Maybe you’ve finally been able to pay off the last of your credit card bills and you’re excited about finally getting out of debt. Maybe you’ve stumbled upon a large sum of money (Lottery winnings? Structured settlement? Gift?) and you want to be smart about what you do with it. Maybe you’ve just decided that it’s about time to start saving up for retirement (if you ever end up retiring, that is…).
Regardless of how you came to be here, the important thing when it comes to making an investment — or multiple investments — is that you do your research and figure out which investment options are the best choice for you.
Feelin’ a bit stuck? Here are a few non-stock market ideas to help you invest your money:
- Go back to school: Education is pretty expensive these days, but it’s definitely an investment that pays off in the long run. People with college degrees and graduate degrees tend to have better job prospects and higher paychecks.
- Buy a small property. You don’t have to become a real estate mogul to see a decent return when making an investment in real estate! Whether you want to purchase a year-round house to fix up or a vacation condo you’ll rent out for most of the year, real estate investments tend to be smart ideas.
- Increase your 401(k) payments: This might not be the most exciting way to invest your money, but it’s helpful if you’re definitely hoping to retire at some point. Most employers have a “match contribution” agreement which will increase if yours does, and none of this money is taxed before it’s moved into your 401(k).
- Start up a business: This is probably one of the riskier investments you could make, but if you aren’t afraid to take that leap and if you’re comfortable enough to manage your finances well, it can be one of the most rewarding experiences!
- Personal health: This is w somewhat intangible way to invest your money, but it’s worth it! Preventative health measures are always the most effective and most affordable ways to stay healthy, so buy a gym membership and take some classes on healthy cooking!
Obviously these five ideas are just the beginning… So what investments would you make if you have the opportunity?