Doubling your money is a badge of honor, typically used as bragging rights and a promise made by overenthusiastic advisors. Maybe it comes from deep within your investing psychology—your risk-taking part that loves the quick dollar.
Now that being said, doubling your money is a realistic goal that an investor should aim for. Whether you have just landed a large sum of money or have been saving up for long, there are a lot of ways to go about investing your money. Nevertheless, it is essential to do your research before you investing.
While there are a few mainstream ways to invest that can work for even an absolute beginner, you should always weigh the risk with probable gains. The method you choose will largely depend on how much risk you are willing to take and the timeline you prefer.
- Company Stocks
One of the popular methods of investing, it involves purchasing shares through a stockbroker. Each share represents your part of the ownership of the company. While you can make significant money by selling your shares when the value goes up, you might also end up losing a lot of money if the company doesn’t do well and the value drops.
- Raw Material
Investing in raw material, aka commodity, is where you will invest in things like silver, gold, iron, cotton, natural gas, diamonds, oil, and cattle. How you choose to go with investing in raw materials will basically depend on the type of commodity and the type of investment vehicle you opt for.
- Sports Betting
A few people look at sports betting as a hobby, but it can also be considered an investment. When you bet on sports as entertainment, you might have a negative return on your investment. However, if you closely follow sports betting tips on the internet and read sports news, it might act as an opportunity that will help you make significant returns.
Remember to choose the right website as it makes all the difference. For instance, Unibet is one of the best options out there currently.
FOREX, the abbreviated form of Foreign Currency Exchange, is perhaps the most-risky form of investment for beginners. You should study the patterns and predict the buying power of a wide array of currencies as they are closely associated with the currencies in other governments. Additionally, as stated above, it is an extremely high-risk investment that you should indulge in carefully.
- Life Insurance
Have you ever heard the term ‘ Annuity?’ Annuity is when an investor pays a life insurance company to pay back money to them over time in small increments. Based on the company of your choice, the investor can decide to receive payments until he is dead or can set up a stop date.
As there are chances an insurance company can go bankrupt, there is often a slight amount of risk involved. Nevertheless, many states cover up to $100,000 in the event of a company defaulting.
Another popular type of investment is investing in real estate. Based on your preferred method of investing, real estate investing can become highly lucrative, given you choose the right location and the right way. You can even buy a home, fix it, and then sell it for a higher price, or you can invest in homes to turn around and rent them to tenants for a slightly higher cost.
If you have a bank account, you might know that they offer extremely low returns and ideal for storing cash. Nevertheless, there are a few types of bank accounts, such as personal savings account, business checking accounts, personal checking accounts, and Certificates of Deposits (CDs), that are ideal for investing in.
Building your own business is a highly risky investment. While starting a business can make you financially accessible and your own boss, there is often a considerable risk of losing everything involved. When jumpstarting your own business, ensure you do your research and create a business plan. Also, seek advice from others who are experienced.
There are plenty of different ways in which you can start investing with little money. What’s more, the numerous online and app-based platforms make it easier than ever. All you have to do is start somewhere. And, once you do, it will get easier with time, and your future self will be proud of you for it.