If not, it might be time. Here are five tried and true ways to make your money grow.
Mutual Funds/ETFs
While mutual funds and ETFs are technically two different investments they do work in similar ways. In both cases you’re investing in a basket of assets that mimics a particular index.
Rather investing in one stock and having all of your eggs in one basket these types of investments are diversified therefore mitigate your risk. I personally prefer Betterment for investing in ETFs.
Real Estate
Real Estate is one of my favorite investments for the sole fact that it’s tangible. Unlike investing in the stock market you actually have something you can see and touch when it comes to real estate.
As of now my only real estate investment has been a flip house, which I hope to do again. Another option for real estate investing is owning rental properties.
Investing in Yourself
One of the best investments I made several months ago was in an online course. At first I was a little hesitant to put up the money but now I’m so glad I did!
In the past six months I’ve been able to earn my money back more than tenfold. Investing in myself ended up bringing a bigger return than any other single investment I could have made.
Dividend Stocks
I think in today’s economy it’s a good idea for everyone to have a side business. They are just so easy and inexpensive to start there’s really no reason not to have one. And as time goes by and your business grows outsourcing can help you earn more money.
You can purchase a dividend stock just like you would a regular stock (I personally use ING Direct) but with dividend stocks you get a dividend paid to you on a regular basis. If you can amass enough of these stocks you can build a nice extra income stream.
Your Business
I think in today’s economy it’s a good idea for everyone to have a side business. They are just so easy and inexpensive to start there’s really no reason not to have one. And as time goes by and your business grows outsourcing can help you earn more money.
I’ve only recently got to the point where outsourcing made sense for me but now that I’ve done there’s no turning back! If you do find yourself with a business that is expanding, it can be useful to outsource certain tasks such as a call center in the USA for increased customer support for example.
Make Your Own Plan
There’s no one size fits all investment plan. You have to do what’s right for your particular situation. Come up with a few investment ideas that spark your interest, do a little research, and then put your plan in action. The sooner you get started the faster you’ll be able to make your money grow!