You’ve worked hard; you’re financially comfortable and even have some spare money set aside that you can spend or invest however you please. Congratulations, you’re living the dream! But what to do with these funds? Sure you could put it in the bank and generate some interest, but unless it’s a significant sum then chances are the payoff will be very little.
If you’re looking to do something pro-active and don’t mind a bit of risk, then these could be good options to consider.
Invest In Stocks
The thing that makes stocks so exciting is because there’s a risk, as well as a potential reward. But if you have spare money and aren’t relying on it to pay your bills, why not go for it? You could lose it, or you could make a small fortune depending on your luck and investing skills! Binary options are a good choice for beginners and are less complicated to get started with than traditional stock market trading. You’ll need binary system software such as gemini 2 to start trading assets, and from there can begin investing.
Not exactly ‘investing’ but gambling is another way you can put your spare money to work and potentially turn a little into a lot. Done right gambling can be a lot of fun, and as a bonus is an exciting way to see your money grow if you find yourself on a lucky streak. It goes without saying that you should always gamble responsibly, set a budget and stick to it and be aware and happy with the fact that you could lose everything that you have set aside to play with.
Peer to Peer Lending
Peer to peer lending websites is industrial-scale online financial matchmakers. They match individual borrowers or companies with savers like you who are willing to put money aside for longer, in the hopes of a good return. It benefits both lender and borrower; the middle-man is cut out so that lending gets better rates, and lenders get a profit on their investment. This is an ideal scenario in many ways, however, the risk here is that your capital isn’t guaranteed. The main risk is not being repaid, and if the website goes bust then you will still be owed. This is because the loans are between you and the recipient.
Property is an excellent way to put your spare money to work. Buying a fixer-upper, renovating and selling it on can get you incredible profits. If you have a good, reliable team of builders then your work will be minimal- simply overseeing everything. Of course, there are some risks here too. You could purchase a property with serious underlying problems that are much more expensive than anticipated to fix. You might struggle to sell it and be stuck with it for a while, or make less of a profit than you hoped.
Doing thorough research of the area and always having a survey done are ways you can minimise this risk.