Everyone could do with a bit more money. There is always something that we are going without, maybe a holiday to South America, or a few more family outings. Perhaps you want to send your child to ballet but can’t seem to find the extra spare cash. Whatever your reason, wanting more money is no shame. There are plenty of ways out there, but a great and convenient way to do this is through investment. However, you have to be aware that to earn more money through the investment route, you have to be prepared for a little risk. Having said that, risk can be mitigated through the process of investigation and staying within the confines of things you understand. When it comes to investment, do not feel pressured to making moves that make you feel uncomfortable. This could come in the form of being asked to invest too much money, or could merely be that the investment has too much small print, or that it is overly complicated. Keep it simple, and if it feels wrong, don’t get involved.
Stocks and share
This was always going to make the list as it is a sure-fire way to get investing under your feet. This best way of using stocks and shares in the current environment is as a long term investment. Look for companies that offer decent dividends as this means your investment pays out in the short term as well as the long run. Dividends are a great way to increase your yearly income. Ensure you check the trend of the stock over all the time periods allowed on the investor graphs. Do a little (or a lot) of research into the company and find out if there will be any mergers and acquisitions in the near future. This eventuality will mean the value of the company will definitely increase or decrease over the period of your investment. Read press releases and what the brokers say on share sites. You could get involved with spread betting, and instead of owning shares, you bet on whether the price of the share will rise or fall. The guidance here is to invest what you can afford to lose and learn as much as you possibly can.
Start a side hustle
For all of you secret budding entrepreneurs out there, this could be the option for you. It is where you basically start up a business called a side hustle on a part-time basis alongside your ordinary job. Is there anything you have always wanted to do? Something you are interested in that you just can’t wait to do any longer? Because it is on the side, you continue holding down your full-time job until the time comes when you can stop and concentrate on your own business full time. That means there is less risk associated with it as opposed to starting a business full time. You will have two income streams, which could be a great bonus. It also means that if you get made redundant from your ordinary job, you have a backup plan.
Invest in real estate
There are various ways to invest in real estate. You can obviously look to purchase cheap houses. There are ways you can buy them directly from the banks if they have been foreclosed. In this case, to get a good deal, you need to purchase more than one. But it could be a great way of making quick money if you immediately sell on. You could buy fixer-uppers at low prices and sell on, there is obviously more risk involved in this, but as long as you get the house properly inspected, you should be fine. There is also the option of buying for the rental market. This is clearly an excellent long term investment and provides you with valuable income along the way. If you fancy investing in real estate but lack the capital to buy a house outright, then Fundrise may be an option for you. It is a form of crowd-funding for real-estate.
Get out of debt
The best way to make money is to stop paying interest on debts. Pay off the debts as quickly as you can, as debt can be detrimental to you, making decent investments. Paying off debt increases your credit score and saves you paying out more than you need to. An offshoot to this piece of advice is, live within your means. Do not live on credit, the economic situation is volatile, and debt has the power to destroy lives.