We all know that money talks, and while it can’t always make you happy, it certainly makes life easier. So there is no surprise that everyone is looking for some of the quick ways they can earn some extra money. Many people look at increasing their savings, research different revenue options or income streams, and also do what they can to boost their current circumstances. While the quick fixes can’t always resolve any financial issues you have, longer term investments can often help you make larger profits for your financial future.
There are a number of different options that can help you make money in the long term, and each one of them will have you considering which one to try. With that in mind, here are some of the investments that could help you make a tidy profit.
Investing in property
One of the first things you could consider as a long term investment is to look at property. There are a few different ways that you can make property work for you, not just as long term but also in the short term as well. You may start off your journey by looking at homes for sale and see what is out there on the open market. A great way to start is to invest in your own property that you live in before considering buying another. The more you add to your property portfolio, the more lucrative it can become. Here are some of the ways that investing in property could prove useful.
Renting out on the short-term
Buying a property isn’t always easy, and when you have rental in mind, it can often be harder. So sometimes people choose to have a shorter term rental option in mind when choosing this sort of investment. They consider a property ideal for holiday makers, or somewhere where people may need to stay for business like city centers. Websites like Airbnb can then be utilised to advertise your holiday let. You can then enlist the help of people like Airbnb Managers or associates to manage this for you, meaning your investment is earning you money without much input from yourself. Of course, you can always manage it yourself as well if you choose to. This can be very profitable throughout the year if you choose the right location.
Renting out long-term
While it isn’t always ideal to rely on seasonal renting, you can always look to buy a property and rent out long term. That is because you can enlist the help of agencies who will do all the legwork for you. You simply have the investment in the property where it should be increasing in value, and making a profit each month on the rent. Of course, you need to think about the location and appealability of your property and the long term maintenance of the home that will go along with it.
Renovating a property and selling quick
If you are quite handy at DIY then why not choose to renovate a rundown property instead. You could consider renovating a home that needs just a little cosmetic love, or something that requires more building time and expertise. The bigger the renovation, the more profit you can potentially make. However, renovations need a little more planning than buying a property to rent out. You need to consider the budget for the renovations, so this needs to be factored into your spend before you make the biggest purchase.
Changing the use of a building
Finally, changing the use of a building is a great way to maximise your profits and your investments. It could be a commercial property that you renovate into a house or apartments, or vice versa where you make a residential property into commercial use. This is a great way to help rejuvenate an area, as well as making a larger investment for your financial future.
Savings, stocks and shares
Another option that you could consider looking into would be to invest in stocks and shares or look at fixing your rate when it comes to savings. Some of these options can be safer alternatives, whereas others might carry a bit of risk. Here are some of the ones to consider.
Long term savings with a fixed interest rate
If you have a chunk of savings and are unsure what to do with it right now, then the sensible options could be to invest it in a long term savings account. What this does is guarantee you an interest rate. In a declining market for savers right now this can be one of the safest methods of seeing a return on your savings. A fixed rate savings account will likely mean you are unable to access the money for a set period of time. So if you have no plans for it in the immediate future this could be a good option.
Stocks and shares
A more riskier option to consider would be to invest some money in stocks and shares. This could prove very lucrative as the market changes in your favour but it is also worth remembering that the market can shift and decline as well, causing you to lose some or all of your investment. Using a stocks and shares platform can make it easier to buy and sell shares, and you can also gain knowledge on market movers and spot trends in the market to help you make wise choices on your investments.
It is always a good idea to look at how you can make some extra money and different income streams that you can have. This can then boost your savings and also give you extra money to then invest in other activities. Here are a few things to consider.
Start a business
Maybe you have had an idea for a business for a while now and want to get started with it. It can be a great way to increase your income options and could also potentially become your full time job. Which could improve other aspects of your life. Starting a business isn’t as simple as it sounds. You might need initial investment to get up and running. It could be that you need to create a business plan and also look at how you can make it work. But once youa have gotten those things out of the way it could be one of the best decisions that you make.
Sell things you no longer need
It could be that you are looking to declutter your life and one thing you can do is sell unwanted things online. This might be using platforms like eBay or smartphone applications on your device. The more you declutter, the more you will have to sell and make a profit. It can also be very therapeutic to do this and give you a fresh slate to move on in other aspects of your life.
Monetise a hobby
Finally, maybe you could look at monetising a hobby. It might be that you are very good at making things, be that cakes or craft items. Perhaps you have started a blog and are now looking to monetise it with advertising options and creating content in a different way. You may even have created and grown an engaged audience of followers on different social media platforms. Look at the hobbies that you have and see if there are any ways you can make some extra cash from them. You may be surprised where it might take you.
Let’s hope these options inspire you to think of investments you could be making for the future.