If you are keen to see your money working for you in a more aggressive way, rather than just languishing in a savings account accruing minimal interest, you need to take a more proactive role in managing your finances. Although you may have a busy full time job, you need to keep a closer eye on your cash, and consider investing down riskier and more lucrative avenues. You should never invest more than you can afford to lose, and you should always invest in a range of low, medium and high risk investment options. Never put all of your financial eggs in one basket, but take a look at these side hustle investments that you might want to plough your finances into.
If you have a chunky nest egg in your savings account and you want a solid long term investment, you can put some of your savings towards a deposit on a second property. Letting out your new little patch of bricks and mortar can be an excellent long term investment. Source excellent tenants, and receive a rental payment each month that covers your mortgage repayment and leaves you a little extra, and you could have a property that pays for itself. As a landlord, you will have responsibilities that you need to take seriously. If a pipe springs a leak at two AM in the morning, you need to be on hand to sort it. If you aren’t willing to take a hands on approach, you may need to employ the services of a property management company. This way you can watch the money roll in without worrying about fixing a washing machine or inspecting your pad. After a decade or so, you can sell up and pocket the profit to top up your retirement fund.
A volatile and high risk investment is bitcoin. Bitcoin Robots such as the Bitcoin Trader have tried to make it easier for amateur investors by predicting when to buy and sell to maximize profits. However, with such volatility and a lack of trends, it can be difficult to take a hands off approach where your money is concerned. You will need to monitor cryptocurrency markets on a daily if not hourly basis and buy and sell at will. If you are looking for a low risk strategy, then cryptocurrency won’t be for you. However, if you enjoy the thrill of a higher risk opportunity, this could be a lucrative short term investment.
If you enjoy wine and take an interest in the finest vintages and most sought after vineyards, then you might be keen to look into purchasing a few cases of rioja or shiraz. These bottles aren’t for drinking. Instead, you can pay a wine merchant a small storage fee to keep your wine in tip top condition. Purchase the correct vintage and, as it becomes more scarce and more sought after, the value of your tipple will increase. This sort of investment requires little effort on your part and is a great long term option. Like investing in art or antiques, you will sit on your asset until you feel the time is right to sell.
Follow this guide and consider these investments to top up your savings pot.