Most of us know that we need to put away some money. Yet, the majority of us are still not saving for major life events that we know will come. This is despite the fact that there are some very efficient ways to save money for the long term. Below are just a few of the options, you could use
Investing in stocks and shares
Over the long term, the stock market usually fares better than most other financial products do. So, investing in something like a Wealthify stocks and shares ISA is well worth considering.
Of course, before you do so, you need to do a bit more research. It is very important to understand that with stocks and shares the cash may need to be tied up for many years before you can make a profit.
You also need to think about the fact that stocks and shares can go down in value, as well as up. If that happens, you could end up losing some of your capital. As a result, it’s unwise to invest cash you cannot do without.
Investing in precious metals
Buying and holding onto precious metals and stones until they go up in value is another way to potentially make more money than you could if you just left your cash in a savings account. In the past, over the long term, gold and silver have proven to be a good investment.
However, again you need to be careful. You are likely to lose money if you have to sell when the market is low because you have a pressing financial obligation. The same can happen if you inadvertently buy when the price is too high.
Investing in collectables
Trading in collectables is a relatively new way of investing. Over the past 40 or 50 years, collectables have become extremely popular. Provided you buy the right ones, you can make money.
Once again, you need to think about what would happen if you were to find that your collectables were not as valuable as you thought. Before you get involved in this market, I suggest that you read this article. It explains more about this way of making your money grow.
Investing in property
One of the oldest and most reliable ways to make money is to invest in property. The problem is that very few people have enough money to be able to buy a second property.
However, there are other ways to do it. You could, for example, join a property club. Or get together with some friends to buy.
Again, with this kind of investment, there are risks. So, you need to think carefully before getting involved.
For most people, the better option would be to invest in their own property. That way, regardless of what happens to property prices, you will still be able to benefit from the money you have spent. Your home will be much nicer and if you have chosen to extend you will have extra space to enjoy.
It is important to remember that no investment is a sure thing. So, it is usually a good idea to spread your cash between more than one type of investment vehicle.
**This post is a collaboration and I have been compensated for my time. All thoughts and opinions are my own **