Investing your money is the most effective way to make it work harder. But, with so many different wealth management choices available, you may be wondering which one to choose. Traditional investments in stocks and bonds have always been a popular route for those looking to build their wealth.
The Canadian stock market provides plenty of opportunities, and websites like https://www.stocktrades.ca/personal-finances/ go into more detail about the different types of investment and personal finance if you want to learn more about this. However there are many alternatives that can provide you with excellent returns.
Related: Wealth management: Seven reasons to invest in a real estate investment trust (REIT)
Selecting a tangible investment is an excellent alternative if you like the idea of investing your money in a physical asset. Here are some tangible investment ideas you may want to consider for your next investment opportunity:
Real estate
Real estate is one of the most popular choices of tangible investments. Putting money into bricks-and-mortar is often seen as one of the safest investment choices you can make; after all, people will always need somewhere to live.
Building up a property empire can be an excellent way to increase your wealth. You could choose for the property development route and buy houses to flip, or buy land and build properties to re-sell. Alternatively, you could invest in commercial property, land, or vacation properties. Selecting the right investment for you requires careful research to reduce the risk level; you can go here to find out more about investing in land. Building up a portfolio of properties can provide you with significant returns in the future if you choose to make this a long-term investment.
Art
If you have a strong interest in art, this can provide the ideal investment opportunity. Appreciating the beauty of creative works and then acquiring them is a fantastic way to build your assets while also gaining beautiful artworks to admire.
For some investors, art is their only choice of investment, as it brings them both joy and the knowledge that they have a considerable tangible asset that will provide a healthy return in the future. Before you begin collecting art, it is essential to equip yourself with the knowledge needed to select the right pieces. There are many forgeries out there, so avoiding these is vital to ensure your money is not wasted. It is always worth getting an art expert to check over any picture you decide to buy before you make the purchase. Doing this will give you the peace of mind that you are acquiring the genuine piece and not spending your money on a copy.
Collectibles
Whether you have a strong interest in comic books, film merchandise, or antiques, there are tons of items that you could potentially buy that will help build your fortune. Investing in collectibles can be a little hit and miss at times, but the results can be spectacular when you get it right. Having a solid knowledge of your chosen area is key to making money from collectibles.
Once you begin researching to build your knowledge and expertise, the better your investment decisions will be. If you strike it lucky and discover a rare collectible, you could find yourself with an asset that surpasses all your expectations.
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
