#3 – Start an Online Savings Account
I’ve already posted about this before, so I won’t go into too much detail with this one. Visit “Getting the Most from a Savings Account” for the original article. I feel that this is such an easy way to make money, and a lot of people fail to do it. All you do is start up an online savings account with a bank such as Capital One, and let your money grow. For current rates that various banks are offering, visit www.bankrate.com.
#2 – Invest in a Mutual Fund
There are some great mutual fund companies out there right now, and there’s a ton of easy money to be made by investing with them. One of the top companies, in my opinion, is Vanguard. Their S&P 500 Index fund is definitely worth taking a look at. It has returned a little over 12% since the fund’s inception, and it’s a pretty safe bet for the future if you plan on investing long term. If you need some more information about how to make a lot of money through investing, or how compounding interest affects your money, read “Power of Compounding Interest” and "Power of Compounding Interest Part II." In that article, you’ll learn exactly how to turn $10,000 into more than $500,000!
#1 – Invest in your Company’s 401k Plan
Now, I know that not every company offers their employees a 401k plan, but a lot of them do. If you’re not investing in your company’s 401k plan you’re throwing away money. The reason I say that is because most companies that offer 401k plans to their employees usually match a certain percentage of what the employee puts into the plan. For example, say you chose to invest 10% of your paycheck into the 401k. And let’s assume that your gross pay is $1,000 per check. That would mean that $100 from every paycheck is going to the company’s 401k plan. If the company’s matching contribution is 5%, they would tack on an extra $50 to your initial $100 investment. So, the grand total that goes into the 401k is $150. That extra $50 is essentially free money. I say that’s pretty easy!
Those are, in my opinion, the top 3 ways to make money without having to do much of anything. In the future I plan on focusing a little more on each step and going into more detail, but I hope this outline was pretty clear and concise. Check back frequently for more in depth articles on each step. Also, if you think that one doesn’t belong, or if you can think of some better ways to make hard cash without much effort, feel free to email me at or post a comment for others to see.