• I Need To Make 1000 Now

In today's economy, you might be very low on funds and need to make a quick 1000 dollars just to get through the month. Unfortunately, making a quick $1000 online or offline is not an easy task. In general, making money takes time and there is no 'quick fix'.

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The unemployment rate continues to drift steadily lower, gas prices remain cheap relative to years past and the stock market continues to bump up against all-time highs. And as a result, many Americans are finally getting their finances back in order.

But what should they do with that extra cash cushion?

The first place to look is at your savings account, which should have three to six months of your salary saved up for unexpected hardship. After all, if the financial crisis and Great Recession taught us anything, it's the importance of a safety net.

But after you've covered yourself with a rainy day fund, where should you turn next to invest that money, putting it to work and making it grow?

If you've recently found your financial footing and have a small sum that you're looking to invest, even if it's only $1,000 or so, here are five simple ways to get started:

1. Increase your 401(k) contribution (or start contributing if you're not already)

There are a host of reasons why you should make good use of your 401(k) if you have one through your employer — or if you're not maxed out yet, increase your contribution to that plan.

For starters, many employers offer a 'match' of some kind, where they put, say, 50 cents into your retirement account for every dollar that you put in. More generous companies even match you dollar-for-dollar.

That's a big reward for saving, especially considering it's something you should be doing anyway.

The maximum you can contribute to a 401(k) plan in 2015 is $18,000 if you're under age 50 — so unless you're making a ton of cash, chances are you have plenty of headroom to increase your contribution another $1,000 if you're already making a contribution of some kind.

Also, because these are pre-tax dollars, you likely will see your take-home pay decrease by much less than that $1,000 over the course of the year. That's because you're reducing your taxable income by making this contribution to your 401(k) before Uncle Sam takes his cut.

The tax man will get paid eventually, of course, and will even charge penalties if you withdraw funds from a 401(k) before age 59½. And admittedly, 401(k)s only offer a short list of investment options for your money.

But for the typical investor, putting your cash in a diversified mutual fund offered via your 401(k) and allowing it to grow steadily over many years is a powerful way to save and plan for retirement.

2. Buy an index fund

If you're a bit more impatient and don't want to wait until your 60s to access investment profits, consider opening up a taxable investing account and buying an index fund with your $1,000.

What is an index fund? Simply put, it's a pool of investments aligned to a major stock market benchmark like the S&P 500 or the Nasdaq-100. And as such, these funds are extremely transparent because the list of stocks in the portfolio is fixed, and because of their immense popularity their providers can charge extremely low management fees and still turn a profit.

Research shows that while individual companies may vary widely in performance, the stock market as a whole marches steadily higher over time — to the tune of about 7% annual returns on average. Some years are better than others, obviously, but that's what's typical in the long term. And since you're effectively buying the entire stock market this way, you can have confidence your performance will mirror this.

The SPDR S&P 500 ETF (SPY) is the most popular index fund out there. The SPY fund is tied to the S&P 500 index, meaning it's comprised of 500 of the largest U.S. companies, such as Apple (AAPL), Walmart (WMT) and McDonald's (MCD). This index fund charges a mere 0.945% in fees annually — or less than a measly dollar for each $1,000 you invest. That's a small price to pay for a piece of the biggest names in Wall Street, and built-in diversification to boot.

And considering the fund has nearly $180 billion in assets, you'd be in good company if you invest in this index fund!

Now, you'll have to pay taxes on any profits you make — and while the market does tend to go up long-term, there is no guarantee of any profits at all in the near future. However, the diversification and low-cost structure of index funds make them an attractive alternative for investors who don't want to wait.

3. Tap a high-yield savings account or CD

With interest rates as low as they are, 'high yield' is a matter of perspective. But one undeniable truth is that the rate of return you get from a typical checking account is effectively zilch, at just 0.03% at major banks right now.

That adds up to just 30 cents a year on $1,000.

The current return on so-called high-yield accounts isn't dramatically better, with a 1% rate available via many financial institutions. That adds up to $10 annually on $1,000 — which is a lot better than 30 cents, but clearly not going to make you a millionaire.

