7 Places To Invest Your Money
Got some money stowed away that you’d like to make a return on? Investing can seem like risky business to many people, but as long as you take the time to do some thorough research you can usually maximise your chance of a profit. There are countless places to invest your money. Here are seven investment ideas that could be worth considering.
Most first-time investors will try their hand at property. There are many ways to make money out of real estate. You could buy a property and then rent it out to people to live in for a profit. Alternatively, you could buy a property, up its value by renovating it and then sell it to make money. There’s a lot that could go wrong with property investment from dodgy tenants that don’t pay their rent to expensive repairs that you didn’t see coming. It’s important to prepare for all this by having some form of backup fund. Hiring property managers to handle rent and handymen to do renovations can take away a lot of the stressful hands-on work of property investment and make the reward more worthwhile.
Investing in a local business idea could be a great way of making a profit. This could be a shop or a restaurant that you’re sure will make a profit, or some kind of local service that your community needs. Just make sure the company that you’re investing in has a solid business plan and that there’s a lot of local interest – you don’t want to invest in a company that’s doomed to fail.
Whilst the value of gold fluctuates, it’s unlikely it will ever become worthless. Buying some gold from a company such as Bullion Vault and letting it rise in value before selling it could be a way of making a return. Just make sure to do your research as the gold industry can be complex.
People are no longer investing in oil and are instead putting their money into the energy sources of the future. Wind farms and solar panel companies are already seeing huge profits. Investing in such a project could be great for making a return in the future.
Insurance companies are built on risk, however the likes of Health Insurance Innovations are proving to make a steady profit making them attractive ventures for investors. Your money could be helping to fund lifesaving medical treatment for people, making this one of the more ethical insurance investments that you could choose.
Peer-to-peer lending sites such as Zopa allow you to offer loans to people. Just as a loan company would charge interest, you get your money back in interest charges. Peer-to-peer lending allows you to contribute any amount, no matter how small. Choose trusted sites that will moderate your lending to ensure you get your payments back.
Pay off your debts
Paying off debt may not seem like an investment, but it can be. Many lenders charge higher interest the longer you take to pay off a loan. By paying off your debts quickly, you’ll pay less interest and technically save money.