Money: Don’t Save it. Invest It
You’ve read about the surprising benefits of saving money, but what if you could grow your savings faster? One way to do this is to invest your money instead of saving it. Investing your money could allow you to reach your savings goals more quickly. Below are a few different ways in which you can start investing. You can also read this press release titled “SOL Global Investments Corp. Acquires 10.22% Equity Stake in Captor Capital Corp.” to learn how businesses make their investments.
High interest savers
The most risk-free way to invest your money is to put it in a high interest savings account. Such accounts pay you interest each month allowing you to make a small return. Interest rates on such savers are typically between 1% and 3%. Some of these accounts may have requirements in order for you to earn this interest such as making a minimum contribution or maintaining a minimum balance. Check out FunFair sponsors Hackathon to find out about the latest information on cryptocurrencies.
Other forms of savings accounts can potentially provide larger returns but have special conditions attached. Some are specifically for retirement, these are low risk though it means you will not see that money until you are in your golden years. On the other hand, investment accounts offer high interest and can pay out often, but these may have a significant element of risk that not everyone is willing to take.
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The stock market
You can make a much bigger return by investing in stocks and shares. This involves investing in successful companies – as the value of the company increases, so does your share. It pays dividends if you stay updated on the stock market news by going to platforms like benzinga. If you don’t know anything much about it yet, it’s best to learn more about it by reading reviews like that benzinga pro review, for instance.
Some companies will also pay out dividends to shareholders on top of this, increasing the chance to make money. All in all, you could make a return of over 10% per year – which is more than any savings account. Nowadays, anyone can invest in shares using a trading app with as little as £1. It’s worth buying a range of shares from different companies to spread the risk.
Forex trading involves buying and selling foreign currencies. Various factors such as political events and travel rates can cause a currency to either rise or fall in value. By buying currencies that are rising in value and then selling them, you can make a large return (the average is around 10% per year). You’ll have to use a forex broker platform to buy and sell currency – it’s worth finding one with low trading fees in order to increase your profits. Some allow you to put down a minimum deposit of as little as £1. Like stocks, you should spread the risk by buying multiple different currencies.
Cryptocurrencies are digital currencies. They’re a fairly recent invention – the first cryptocurrency, Bitcoin, was only introduced in 2008. Cryptocurrencies were created as a neutral currency for people from different countries to trade online, but have since evolved into largely an investment instrument. They have seen huge rises in value and huge falls, making them somewhat of a risky investment – but potentially very profitable if you invest at the right time. To start trading cryptocurrency and begin to buy bitcoin, you’ll need to use a crypto exchange. You can invest in crypto with as little as £2 using some exchanges, while fees can vary. To spread the risk, make sure to invest in a range of cryptocurrencies.
Some people prefer to invest in something tangible. There are many physical items that you can invest your money in in order to make a return. Real estate is the most profitable example – but generally requires investing a lot of money upfront. You can also try investing in precious metals like gold.
If you’re looking to start with a small amount of money and slowly build your investment, it could be worth investing in collectibles. Items like books, vinyl, trading cards, old coins and wine can all increase in value over time. Generally, the rarer the item and the better condition it is kept in, the more value it will gain over time.