A quarter of the year has already passed, but it’s never too late to make differences that can benefit you for the remaining 3 quarters of the year. You’re still more than welcome to sign up to your local gym to better your health or you could even consider giving something up that will make a positive difference to your lifestyle.
Or, rather than thinking about physical changes you can make in the year, you can consider the long-term future of your finances and perhaps use 2019 as the year where you can take further interest in your investments for money growth. Yes, you may have built up a considerable amount of money after investing in a high-interest savings account, but what about alternative methods that could provide better benefits? Although investments aren’t necessarily guaranteed,
There are many best investment plans available that you can consider in 2024.
1. Stock Markets
Many people tend to steer away from investing in stock markets, simply because of the occasional unpredictability that it has. However, discussions have been flying around that it’s on the up. The idea is longevity investment and putting a procedure in place that prevents emotions from interfering with potentially good investment plans.
Services such as Betterment provide information on the best ways to achieve your investing goals. They’ll advise on investments that are a better opportunity to what you might be investing at the moment and you’ll be paying less of a fee for a personalized service compared to a traditional financial advisor.
2. Real Estate
The benefit of Real Estate Investing is that regardless of any situation, people still require properties to live in. Even though prices appear to be rocketing at the moment, there will always be a potential buyer of real estate.
Alternatively, if you’re not completely comfortable with investing in physical real estate, Real Estate Investment Trusts are available which allows you to benefit from the real estate market without getting too involved with it. For example, sites such as Fundrise, Realty Mogul, and Rich Uncles allow you to invest in property shares.
3. Peer-to-Peer Lending
Another option for investment is peer-to-peer lending. This has been around for a while and continues to be a popular investment options for individuals. Lending Club is a platform that allows you to provide loans to individuals and then receive interest on the amount they loan from you. Of course, how much of an investment you make is dependent on the amount that you lend to the individuals.
What’s great about Lending Club is that you have the option to spread your investments across several loans so that you aren’t dependent on one person who could potentially ghost you.
Also Read: 3 Best Long-Term Investment Options in India
4. Your Career
Earlier in the article it was mentioned that investment isn’t guaranteed, which is true. But one option you can control is your career. Consider what aspects of your career can help you to earn extra income, whether it’s working towards a promotion, gaining knowledge on a different skill, or even covering another aspect of the business that offers additional funds to your salary.
Invest more in your career and what you can squeeze out of it. Gain the knowledge you need to help you make that extra step. Even if you need to review your career altogether and go into a different field, it’s always worth considering.
5. Consider A Side Hustle
There are plenty of hours in the day for you to go to your everyday work and continue the progress outside of work too. If you find that it’s becoming a bit of a struggle to get the raise you wish for in your current role, do something on the side that can provide you with extra income.
There are plenty of available jobs that you can do from home or at another site. It’s all about assessing the skills that you currently possess and how they can be utilized. For example, if you’re a good writer and enjoy it, why not consider being a freelance copywriter? Work is a great website to upload your skills and get some work going for yourself alongside your day job.
6. Your Health
We only live one life and it’s something we’d want to prolong as much as possible. This is why investment in your health is something that you should consider in 2019. It’s never too late to go to that extra gym class or pay that little extra for a healthy cooked meal that’s going to provide your body with the nutrients and vitamins that it requires.
Investing in health will make improvements to your lifestyle but most importantly, it will ensure that you’re happy on the inside as much as the outside. No one should live on the planet unhappy, so make the positive change in 2019 that you need to turn things around.
7. Pay Off Your Debts
However you choose to build up your investments and assets, it won’t be possible if you still have debts lingering in the background. So, before you think about uncertain investment options take the step to clear the debts that you have. Sit down and have a financial plan in place that will allow you to clear debts over time whilst maintaining a positive and healthy lifestyle.
Not only this but paying off debts can also better your investment in the future. A high credit score is essential to securing better loans, rates, and terms in the future and saving settlement agreement solicitors appearing on your doorstep.
8. High-Interest Savings Accounts
Although you may have one in place already, the account you have at the moment was probably invested in a while back. Banks are constantly looking to gain the services of people to raise a high capital that can be offered for loans to others. Online banks are a great option in this case, simply because they have less overhead costs dwelling on them.
Ensure you’re researching constantly about the best possible savings accounts available on the market. Websites such as Money Saving Expert offer advice and tips on how to get the best rates for your savings account. If you keep on top of trends and savings accounts on the market, sometimes moving your money around rather than remaining loyal can benefit you in more ways than one.
Also Read: Best Investment Options in India
9. Invest In Business
Ever had an idea that you feel will be great to create into a business? Small businesses are an alternatively great way to invest in 2022. Government schemes are available that help entrepreneurs kickstart their businesses which can give you extra incentive to bank on your creativity.
There are plenty of aspects that you need to consider before going about starting a business, which is why you should consider not making typical mistakes that will prevent your business from being a success. However, if it’s done in the right way the possibilities are endless. Unsure where to start in creating a business? You can get some tips on Financegab on how to invest in business.
10. Money Market Accounts
The reason Money Market Accounts are wise investments is because they’re higher interest accounts. This is mainly down to higher investments being required to open the accounts. The higher the balance, the better the interest.
However, there will be terms and conditions of the account that you’d have to adhere to. It’s one of the main reasons why the account is high-yielding. You’re likely to have restrictions on the number of withdrawals you can have and how often you can access your money.
If you have enough of an investment to store away without needing to use it, a money market account may be for you.
