Investing is a good strategy to help people make more money from the money they already have. This can be an ideal strategy if after expenses each month you have some money remaining. Generally investing should yield better results than simply placing the money in a savings account. Purchasing stock is a common type of investment but there are actually many others that can be considered.
Paying off Your Credit Cards
While this isn’t typically considered an investment it is a wise choice if you carry a lot of credit card debt. The reason you should consider paying this off first is that if your credit cards have high interest rates, they may still be more than any return on investment you might make. If you decide to use extra funds to invest rather than pay off credit card debt, you may in the end actually be losing money.
Released in 2009, bitcoin is a decentralized cryptocurrency payment system. It took several years for it to take off but the value of bitcoin has appreciated over the years. In one year alone from 2011-2012, its value increased 300%. The currency is universal and virtual so it is stored online in a wallet for use and it’s becoming popular with industries such as casinos as mentioned in casinoonline.co.nz. Bitcoin is unregulated so it is not protected by government insurers. Some see bitcoin as an investment given its ability to increase in value.
Buying a Home
Consider all of the money you are throwing away when you rent. Technically you are helping your landlord make their mortgage payment and then some. Why not put your hard earned money towards your own mortgage? The housing market is on the uptick so property values generally will increase over time making a home worth more than you paid for it resulting in a profit. Another benefit of purchasing a home is for tax benefits.
Whether you decide to try one of these investment strategies or perhaps another, remember to do some research before committing your money.