But as the old saying goes, there's a trade-off with risk and reward. If you don't like the notion of stock market volatility, an FDIC-insured savings account or CD is almost as good as cash. You may have to tie up your money for the full 12 months to get the best rates, though, so read the fine print.

But at least with a savings account or CD, you're guaranteed that the money will be there waiting for you at the end of the line … with a little bit of interest.

4. Pay down your debts

If you have a big bill on a credit card, it should go without saying that putting $1,000 toward those obligations is a good idea. But even if you don't have a lot of consumer debt, sometimes paying off extra principal on a mortgage, student loan or car loan can also be a good idea.

That's because the more principal you can pay off up front, the less interest you're paying on the remaining balance each month. Think of it as a belated down-payment of sorts.

The only catch is that because of 'amortization,' loan repayment schedules tend to put most of your interest up front — so the more time left on your loan, the more you save.

While the return on your investment comes in the form of lower payments instead of a windfall check, it may not seem like you're 'investing' anything — but consider that paying an extra $1,000 in principal on a 4% car loan could save you $100 to $200 depending on the details. That's a 10% to 20% return on your $1,000, which is much better than the alternative.

Remember, even if you have a rock-bottom interest rate of just 4% on your home, over the life of your 30-year loan you will pay $1,200 for every $1,000 in principal. Paying down even a small amount of your loan early can drastically reduce what you'll be paying down the road.

5. Invest in yourself

If you're stuck in a dead-end job and are looking for a way out, then $1,000 could help buy you a change of scenery in the workplace.

Disney now games play free. Maybe you pay for a computer class or two at a local college. Maybe you buy that professional-grade camera and start a new career as a wedding a photographer. Maybe you simply spend a few-hundred bucks on a custom domain name and Web hosting to launch your own Web business.

Of course, when calculating costs, it's important to note that your time is worth something. But $1,000 can go a long way for people willing to seize a new opportunity.

After all, building your own business could be the most profitable investment of all — and not just in real dollars, but also in the satisfaction and confidence that come with being your own boss.

Jeff Reeves is the editor of InvestorPlace.com and the author of The Frugal Investor's Guide to Finding Great Stocks.

You'd like to learn how to invest $1,000.

Is this possible?

After all, don't many financial advisors have investing minimums? What if you're new to investing? Where do you start?

Yes, there are places you can invest $1,000. And, some of them are pretty nifty, as well.

Lending Club is one such peer-to-peer lending service I tried out, and I found it to be very easy to use and reliable (see my Lending Club review).

As an investor with Lending Club, you can invest automatically using investment criteria. Alternatively, you can manually invest by browsing available loans and picking the ones you like. It's up to you!

Tip: Like any investment, make sure you choose notes that reflect your tolerance for risk. Some notes are riskier to invest in than others, and thankfully, you can see this information at Lending Club's website.

3. Have a popular robo-advisor manage your money.

If you're not very skilled at investing on your own and you're hesitant to loan money out to particular people online, you might consider hiring a robo-advisor.

Robo-advisors are investment companies who create automated software designed to manage portfolios based on certain criteria. For example, when signing up for such a service, you might take a questionnaire to determine your risk tolerance level or investment goals.

Robo-advisors make investment management available to the masses, since they typically have very low (or nonexistent) account minimums.

Additionally, many robo-advisors have slick user interfaces to help you get relevant information about your investment performance, holdings, and more in a snap.

I interviewed Jon Stein, CEO of Betterment, a popular robo-advisor which grew from nothing to a $16+ billion dollar investment company in just under eleven years. Jon believes the markets represent the success of the global economy. Overall, he expects they will improve over an extended period of time. This view is reflected in Betterment's software. It's set-it-and-almost-forget-it investing!

Tip: If you're ready to get a comprehensive, in-depth financial plan in place, you'd probably do better to sit down with a financial planner. If you have your strategy largely in place, try out a robo-advisor. It's worth a look!

4. Invest in your kids' college education.

Every parent wants their kids to be successful in life. One path to success is college.

But, there's a problem. Can you guess what it is? College is expensive and is showing no sign of slowing down. Forbes contributor, Mike Patton, points out that college tuition has been increasing by a whopping 5.2% for the last 20 years.

