6 Ways to Invest Your Money Today
Who doesn’t want to make more money and increase their income? In this day and age, with the inflation and the instability that has resulted from the COVID-19 pandemic, we’re all looking for ways to earn more money to provide for ourselves and our families.
Getting another job may not be an ideal or possible choice for many people, so the safest bet here is an investment. When most people think of investors, they think of rich people in suits working on Wall Street. However, investing has now changed significantly. Now, you can invest your money anywhere, even online, from the comfort of your own home. It doesn’t require a specific age or income. Keep reading for ways to invest your money today.
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Real Estate
When you think of real estate investment, you probably picture buying a property and selling it at a profit, or renting out a property you own for a fixed monthly income. However, you don’t have to be a property owner to invest in real estate. You can invest in real estate trusts or REITs, which are companies that own commercial properties like malls or hotels. These companies regularly offer dividend payments to their investors. The great thing about REITs is that they don’t pay corporate taxes. Now is the best time to invest in commercial real estate, since crowdfunding real estate projects have recently become legal for real estate investors.
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High-Yield Saving Accounts
A high-yield saving account is a type of saving account which usually pays higher rates of return than an average account. To make more money, it is recommended to open at a different bank, not your primary one. Online-only banks are the best option in this case since they offer the highest rates. This is because they have less overhead costs because they don’t have any branched locations. You can open an account online in just a few minutes. Additionally, you can easily transfer the money to your main bank account, should you want to. A high-yield saving account is perfect for people who are reluctant to take risks and want to make money fast.
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In-Game Currencies
In-game currencies are a new investment, but they are very popular since they combine two of the highest in-demand industries; video games and cryptocurrencies. If you are a gamer, then this is the investment for you; whether they’re mobile games or online games. Based on the information found in articles at ChicksGold, you can trade, buy, and sell gold for popular games. Whether you love playing World of Warcraft, New World, or Run Escape, you can buy and sell these coins without exchange or handling fees. You get more for your money and the developers of your favorite game also make a profit.
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Stocks
Many people have made money by investing in stocks. The American stock market is famous for delivering better profit than gold or bonds. What makes stocks one of the most lucrative investments of this century is that they give you the chance to own a business. Simply put, as a stockholder, you own shares in a business, so when it grows and the economy thrives, its value increases and you earn a dividend. You can also own stocks at any age. Whether you are in your 30s or 40s and want to save up for retirement, or you are in your 60s or 70s and want to have an income. That being said, there are certain risks that come with investing in stocks. Stock prices are unstable, and companies can go bankrupt. You need to understand your financial goals to be able to limit the risks.
For instance, if you plan for retirement and don’t need money now, you can buy and hold. In this case, even if the market crashes, you will still be able to make huge returns. If you want money in the next year or two, you will need to protect your capital by taking your money out of stocks and shifting it into cash or bonds.
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Certificates of Deposit
Certificates of deposit or CDs are usually issued by a bank. CDs are better than saving accounts since they offer higher interest rates. It is best to opt for a short-term CD, as it will give you the chance to invest again when the rates rise. These deposits are insured by the federal government and tend to have certain maturity dates. Therefore, you won’t be able to withdraw your money from these deposits before the due date. However, if you want your money before the agreed-upon date, you will have to pay a penalty. Before choosing a CD, do your research first until you find the best rates. CDs are for people who are looking for a safe investment, don’t want to take a risk with their money, and aren’t looking for an immediate income.
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Alternative Investments
If you aren’t interested in any of the investment options mentioned here, you can try alternative investments. There are various other things that you can invest in, like wine, art, hedge funds, bitcoins, gold, silver, and stamps. This type of investment has become extremely popular shortly after the Great Recession. For instance, gold prices leaped in 2011, so people who invested in gold made a huge profit at the time. Alternative investments are for people who don’t want to invest in bonds or stock.
You can take advantage of your hobbies or interests to make money. For instance, if you like art, you can use your knowledge of the subject and understanding of the value of certain pieces to make an investment that will make you a profit. You may be able to find online brokers to help you access the world of alternative investments. However, you will find more options through private wealth management firms.
There isn’t a better time to invest your money than now. Thanks to the internet and the advancement of technology, you have many options to choose from. Whether you want to invest in traditional investments like bonds or stocks or want to try a different route with in-gaming currencies, art, and wine, or looking for something safe like high-yield saving accounts or certificates of deposit, you will be able to find the right investment for you. It is never too early to start planning for your future, so take a step now that your future self will thank you for later.
