Investing shouldn’t feel scary and intimidating. Making your money work for you is something everyone should try at least once — and you don’t need to be an expert to give it a go. GOBankingRates compiled a list of a few smart investments everyone should try to get started.
Click through to see the seven deadly sins of investing, and learn about smart investments you can try out.
Investment No. 1: Real Estate
One of the easiest ways to start investing is something you likely experience on a daily basis: real estate. You might be familiar with the idea of a real estate investment trust from your local shopping malls, which are often managed by firms that own or finance income-producing real estate. Getting involved in an REIT offers you a chance for a pretty steady cash flow, thanks in part to the rent you’ll be collecting from your tenants.
Investment No. 2: 529 College Savings Plan
A 529 is an investment idea that could pay off in a big way, long-term. Designed to help save for your — or your child’s — college costs, a 529 has tax advantages built right in. The 529 is sponsored by states, state agencies and educational institutions — and can help make higher education a reality for many families.
Investment No. 3: Certificates of Deposit
You might be familiar with CDs thanks to ads plastered all over your local bank lobby. Much like the music storage device that shares the same initials, CDs are convenient — and offer a smart way to take advantage of growing interest rates.
Click through to check out the complete certificate of deposit guide.
Investment No. 4: Individual Stocks
If you want a piece of one of your favorite companies, individual stocks are the way to go. When your company grows, so does your slice of the pie — and you could be in for some serious financial growth if you bought your stock at the right price.
Investment No. 5: Individual Retirement Accounts
Traditional IRAs are a great way to save up for retirement — the government even cuts you a break on your taxes when you decide to contribute. Their counterpart, the Roth IRA, won’t be as much help come tax time, but when you decide to start drawing on your funds when the time comes, you won’t have to pay out to Uncle Sam.