Just as there are endless ways to make money, there are also many ways to invest it! Investing is the best way to grow your wealth, earn passive income, and become financially free.
From stocks to retirement accounts to cryptocurrency to real estate, it can be hard to know where to start with investing.
But what are the best ways to invest? Here are three profitable investments you can make now that will help you build wealth.
1. Retirement Accounts
Often, the first option that comes to mind when thinking about the best financial investments is retirement accounts. Accounts like the 401(k) and the Roth IRA are two accounts that can help you build wealth for retirement.
If you have a 401(k), your employer may provide matching contributions. A Roth IRA is a good option for self-employed individuals and freelancers.
While these accounts won’t provide you with an income in the present moment, with regular contributions, they will grow over time and they will help provide stability in retirement.
2. High Yield Savings Accounts
This is an option that many people don’t know about! If your money is sitting in a regular savings account, you might think it is just sitting there.
However, because of inflation, money in most savings accounts is losing value! Putting money in a high yield savings account (HYSA) can help you to keep up with inflation and even make a bit of money each year from your savings!
Your emergency fund and current big purchase goals (a car, a house, your kid’s tuition) might not be good options for investing. However, these funds can still make some money while sitting safely in a high yield savings account.
3. Real Estate Investments
Once people move past retirement accounts and HYSAs, they often think they have to begin investing in stocks. However, the stock market isn’t for everyone!
Many find investing in property to be a worthwhile investment. You can buy land, commercial property, or residential homes.
If you want to make money more immediately, you can buy fixer-uppers and renovate them to sell for a higher price. If you are looking for a long-term passive income solution, then you can rent out your property and keep the profits from the rental payments.
International properties, vacation rentals, farms, fixer-uppers–these opportunities can give you the chance to invest in something that sparks your creativity and unique interests!
What Profitable Investments Will You Make Today?
Investing doesn’t have to be a mystery. With so many different ways to invest, there are a lot of places you could start.
Profitable investments like real estate can provide varied sources of income and can diversify your portfolio in new ways.
If you are interested in learning more about investing, finance, and real estate, head over to our Business page for more articles like this one!