Most people have a pretty firm grip on their finances; they virtually always know just how much cash they’ve got. Things are steady. But every now and again, you might find that you experience a windfall of cash that you were not expecting.
Related: Inflation is rising. What does that mean for interest rates?
It could be from anything; a bonus from work, money from an inheritance, or money that was rightfully yours because of an accident. Where the money comes from isn’t really important — what does matter is what you do with it. In this blog, we’re going to look at some of the best places to invest, working with the framework that you’ve got an extra $10,000 in your bank account.
Get into cryptocurrency
No one is quite sure what the future holds for cryptocurrency. But some of the best minds and financial experts believe that, at the very least, it will have a future. At the moment, cryptocurrencies are pretty volatile, especially Bitcoin, but the general trend is upward. Because there are so many digital currencies to choose from, it’s important that you do your research before investing in one particular coin. There’s a wealth of information out there about all the main digital currencies.
High yield savings accounts
If you’re not entirely sure what you want to do with your $10,000 yet, then it’s a good idea to put it into a high yield savings account. These offer a better returns rate than what you’d get with a traditional bank. You’ll find that online banks are the best, but there are websites that’ll help you to compare how much you’ll get from each. You can always take the money out when you finally decide what you want to do with it — but if you can’t decide, then at least you’ll know that your money is growing.
Growing your money with Forex
Investing your money is something that can lead to a healthy financial future. One of the best ways to improve your finances is to look at trading, especially forex. There are some brokers that can be used for US clients, too, so you don’t need to worry if you’re based in the States. This is one of the more popular ways to invest cash because of the high accessibility and potential for reasonable returns over the long term. You may not get wildly rich from trading, but you’ll do essentially the next best thing – you’ll secure your financial future.
Robo investing
Not everyone wants to spend time learning about finances. If you’re going to invest in crypto, for instance, then you’ll need to know a thing or two about the currency. If you don’t want to do that, then look at robo investing. There are plenty of services out there that’ll invest your money in stocks without you having to do anything. The rates of return will be lower than what you can get elsewhere, but the risk is also reduced too. If nothing else, it’s a good way to get started in the world of investing.
Top image: Pexels
