Smart Things You Can Do With Just $1
I have a question for you:
Do you have, either in your possession this very moment, or in your checking account, or in your home somewhere, a single dollar?
Yes, just $1.
At the risk of sounding privileged, I’m going to go out on a limb here and say that the vast majority of you who are reading this have $1 to spare. Not only that, and at the risk of being maligned, I bet that a good 90% of you may even 5x that amount, 10x, or even 100x that amount available to you this very second! Having said all of that, let’s take a brief second to ponder how much respect we all give to a single dollar.
Probably not a whole lot.
I get it. We’re living in a time where, on average, a single burger in the US can run you between $4 and $6!
No wonder we hardly ever pause to think a whole lot when spending a single dollar!
Rethinking the Vastly Underestimated $1
The Tried and True Road to 1 Million – With Just $1 Invested Per Day
Have you ever thought of how likely it would be for you to reach millionaire status in your lifetime?
If you’re like most people, you’d automatically assume that reaching such a lofty goal is well outside of your reach.
You might’ve given some thought in the past that the only way you would ever become a millionaire is if by happenstance you somehow won the lottery.
But let’s look at this from a purely mathematical perspective. What if I told you that, mathematically, you can reach $1,000,000 if you invested just $1 a day and the only important variable is time? If you invested simply just $1 a day, at 10% interest, it would take you roughly 56 years to hit $1 million.
This is what I would call the tried-and-true method to becoming a millionaire because it doesn’t require any luck on your part.
It just requires discipline, in order to hit a target that you can aim for. You can start today!
Either trim Some Fat from your Budget, for Additional dollars, or Just Generate a Few More Dollars!
Many of you probably have the ability to trim some fat from your budget. Maybe not a whole lot of room. But some room, for sure.
Or rather than trim yet another $1 a day from your already tight budget, I can tell you emphatically that it might be easier to simply just make another $1 a day.
Here’s one real example that you can start today: if you’re living in the US, you can make at least $15/hr driving for Lyft or Uber. And you don’t even need to go through an interview or have a boss to report to, no deadlines to meet, no coworkers you have to deal with, and no office politics. You can make that decision today.
You can hop in your car this very moment and start making an extra $15/hr. And it doesn’t have to be all-or-nothing!
You might find the time to do just 1 hour a week, which would be equivalent to making a little over an extra $2 a day!
Set up your Child, Niece, Nephew, or Grandchild to Become An Eventual Millionaire
Paul Merriman, a highly -respected and well-known financial expert and creator of “the ultimate buy and hold strategy”, once stated that “it’s largely thanks to compound interest that a mere $1 a day saved from the day a child is born until she’s 18 can grow into about $4 million by the time she’s ready to retire at 66. The impact of starting early is greater than most people expect. When you’re saving for retirement, every dollar saved at birth becomes worth much, much more than a dollar saved at age 20. And a dollar saved at 20 is more valuable than even $2 saved at age 30.”
So if you’re expecting a new kid in your family whether that be your own child or a child from an extended family member, give the gift of financial security by investing a single $1 a day for him/her until the age of 18. It’s a gift that will keep on giving, and will assure a future legacy with that child. What a generous thing to do!
Try Dabbling in Penny Stocks If You’re Feeling Risky!
If you’re anything like me, sometimes you get that itch.
The itch to try to hit it big. Not via the boring turtle your way for 60 years to become rich method. Dude, that’s boring bruh!
I’m talking just going all out YOLO! And I can tell you right now that this isn’t an exclusive feeling reserved only for millennials like me. Human beings are wired this way. We’re impatient and we have a hard time relating to our future 80 year-old selves, because it feels so far away.
And especially in today’s day, with the technology we’re surrounded with, we’re getting more and more impatient.
So in order to scratch this itch, you may want to try for some “Hail Mary” passes.
Look, I’m not saying go all in with your entire portfolio, but up to 5% or maybe even 10% for those of you who love living on the wild side, why not?
You can do this by investing in penny stocks. They’re super risky, and you have a high chance of losing everything; but it’s a gamble that might pay off. And the downside, especially if you’re going in on it with just a single $1 at a time, is very low. And worst case scenario, you’re having fun with it. So again, why not?
Go Shop at Thrift Stores and Goodwill
Ok, so I’m not sure if you’ve heard, but thrift stores have been officially “in” for the past few years. So you don’t have to feel like a pariah shopping at your local thrift store or Goodwill, scavenging for good deals. You can do this with your significant other or a friend, and make a game out of it! See who can find the most awesome thing, for just $1!
Rock thrift store clothes like rapper Macklemore suggests, the “dookie-brown leather jackets, flannel zebra jammies, and the built-in onesies with the socks on!”
FYI – some Goodwills have $1 Thursdays, where everything tagged with the color of the week is just $1. If you’re living in Southern California, most of the Goodwill stores participate in $1 Thursdays. And my wife says she’s found some name-brand stuff for just a single dollar; it doesn’t get a whole lot better than that!
Help At-Risk, Highly Vulnerable Children
For just $25 a month, which is less than a dollar a day, (or even as low as 33 cents a day! Which translates to $10 a month), you can donate to Compassion International so that they can partner with churches all over the world to “identify and intervene for children living in extreme conditions of abuse, exploitation and other high-risk circumstances.”
Look, if you’re living in a developed country. You are blessed.
I know that me personally, my wife, and my kid are all super privileged for living in the United States of America. Where we have clean water on demand!
If you haven’t tried it, you need to try giving and donating. There are very few things in this world, if any, that feels as rewarding as giving. Again, if you haven’t tried it, you really should get out of your comfort zone and give it a try. You won’t regret it!
Investopedia – The low-down on penny stocks
Market Watch – Try this low-cost portfolio with massive diversification
Compassion International – Help at-risk highly vulnerable children
What are your thoughts on this list of smart things you can do with just 1 dollar? Are you practicing any of these currently, or have you tried them in the past? Share your experiences in the comments below!