If you want your kids to go to college, and you aren't rolling in the dough right now, you should probably think about saving for their college education.

A 529 college savings plan is a great choice, as it has tax advantages that encourage individuals to save for college. These plans are sponsored by the states, so be sure to check out your state's 529 college savings plan and see if it makes sense for you.

$1,000 is a great start in one of these plans, and depositing the money in such a plan will help you get the technical details of the account worked out so you can continue to contribute.

For example, you might be held back by the fear of the unknown. Making a decision to start saving for college today will make it much easier psychologically to invest tomorrow.

Tip: If you're going to contribute to your children's college education, it's wise to start as early as possible. The time horizon for college is usually short: a maximum of 18 years. If you're starting when your children are older, you have even less time. I can't stress enough . . . start as soon as possible. You need all the time in the markets you can get.

5. Pay down your debt.

You might find this investment strategy surprising. But think about it for a moment . . . .

Having debt is like the opposite of having an investment. The only difference is that holding onto debt is often more costly than investments are profitable.

For example, you might expect to achieve a 7% or 8% return in the stock market. With credit cards, you might pay in the double digits. Yikes.

That's what makes paying down debt such a great investment idea. What you're really investing into is not having to pay lots and lots of interest.

This is also why some financial gurus recommend paying down non-mortgage debt before investing for retirement. It's that important.

And, $1,000 might make a big dent in your debt. But if it doesn't wipe it out, you should truly focus on paying off your debt as soon as possible.

Tip: Organize your debts. You may choose to organize them from lowest balance to highest balance, or from highest interest rate to lowest interest rate. The former makes sense from a behavioral standpoint and will give you some quick wins while the later will save you the most money. If you still have good credit then you can take out a 0% balance transfer credit card and reduce your interest for 12-18 months while you pay it down.

6. Start a Roth IRA

The Roth IRA, my friends, is one of my most favorite investment vehicles.

Why? Because the Roth IRA allows you to get a tax break on the money you withdraw from the plan during retirement instead of getting a tax break when you put the money in (that means you get some tax-free money).

That's a good thing for many, many people. The other reason is you have a lot of control over your money with a Roth IRA when compared to your employer-sponsored retirement account.

Those are two great reasons to start a Roth IRA. But let's not forget the main reason you should start one: it's important to save for retirement!

You won't be getting a paycheck from your employer in retirement. No income. None. That's obvious, but let it soak in for a moment. You're going to have to rely on other income sources (like your fantastic Roth IRA) in order to survive.

Tip: Check out some of the best places to open a Roth IRA and start one today! You'll be glad you did.

7. Diversify your money

One of the worst mistakes financial advisors see is when clients don't diversify their money. Don't be like those clients. Be awesome and diversify your money.

I Need To Make 1000 Now

And yes, you should diversify your $1,000. With ETFs, it doesn't cost much to diversify your money and make sure you don't ride the single-stock roller coaster.

You might be thinking, 'But Jeff, it's only $1,000. Can't I buy some [insert favorite company here] shares?'

Well, you could, but you sure wouldn't be setting yourself up for making smart investment decisions in the future. Be smart with your money even if it's being smart with just a little bit of money. Practice now for the future.

Tip: As you build your portfolio over time, make sure to rebalance it as certain investments within the portfolio will rise and fall in value. Never be overweighted or underweighted in an area. Learn all you can about proper diversification and stick to those best practices.

Concluding Thoughts

Thank you for taking the time to read this article. You know what it means that you read this article? It means you care about doing the right thing with your money.

$1,000 might not be much to invest, but starting on the right foot now will lead to numerous rewards in the future. Just imagine how that one little act of investing $1,000 will grow into years and years of interest and sound financial choices.

And, don't forget the power of compound interest. Exponential growth of money is awesome, and you should take advantage of it as soon as possible.

While there are so many ways to invest your $1,000, just make sure you do so. Do some research before you invest, but don't drive yourself crazy considering all of the options. Make a reasonable, but timely choice. The last thing you'd want to do is neglect investing at all because of information overwhelm.

Invest today for a better tomorrow.