If we want to improve our financial life, one of the things that we should aim for is to have an investment fund in our monthly budget. Ideally, you should start investing one you are debt-free. But if you plan things right; then you can do both. So once you pay off your debts; you will be able to appreciate your investment rewards even more. That said, here are 5 investments you can start right now so you can let your money work for you.
1. Real Estate
Real estate properties are always a necessary commodity especially in developing areas. This investment vehicle has a predictable money flow so it is easier to understand than other investment options. Aside from providing income from rentals, it also allows you to enjoy tax benefits and even inflation protection. Real estate values continue to rise especially in economic zones. If your timing is right, you can buy property at a location that is still being developed so you can enjoy higher value as the area become more commercially busy. You can also enjoy high returns on your initial investment when the property goes up for sale.
2. Virtual Assets
Virtual assets are digital assets that you can invest in. You must have already heard of the term cryptocurrency, and most recently it’s offshoot NFT. Cryptocurrency such as bitcoin and others, is a virtual asset that functions similar to traditional currency or fiat. However, unlike traditional currency, you don’t need to go through banks to transact using cryptocurrency. One more advantage of cryptocurrency is that it does not expire unlike vouchers or gift cards and since it is virtual, there will be no fraud or tampering. The cryptocurrency that you have in your digital wallet will always be yours and you can readily exchange it for fiat currency whenever you want.
3. Fast Food Chains
Just like real estate, food will never lose its value so large fast food chains are always a good investment vehicle. There are many well-known fast food restaurants locally and abroad that you can choose from. Of course, it’s good to support your local businesses first so you can help your country’s economy grow. Most of us also have favorite cafe that we go to just to meet-up and to work as well. So why not invest in them too? That means you earn even as you continue to patronize their different branches. It’s like you own a piece of the company you like to visit anyway. Of course, you can do this by investing in the company’s stocks; so start to learn about the stock market so you can invest more confidently. There are other company’s in different industries that you can invest in too.
4. Stock Options
Investing in the stock market is a long-term plan but you can enjoy high rewards for short-term investing through stock options. Start by learning about the difference between stocks and stock options. Stock options are “contracts that allow the investor to buy or sell shares of stocks at a predetermined date, at an agreed upon price. Although investors have the right, they are not obligated in any way to buy or sell the shares.” Get yourself familiar with how you can earn through stock options. Some people end up doing stock options instead of trading in stocks for many reasons.
Sign-up for the WEALTH MENTORS: Smart Traders Program.
5. Your Own Business
If you have always wanted to start your own business, then why not consider investing in it? If you are suffering from a toxic work place; then you might want to use your savings to put up a home-based business. A lot of people have started their business from a hobby that they are passionate about. Some have even started different businesses alone or with friends and family. In the end, they settled for the one that fulfilled their sense of purpose and continue to work on growing their brand. Start putting pen to paper and start planning your business. There are many apps to help you grow your business until you can assemble your own dream team to help you.
Investments always have their risks and rewards. So be sure to study each one carefully so you reduce the risk of losing your money. Also, it is always good to not put your eggs in one basket. So as you learn one investment vehicle and invest in it; continue to learn about others and invest there too. This way, even if one investment fails, there will be other streams of income that you can rely on.
Feature Image: Original Photo by Mikhail Nilov on Pexels.