This is a post by Ellie Jo about making money.
This could be the year that you decide to think about investments and making more of your finances. Some people have managed to save or make a lot of money in the last year because of the global pandemic. Perhaps not going out as much or paying for holidays in the same way. So perhaps an investment is looking more likely so you can make the most of money and savings that you have. But the question is, what investment is the right one for you? With that in mind, here are some of the things to think about.
One of the first big options to consider when it comes to your investment choices is to consider investing in property. This could be you own property and getting on the property ladder, or it could be that you already have a property and are looking to buy additional ones to rent out or renovate to make a profit. There are certain legal things to think about that includes a Quit Claim Deed or the other legal paperwork that is needed to complete the sale. Property can be a very profitable investment to make and it could be the right one for you this year.
Stocks and shares
Another great option to consider would be stocks and shares and investing in that way. Although it can be quite risky, if you have the knowledge and use the right platform you can ensure that you make some good choices when it comes to these investment options. You can invest small amounts as you get used to things and build up your stocks and shares portfolio gradually to ensure you minimize the risk.
Buying and selling
Maybe you are looking at some other ways to invest and that could be buying and selling things to make a profit. Some people do this as a business and buy things to sell on platforms like eBay. It could be that you have a collection and are looking to invest into it for the future. The more you look into buying and selling for a profit, the more this could be a great option to consider when it comes to investing.
One of the obvious options to look into would be to think about pensions. Pensions can be a great way to boost your investment for the future. While you can’t benefit from investing into it today, you are investing into your future and the money you do invest will work into a plan to give you a payout or a monthly income each month when you do retire.
Long term savings
Last of all, if you have a big chunk of savings and no plans for it just yet, then maybe you could look at some long term savings options. This could be a great way to lock your finances into a savings account to earn a great interest rate which will likely be rewarded at the end of the term.
Let’s hope this has given you some inspiration on what investments could be right for you.
Rachel is an Austin blogger, educator, mom, wife, young breast cancer survivor writing about health, saving money, and living a happy life in Austin, Texas.
Rachel has written for HuffPost and Hometalk and has been featured on KXAN, Studio 512, Fox 7 Austin, and CBS Austin.