7 Golden Ways To Grow Your Money Far Quicker Than Any Savings Account
Finance is important. Don’t let anybody tell you any different. And in today’s world, the average person has to find more creative ways of making their money last longer.
Working an average job for average pay won’t provide you with the life you dream about. Finding ways to increase your bank balance through extra activities is vital if you want to unlock your financial freedom. Unfortunately, leaving your money in a poorly paid savings account won’t suffice.
Here are seven ideas that should kick your investment brain into gear. Master any of them and it could be the key to a brighter future.
Become A Trader
When thinking about investments, most people will jump straight to the idea of trading stocks and shares. And there’s good reason too. After all, if you’re good at it, you could see your finances swell at a far greater rate than any bank will offer.
Whether it’s the foreign exchange or precious metals doesn’t matter. If you can spot the trends to predict how markets will develop, this can be a truly lucrative market to get into. Just be aware that your money is at stake, so you may want to try a demo account first.
It does require a little monitoring, but that can usually be carried out via your smartphone. If you’re still unsure, you could always hire a professional broker to make the decisions on your behalf.
Premium Bonds
The only trouble with trading is that you could potentially lose a lot of money too. However, premium bonds could potentially gain you a far better return without any risk whatsoever.
In the UK, residents can purchase anywhere between £100 and £50,000 worth of bonds. Instead of gaining interest, you’re entered into a draw each month and could win a prize of anywhere up to £1million. That’s right, each month, you have the chance to become an overnight millionaire.
You can cash out your investment at any time. Just be aware that inflation prices could eventually see the true value of your investment decrease.
Start A Business On The Side
Your ordinary job is all well and good. But what’s the point of making money for someone else when you could be earning it for yourself? Only one person should be able to reap the main rewards of your hard graft, and that’s you.
If you feel underappreciated and underpaid, it could be time to launch your own business on the side. You’ve got the experience and knowledge of the industry. All you need is a little help with the running of a company, and you should be just fine.
Of course, you need some sense of financial stability and cannot afford to quit your job just yet. However, this could be the first step to taking control of your future. With hard work, and a little bit of luck along the way, it could soon become your main source of income.
Better still, you’ll have the satisfaction of building something from scratch.
Invest In Property
As an investor, you want to know that your money is in a safe place. Quite frankly, it’s hard to find a more reliable source of investment than the property market.
Property prices have continued to grow at a steady rate. There are times when the market will suffer a dip, but over a sustained period you are guaranteed to see a return. Whether you buy a fixer-upper to renovate or purchase with a view to renting doesn’t matter. This is an almost guaranteed route to helping your finance grow.
The one major stumbling block is that you will need a decent investment to get started. If you’ve got it, though, this method has to be worth considering.
Make Money Online
The biggest change to society in recent decades has been the emergence and continued growth, of the internet. It’s quite scary to think how far the World Wide Web has come over the past 20 years. Unsurprisingly, business is at the forefront, and the digital age presents vast opportunities.
Nowadays, you don’t even have to sell anything to make a profit. A popular website can make money even if your readers aren’t directly buying anything. There are various ways to monetize a blog or website, and these tips at income store will provide you more information.
We’ve seen dozens of entrepreneurs earn big money through online ventures in recent years. With the right plan of action, you could be next to follow in their footsteps.
Become A Small Loan Lender
You aren’t the only person in need of money. In fact, there are many others in far worse situations. And you can use them to help your money grow by becoming a small loan lender.
There are many reasons that people might need a loan, but those with bad credit history could struggle to get one. However, payday loans offer a safety net to those people. By helping to fund those companies, you could see a healthy return on your investment due to interest charges.
Making money off someone in a vulnerable position might sound a little harsh. But the truth is that your money may actually drag them out of a hole. Besides, it’s not your responsibility to take care of their financial decisions too. You’ve got enough to deal with on your own plate.
Invest In Small Businesses
Let’s face it, there’s a good chance that other commitments will get in the way of your money-making exploits. Well, if you can’t earn the extra funds yourself, get someone else to do it for you.
There are plenty of aspiring, hungry entrepreneurs that are looking to carve their name in the business world. Like anyone else, though, they require the funds to make their dreams a reality. You could be the person to back their business, in return for a percentage of the company. If they turn their venture into a success, you could both be in for a huge windfall.
The key to this type of investment is to choose the right business. After all, if there’s one thing worse than losing your own money, it’s having someone else waste it for you.
