We all know that relying on the interest in a bank account is really not good enough, if you want to grow your personal wealth and better your situation. You can make far more of your money if you are prepared to do a little investigation into investments and take a small amount of educated risk.
Related: Seven reasons to invest in a real estate investment trust (REIT)
The fact is, no millionaire got to where they are without investing their money and taking some chances. And the younger you get on this, the better your eventual prospects. Having said that, let’s take a look at a few great ways to invest.
Growing your money: Cryptocurrency
This is still the new kid on the block. And with the rise of internet transactions, it does appear that it is going to be the future of online sales. The best thing you can do is a lot of research and invest wisely. Cryptocurrency can fluctuate pretty badly sometimes, so be warned. However, get it right, and this could be a great long-term investment choice.
Real estate
Property prices seem to be always going up, and that means that property is a pretty sound investment choice. Not only that, but if you buy several houses and rent them out, that is a lot of potential profit. If you have a lot of money saved, perhaps you can look to buy at an auction or speak to the bank about foreclosures and get yourself a bargain. If you are a contractor or have a good relationship with a contractor, you may be able to renovate a house and make some money there.
Create your own business
One of the best ways to invest is to create your own business on the side of your current role. Government business grants and financing are detailed here. This can be so rewarding. If you have a passion, it allows you to monetize it. Perhaps you know a lot about jewelry irish. You could buy and sell in places you know collectors gravitate to. Maybe you could create a blog about this subject that will appeal to some of the very same people. Blogs can be lucrative as you can get advertisement deals, etc. You may even be able to expand your website and sell your own goods on there at some point.
Growing your money: Stock market
This is the old faithful of investing avenues and for a good reason. People have made absolute fortunes using the stock market. The best advice when it comes to trading in stocks is to do your homework. Learn as much as you can about trading in general, and then investigate each company you feel you would like to invest in. Remember, trading is all about investing in a company, not buying a stock.
So, look at the company that interests you. Go to their website, read their press releases, and go online and read reviews and trading reviews for that company. The more research you can do, the lower the risk factor.
I am a 50-something Torontonian who loves everything about my city. It’s been my home, my playground, for my entire life. I went to school here. I met my wife here. I own real estate here. I love writing about the transformation of my city on the world stage, which hasn’t been anything short of dramatic. That continues on, as I write this. I write on the real estate scene. I write on travel and fashion. I like following the world of luxury watches.
But I love writing about cars – check that, luxury cars, a level of superior, engineering sophistication, high performance and style, that transports you not just from one destination to another but also out of whatever you are going through on a particular day, whatever mood you are in, all to another head space. It’s complete and total exhilaration, head to toe.
Check out my stories, and email me direct at mkeast@regardingluxury.com
