Friday, July 5, 2019

Four Interesting Ways to Invest Your Extra Cash

If you’re enjoying a prosperous time and have a little extra money to throw around,
the fun thing would be to buy a yacht—or dinghy—and set sail to Party Island.
The sensible thing would be to invest your hard-earned cash. But where?
These investment options will put your money to work without putting you to sleep.

Photo by Adeolu Eletu on Unsplash

Your Earning Potential

A bit like the weather, the economy exists beyond your control. But no matter what
unexpected events come your way, the important thing to remember is that you do
have control over your earning potential. If you’re treading water in your job, now
would be a good time to supercharge your CV by investing in your career. Putting
yourself through extra training or acquiring new skills is a great way to bolster your
income over time. But if you don’t see yourself pursuing the career you’re currently
in, don't waste your money and effort on training and skills that won't be relevant after
you leave. If you’re going to invest in your work, pick something that will carry you
forward into the future.

Real Estate

While the real estate market is in a bubble at the moment, this shouldn’t necessarily
put you off investing in property. People will always need houses. You are unlikely to
lose out if you can stick with your investment long term and you don’t overstretch
yourself financially. Whether you’re looking into freeholds or house and land packages,
look out for properties that appeal to the aspirational buyer, or homes in up-and-coming
areas, as you stand to make a greater return on your investment. 

Photo by David McBee from Pexels

P2P Lending

Heard of peer-to-peer lending? P2P is a buzzword at the moment for people with
extra cash to invest. Using platforms such as Prosper and Lending Club, you get to
lend money to budding enterprises, just as a bank might. If you have a stomach for
risk, P2P investment can be a bit like backing horses, but if you invest well, the
return on your investment can be over 6 %. Not bad!

The Side Hustle

Doing what you’re passionate about not only makes you happier, but that joy can
be infectious. If you can find a way to monetize a hobby that you pour your heart
and soul into anyway, you could soon have a following of people who love your
product. Getting a side-hustle going requires time and perhaps a little financial
investment upfront, but why not, if you have money to invest? Since you’re not
quitting your nine to five, your side hustle can offer a little extra income without
having to bow under pressure to meet financial targets. This means you’re free to
be playful, which breeds creativity. Next thing you know, your idea or product has
taken off, and you're handing in your notice at work. Whether you’re a scribbler who
tries their hand at free-lance copywriting or a car enthusiast who takes up driving
for Uber, your side passion can improve your bank balance and your quality of life. 

When you’re flush, it can be tempting to blow the money on things you don’t need,
or go the other way and stash it in a savings account. These tips will help you find
a happy medium: investing your money in profitable ways that offer a little
excitement, too.

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