Well done! You’ve worked hard and pinched pennies to finally get to the point where your savings account is looking solid. Now it’s time for the emphasis to shift from saving to making your money work more actively.
These five moves just might be what you need to keep your money growing. Best of all? It only takes a few minutes to check them out and see which ones are best for you.
Protect Your Portfolio With Precious Metals
Pandemic, supply chain, bear market. As we’ve seen in recent years, market-changing events are not in short supply.
Is your money safe from any of these?
If you haven’t hedged your bets against the stock market and world economy, it may not be.
Precious metals often outperform other investments in a volatile market, and their value tends to rise with inflation, making them an effective hedge during uncertain economic times.
If you’re interested in investing in precious metals, Goldco is a great place to begin. Opening a gold or silver IRA is easy and funds can be rolled over from existing retirement accounts. Or, if you prefer, you can buy gold and silver directly from Goldco’s extensive collection.
Worried you may need to sell your precious metals in the future? Goldco offers a buy back program and will purchase your assets back from you at the highest price.
Build Your Real Estate Empire
Sitting back and watching your passive income from real estate investments roll in sounds amazing.
But what if you can’t buy an entire property? And what about all the responsibilities of being a landlord? CrowdStreet has the solutions.
CrowdStreet’s online platform offers accredited investors access to these growth-focused private commercial real estate projects so they can become co-landlords of sorts, with access to a real estate market they might not otherwise have.
Sign-up is free and there are a variety of deals to choose from, including multifamily, self-storage and data centers. The projects have an average internal rate of return of 18.5%, so it’s a great way to generate passive income and build long-term wealth.
Find the Right Expert for Your Unique Situation
You clearly know how to save and plan, or you wouldn’t be reading this.
But there comes a time when it makes sense to get an expert opinion to make sure you’re not leaving money on the table.
Working with an experienced professional who can advise you on what to do to better diversify your portfolio is always a good idea. But who has time to sift through thousands of advisor profiles?
WiserAdvisor does all that work for you, matching you to the best financial advisor for your specific situation so you get an expert in the areas you need.
There’s no cost to use their service and no obligation to hire the advisor, so there’s not much to lose. Plus, WiserAdvisor screens advisors to make sure you’re only getting matched with the best experts.
Drink Your Fine Wine And Invest In It Too
Ready to read the best-kept secret in investing?
That’s right, recession-resistant and offering attractive historical returns, fine wine is a strong option, though traditionally you’ve had to be part of an exclusive club and have a great deal of knowledge to make it work.
Vinovest aims to change all that and make wine investing accessible to all types of investors. The Vinovest experts create globally diverse wine portfolios based on your investing preferences. You can step into the world of fine wine investing without the hassle of authenticating, storing or securing your wine.
And if you want to enjoy your wine, they’ll ship it to you. Plans are available with minimum balances as low as $1,000.
Get Paid For Your Empty Space
Sometimes the best investment is one that doesn’t require you to invest anything at all.
Got an empty garage or driveway? A backyard shed collecting dust? An unused attic or basement? You could be making hundreds of dollars a month by simply letting someone store their stuff in your extra space.
Neighbor is a website where you can list just about any type of storage space for rent. With this site, you control the things you want to control: You review renters’ requests, so you can see what they want to store before you approve the deal. Then you get to schedule the move-in date that works for you.
Meanwhile, Neighbor handles the rest. No need to write up contracts or collect payments. Plus, you’ll be covered by up to $1 million in liability insurance.
Greg Garrison contributed to the reporting of this article.