If you’ve got a little more money in the bank this year than you expected, and you’re tired of spending that money on things you don’t need, it’s time to start thinking about investment. Taking that money and turning it into more money is both very satisfying and also great for your bank balance. The challenge is finding the best ways to invest that money. There are many options for investment in the digital age, and each one has its pros and cons. Whether you’re after more high-risk/high-return investments or you want something a little safer, here are some of the investment possibilities that could transform your financial year.
Trading foreign currency to make a profit is surprisingly simple to get into, although it takes a little time to develop the right understanding. Foreign currency exchange, known as Forex, means buying and selling different currencies from around the world, and selling them when the time is right. The good news is that Forex trading is more accessible than ever before, and there are many apps and websites that can help guide your way to high profits.
Not only that, but this investment option is one that offers the potential for making very fast returns on your initial investment, and short selling options can speed up the process even more.
There is a technical side to Forex trading, but it also lacks the high commission costs and fees that many other investment types have. However, although the potential to make significant amounts of money is there, it can also be a high-risk investment choice that can leave you with less money than you started with.
Investing in You
One of the most valuable investment opportunities is often overlooked when people are looking for ways to turn their savings into more money. Investing in yourself and your future should not be overlooked. It might not have the immediacy of Forex trading, but the money that you invest in developing yourself can end up making you a lot more money than you think.
Using your savings to head back to education means that you’ll be able to transform your job prospects.
You don’t even have to drop everything and head to college, because online education means that you can design your chosen course around your own schedule. For example, anyone in the world can do an online MBA in Dubai from one of the most highly ranked universities in the world, and having a Masters in Business Administration on your resume opens up a lot of doors. When your annual salary can have a dramatic increase with just a little spending on your education, investing in yourself should never be dismissed.
Another option is to invest in other people. Becoming an Angel Investor, like Forex, has never been easier to get into, and there are more platforms for connecting with investors and those entrepreneurs that need a cash boost than ever before. Angel investors look at business plans, listen to pitches, and make a decision based on whether they think that a new business is going to turn a profit.
The problem with angel investing is that it can take a lot of time to get your money back and see your profits.
However, many investors who become angels will also make it part of the investment that they take shares in a company in exchange. That means that should you make the right decision to invest in the right person or the right business idea, your profits could be very high and long-lasting. The problem is that, statistically, more business launches result in failure than success, so it’s best if you have experience in a specific sector before you invest in a company.
Not for everyone, trading in cryptocurrency can be a risk. However, it can also yield massive returns on your investment if you happen to be in the right place at the right time. If you’re confused about Bitcoin and you’ve never even heard of Ethereum then there’s a good chance that investing in cryptocurrency is not for you.
Even those people that have successfully made millions on crypto have admitted that they aren’t really sure how it all works!
It’s that confusion and the intangible nature of crypto that makes this a potentially risky investment type, but the potential risks can be avoided if you take the time to learn how cryptocurrency works and how to make it work for you. You’ll need to have a digital currency wallet, but these can be found easily, and many platforms can even guide you through the initial months as you dip your toes in the crypto waters.
Don’t keep wasting that money you’ve been building up in the bank. Use that money proactively and your financial situation, as we head into a new year, could be much healthier than you ever imagined. Invest wisely and your future could be very, very different.