5 Best Places to Invest Your Money Today
The economic upheaval of the last several years has made many people cautious about investing their money. However, leaving your money in the bank where it is safe but only receiving minimal gains is not the best way to grow your wealth.
So where should you invest your money now days without the least amount of risk and highest monetary gains? While there is always some risk when you try to increase your assets, here are five of the best places to invest your money that will help you safely grow your wealth.
Your Retirement
Before you begin dabbling in other areas of investing, take care of your retirement savings. It has never been more important to plan for the sunset years of your life. The earlier you begin, the better off you will be when it finally comes time to retire. Keep in mind that cost of living is constantly increasing, especially medical costs. People are living longer and need a larger nest egg to meet their financial needs for up to 30 years or more after they retire.
You should have at least one IRA or individual retirement account for you and your spouse and meet the maximum deposit allowable each year. Choose a well-balanced index fund that has good growth potential without a high amount of risk. Talk to your financial advisor about the tax benefits of both traditional and Roth IRAs and which is best for your situation.
Precious Metals
You would have had to live under a rock for the last few years not to have heard of the increased values of silver and gold. While precious metals, like any other investment, can fluctuate in price in the market, they always have value. Unlike stock, they have a tangible value and have been used to accumulate wealth for centuries.
If precious metals are intriguing to you as an investor, consider buying actual metals versus gold or silver stocks. There is something to be said for being able to hold your money in your hand. Adding gold and silver purchases to your investment portfolio offers diversity and a tangible asset that could garner large and stable returns in the future.
Stocks & Bonds
Even with changes in the global economy that can never be predicted, stocks and bonds can always bring a substantial return. The trick is not to put all your eggs in this ever-changing basket. Investing a small amount in stocks and bonds that can offer large returns can be worth your while. However, don’t become obsessed with market ups and downs. Constantly selling or buying different stocks, playing the market, can be stressful and often financially risky. Find a few stable investments and let them ride the storm.
Collectibles
If the stock market seems too risky or volatile for your taste, consider entering the collectible market. Anything that can be authenticated as original can be collectible, from autographed sports paraphernalia to rare coins or old cars. The return on these investments can be difficult to calculate but can also be extremely prosperous. The right collectible could easily double or more in value over a short period of time. What’s more is that it can be fun and exhilarating to begin a “hobby” collecting while also improving your financial portfolio with more tangible items.
Real Estate
Is real estate still a good investment, even after the turmoil of the last several years? Absolutely. You just need to find the right property to sink your money into. Whether you are buying a home for your family or looking to expand your holdings with rental properties, real estate can be an excellent home for your investment dollars.
Right now the real estate market is strong and prices have consistently grown in most regions over the last few years. Before investing, you need to determine whether you are looking for a quick or long-term investment. Buying a less desirable property to flip in less than a year is much different than investing in a home for your family or for rental income. You will need to determine how much capital you have to put down and what you can afford when it comes to obtaining a mortgage loan for your investment.
If real estate is one of the ways you plan to help grow your wealth, our experts at Galaxy Lending Group can help. We offer a wide variety of loan products for our clients that are purchasing or refinancing their homes. With our low fees and excellent interest rates, we can help you maximize your investment into your next real estate purchase, helping you build your wealth and financial portfolio. Call us today to learn more how we can help you begin investing in one of the most valuable assets most people ever own: their home.
