We all want to make more money. Whether it’s to save for a rainy day, to splash out on a holiday or to prepare for the future, it’s important to have more than one revenue stream. Below, we’ve rounded up five creative investments that you should try out this year.
- Stocks and shares
If you have the time and the knowledge, investing in stocks and shares can prove incredibly lucrative. Take Apple, one of the world’s biggest and most successful technology companies. If you were to have invested $1,000 in the Cupertino firm back in 1996, you’d now be $40,000 richer. It just goes to show that, if you have the capital and the patience, you can make some serious money from dabbling in the stock exchange.
- Gold and silver
With the pound rising and falling at an unprecedented level, there’s never been a more tumultuous time to be a British investor. Instead of risking your capital in shares, another option to consider is gold and silver bullion. Whether you’re interested in the history of gold bars and coins or not, there’s money to be made if you have the capital available. Indeed, many of the world’s biggest investment brokers recommend a percentage of your assets to be held in gold and silver ‘precious metals’. If you don’t know where to start or you just don’t have the interest in such metals, visit an independent retailer for advice on investing.
One of the best ways to protect your money and secure your future is to invest in property. In the United Kingdom, property prices are experiencing an unusual decline, but there’s still money to be made in sought-after locations like Manchester, London, and Edinburgh. However, if you want to reduce your workload and have some fun in the process, consider investing in overseas properties and holiday homes, and renting them out on websites like Icon Property. From there, you can find a management company to look after your assets and keep your property in good shape ready for its weekly holidaymaker arrivals.
- Credit cards
This next tip isn’t exactly an investment, but it’s worth a mention. It doesn’t make sense to spend your money on investment opportunities when you’re racking up expensive credit card bills, so make sure that you clear or reduce your debts as soon as you can. If you have a £10,000 credit card debt and you’re paying 15% interest, then you’re wasting £1,500 a year – money that you could be putting towards your future. Clear debts as soon as you can, and only choose an investment over a debt if the investment is risk-free and more rewarding than your credit card interest rate.
You may not be thinking about your old age when you’re in your twenties and thirties, but it’s essential that you plan for your retirement as early as possible. Invest in a retirement package for you and your loved ones as soon as possible, whether that’s through an ISA or a life insurance or retirement policy. You may think that it’s a waste of money, but you’ll regret not signing up for a plan once you hit retirement age. It pays to plan!