It’s never a bad idea to invest your money, even if you don’t have a lot to invest. You might be surprised at just how far a $1,000 investment can go. And you may be equally surprised at just how many ways there are to put it to good use. Mywealthandinvestment has scoped out some options for you and your grand that can help it grow your portfolio and your future.
1. There’s an App for That
Try one of the many investing apps like TD Ameritrade or a robo-advisor like SoFi or Betterment. You can dabble in the stock market. You can buy fractional shares or whole shares according to your comfort. You can also diversify your portfolio with many of these apps.
2. Roth IRA
Money that grows tax free for your future. And you don’t have to pay taxes on your retirement disbursement. Say no more.
3. Invest in Yourself
This can look different depending on your situation. You can take a class, pay off some debt or. Another way to do this is to try micro-investing. One of the more popular ways is for your bank to put the spare change from purchases you make into an investment or savings account.
4. Start a Small Business
If you want some active income, a small business may work for you. Think about your talents and interests, and let them lead you. Whether it’s a stationery store, dropshipping or freelancing, you can create a little side hustle or something that puts you in line for early retirement.
5. Real Estate
You don’t need $100K to invest in real estate anymore, and you don’t have to own and manage the property. Companies like Fundrise allow investors to invest, and then distribute the income from rent collection in the form of dividends.
6. Open a High Yield Savings Account
If you don’t have a savings account, emergency fund or a short-term savings goal a high yield savings account may be right up your alley. Think of it as a parking garage that pays you for parking. Shop around to get the highest interest rate possible.
7. Invest in Wine or Art
Investing in wine may sound a little strange, but it is a real thing. As an alternative asset class, collectible wine is pretty cool. Companies like Vinovest give you access to investment grade wine, store it properly, insure it and authenticate it for you. If investing in art is more intriguing to you, companies like Masterworks are good options. You can invest in a portion of a masterpiece. The company keeps a piece for three to ten years and then liquidates it. They also allow investors to sell shares of artwork in a secondary market.
A good investment can take on many different faces, so do a little research and soul searching to figure out what’s comfortable for you. There are plenty of options whether you prefer low risk investments or something a bit risky. It’s time to let your money work for you.
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