What are the best ways to invest money?
It’s the end of March 2018 already and are you thinking where to invest the money you have at hand? Perhaps you got a raise or you just recovered some long-awaited money. Either way, instead of spending this money, you will be better off investing it. But you can’t just invest money anywhere and expect it to bring you large returns. You have to be very smart about investing.
There are plenty of ways to make money fast by offering services or running a blog maybe but making money by investing isn’t on the list of many of us. That’s probably because it’s challenging and it has more risks, frankly speaking. That is unless you don’t know what you are doing.
Keeping all risk aside, if you are living from paycheck to paycheck and you dealing with fatigue on a daily basis, it’s high time you invest those extra rupees you have. Sure having more money to invest would be ideal but it doesn’t have to be that way. Even if you can invest Rs.100 and make Rs.200 out of it, you can continue investing Rs.100 and spend the remaining Rs.100. Start small, use different strategies and track your progress.
So, back to the topic, how to invest your money? Here are some options:
1. Invest in yourself
The internet is flooded with money-making courses which makes it hard to pick the right one. Plus, not all courses are worth it. Spare some hours from your day and do a little research. There is no better investment than investing in yourself and that’s what you should begin with. Learn new skills and discover what you are passionate about. The more skills you have, the more worth you will enjoy.
2. Buy gold
It’s everyone’s all-time favorite way of investing money and let’s be honest, it’s safe and it’s always rewarding. You can buy gold coins or bar, either of them will work. Gold is also a great hedge against inflation i.e. if you are worried that the value of Rupees will decrease.
3. Mutual funds
You can save not just your money but earn a return on it over time with mutual funds. There are no separate purchases or trades involved. They are widely available through banks and investment firms. The reason why I am recommending them is because you are free to sell your shares any time if you want your money. But if you wait, then the money that you have invested is returned with profit over and above your initial investment.
Cryptocurrency is surely become a trending investment asset and payment method too. But with so many different types of digital currencies out there, which one should you choose? Bitcoin should be your top priority. But be careful because it’s highly volatile in nature. It’s also worth looking whether it’s legal in your country or not. Next one is Ethereum. Experts say it has the potential of overcoming the dominating cryptocurrency i.e. Bitcoin. Also, Bloomberg placed Vitalik Buterin, the co-founder of Ethereum in the top 50 influential people in business 2017 so you can’t doubt it.
5. Or simply invest in Blockchain
Blockchain is a digital record system that makes Bitcoin work. It also powers other digital currencies. Do you need cryptocurrency for blockchain? Not really. Is it just a fad? Absolutely Not. How can you invest in blockchain? By investing in a blockchain startup for instance. They produce coins, tokens or transfer coins or tokens to someone. It is less risky than investing in cryptocurrency itself. Be sure that you learn about other ways to invest in the blockchain technology too.
6. Diversify your money
When you are investing your money, avoid the mistake of putting all eggs in one basket. That means, for instance, don’t just invest in cryptocurrency, invest in gold too. This is important because certain investments may rise and fall in their value so you got to act smart.
Before you invest your money, do some research and find out which option would be best for you. Don’t drive yourself crazy though. Invest because you want a better tomorrow.