mortgage With This Simple Move
Your house is probably your biggest investment, which means it’s also one of your greatest opportunities to save money.
By refinancing, you could potentially save thousands of dollars on your house. Here’s how it works — you find a new home loan that, ideally, has a lower interest rate and better terms, and then use it to replace your current home loan. Sounds simple enough, right?
Because it is. And with Figure, you can check your mortgage refinance rates in just a few clicks without even impacting your credit score!
Find a loan with a lower interest rate and apply with Figure’s 100% online application. Once you’re approved, Figure will help you close out your new loan quickly so that you can start enjoying your new savings as soon as possible.
To start, check your mortgage refinance rates with Figure today and find out how much you could be saving on your house!
Figure Mortgage Refinance is only available in the following states: AK, AL, AR, AZ, CA, DE, FL, GA, IA, ID, IN, KS, LA, MA, MI, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, OH, OK, OR, PA, SD, TN, WA, WI, WV.
5. Invest in the Stock Market with this App
The historical stock market average return is 10%, much more than you’d get in a savings account.
Think you need to be wealthy to invest in the stock market? Think again. Today, you can invest with almost any amount — even $5!
That’s all it takes with Stash. This app was built to make investing easy and allows you to even invest in fractional shares if you’d like, so you can buy small pieces of your favorite companies — Apple, Amazon, Tesla, you name it — with as little as five bucks.
By creating a portfolio and funding it with at least $5, Stash will even deposit a $5 welcome bonus right into your new account.
Stash provides tools and so much more for all levels of investing needs. Sign up now.
6. Get Rid Of Credit Card Debt
Credit cards often come with extremely high interest rates that keep users trapped in debt.
If you have credit card debt, you could eliminate it today by getting a personal loan through Credible.
Rates start at 4.99% APR. By getting a personal loan that has a lower interest rate and using it to wipe out your credit card debt, you’ll be left with lower payments going forward.
This marketplace will find you multiple offers on personal loans without any impact to your credit score. Run a search, compare all your options conveniently in one place, and find personal loan options that range from $1,000 to $100,000.
All it takes is two minutes to check out your rates with Credible and potentially find a loan that wipes out your credit card debt and saves you thousands. Credible’s Best Rate Guarantee means that you’ll even get $200 if you find a better rate elsewhere!
7. You Could Switch to a Cheaper Renters or Homeowners Insurance Policy in Minutes
When was the last time you checked your renters or homeowners insurance rates? You could be saving money! For many people, there are cheaper rates floating around but they just don’t know where to look.
With EverQuote, you can get multiple quotes at once with very little effort. Here’s how it works — you provide a few details about your home and this insurance comparison site will find rates from various companies for you to compare in 2 minutes.
This service is free to use and could help you make the switch to a cheaper policy in minutes.
Click here to see your rates today and find out how much you could be saving on homeowners or renters insurance!
8. Travel More This Year (and try a Private Jet): take advantage of $1,000 in Promo Credits
We’ve all had a crazy past year, and we all are eager to travel more. Some of us still prefer keeping our distance from others.
It isn’t cheap but flying by private jet might be something you’re currently already doing or something on your bucket list.
Right now XO Jets is offering $1,000 in promo credits towards flights.
Join XO jets global community with over 2,100 private aircraft, where you can instantly book an entire private charter or individual seat.
Sign up and get your free $1,000 promo credits towards flights before this deal is gone.
9. Let This Free App Negotiate Your Cable And Phone Bills
At your age, you’re no stranger to the bills and expenses coming out of your checking account each month. But that doesn’t mean it’s easy to track all of these items.
Truebill could help you out in a huge way. This app shows you all of your expenses in one place, and with your permission, will actually cancel the ones you don’t want!
But that’s not all. Truebill even negotiates bills for you. Rather than spending hours on the phone arguing over your cable bills, phone bills, and more, Truebill will do the heavy lifting for you — working to negotiate better rates so that you’re saving both time and money every month.
All in all, these changes could quickly save you up to $1,000 a year. All you have to do is download the Truebill app today!
10. You Could Use Your Home to Get Access to Up to $250,000
Being a homeowner has its perks. One of the more overlooked opportunities is the ability to get access to money that can be used for all sorts of purposes — fixing up your home, paying medical bills, or funding a family vacation!
That’s exactly what you get with a HELOC (home equity line of credit). A HELOC is a low-interest loan that uses the equity in your home as collateral.
Figure is an online lender that could help you get up to $250,000 against the equity in your home.
Plus, they make the process incredibly easy. Their application is 100% online application and it takes only 5 minutes to fill out. If you’re approved, you could get your funds in as little as five days!
Learn more about Figure and how your can use your status as a homeowner to get the money you need!
11. Get an $8,000,000 Life Insurance Policy
Want to protect your family with up to $8,000,000, or shop around for more prices. Do that with Ladder from your couch in 5 minutes.
Now more than ever, people are realizing the importance of life insurance. You could leave your family up to $8 million by applying for a term life insurance policy, and it may not even cost you all that much. You could choose a coverage plan for less than $8 million as well.
Here’s why it’s bad to not take action — the longer you wait, typically the more expensive life insurance becomes. Life insurance is usually cheaper the younger you’re and today is the youngest you’ll ever be again.
And with Ladder, it’s easy. All you need is 5 minutes to complete the company’s application form, and you won’t even need to provide a medical exam or fill out physical paperwork.
Plans start at just $12 a month — a price that most people can afford. Plus, Ladder offers coverage up to $8 million. That’s more than enough to make sure your family is taken care of if you were to pass unexpectedly.
Your premium might be higher tomorrow, so don’t wait to get life insurance. Apply for Ladder life insurance today and find out how affordable life insurance can be.