Let’s face it: you’re probably reading this blog post today because you want to know how to make your money grow the smart way.
The truth is, there are no investment ideas that are ever fool-proof. An element of risk always exists, and that’s why you need to carefully consider which ones are right for you. With that in mind, which options should you think about if you’re looking for ways to grow your money?
Take a look at the following five ideas for some inspiration:
Gold is one of those precious metals that virtually everyone on the planet knows about. Gold looks great, feels fantastic, and gets used for various reasons, from jewelry to creating circuit boards in devices like electronic gadgets, washing machines, and cars.
If you look at historic gold value charts, one thing you’ll notice is that its price has increased over the years. Gold is undeniably an excellent choice if you’re looking for long-term investment ideas and ones seldom affected by geopolitical events.
Another high-value investment idea, diamonds are always in demand, and so they will never lose their appeal or their intrinsic value. As with gold, diamonds have many different purposes.
For example, diamonds get used for jewelry, but they’re also helpful for industrial and commercial applications, such as cutting through metal and glass. You could invest in loose diamonds and store them somewhere secure until you’re ready to sell them for a profit.
3. High-Yield Savings Accounts
What about if you don’t want to buy physical items like gold and diamonds? The good news is, you’ve got plenty of other options at your disposal. A tried-and-tested way of making your money grow without buying anything is by putting it away in high-yield savings accounts.
In a nutshell, a high-yield savings account is one where a financial institution, like a bank, pays you interest on any money you save with them. What’s good about such savings accounts is your money gets kept somewhere safe.
Moreover, high-yield savings accounts tend to offer high interest rates the longer you keep your money with them.
Bricks and mortar – property – is a classic way of investing money and making it grow. Residential, commercial, and industrial property is always in demand, so if you research the best property investment for your money, you could end up with a healthy return.
While you wait for your property’s value to grow, you could rent it out to tenants and therefore have a passive income stream in the meantime. Sometimes, investing with other people can give you lucrative returns, such as on new building developments.
5. Index-Linked Funds
Lastly, trading in index-linked funds could be a good option for your money. Funds like the S&P 500 get linked to the companies they follow, and they offer a more diverse and safer investment option than buying single stocks and shares in individual companies.
Be sure to get plenty of professional advice before investing in any index-linked fund, as you want to minimize your investment risks.