Not sure what to do with your money? We know investing grows our wealth, but we often need to figure out how to get started. The good news is that there are many options for investing your money.
Here are seven additional investment ideas for you to consider, each with varying degrees of risk and return, allowing you to find the right solution for your needs.
The best place for people who need to put their money away for a short time and don't want to take on any risk is with a bank account. But not just any bank account, a high-yield savings account.
The less risky the bond, the lower the interest you will earn. This doesn't mean you won't earn competitive interest. Many government treasury bonds currently pay between 3-5%, and many corporate debt options are in this range or higher.
Instead of investing directly into stocks by owning shares, you could trade stock options. This investment strategy allows you to invest with much less money and potentially earn a more significant return.
Peer-to-peer lending has people put their money together to fund a loan for another person and then get their money back over time, along with interest.