So you already made investments in the stock market. Now, you’re looking for other ways to build your wealth. If you are ready to invest more of your money, then it makes sense to kickstart diversifying your portfolio. This allows you to mitigate risks, explore other investment options and increase your chances of accumulating a high return of investment.
The good news is, there is no need to limit yourself to the stock market. There are many other ways to make your money work for you. Here are the top five choices of today’s investors that you too can consider investing in.
Precious Metals
How would you like to own a few minted silver and gold bars? Precious metals such as gold and silver may be fiat currencies. But these are a great investment if you wish to safeguard your wealth from inflation.
You get to enjoy gold and silver in multiple forms, including coins, bars, jewelry, etc. But of course, if you choose to invest in physical gold, then you need to find ways to store these in a safe place. This can mean buying yourself a safe or a safe-deposit box at your preferred bank.
One perk you can enjoy is the fact that most home insurance policies cover jewelry. This means you are covered in case you lost your gold jewelry or someone stole it inside your home. If you have gold coins or gold bars, it is usually easy to buy and sell these to other investors or buyers.
Not a fan of physical gold? You can also consider buying gold stocks from mining companies. This way, you can benefit every time they make a profit.
Real Estate
These days, buyers outnumber the sellers in the real estate market. Due to the pandemic, many homeowners are having-second-thoughts in putting up their property for sale. This is after home prices went in the middle of the pandemic.
Sellers are growing pessimistic about the housing market. You too may be wondering if you should in real estate. But as the demand for Covid-safe properties continues to increase, this can be your chance to be a homeowner and real estate investor.
When it comes to real estate investing, you have many strategies you can consider. You have the option to buy a rental real estate, invest in real estate investment trusts, or use a real estate investing platform. You can even buy fixer-uppers, flip the property and sell it at a higher price.
Cryptocurrencies
Virtual everyone thought cryptocurrency was a scam. That is until bitcoin started booming. These days, one Bitcoin is worth thousands of dollars. Other cyptocurrencies are also making a mark in history, including Etherium and Litecoin.
Many experts predict that the prices of cryptocurrencies will continue to rise. One reason is that the purchasing power of the dollar continues to go down and the current inflation. As more people use cryptocurrencies to hedge against inflation, this helps grow its value.
Before you invest in any cryptocurrency, it pays to do your research. Know that these are volatile investments, meaning it is risky. Despite its increasing value, there is no way to predict the changes.
Vending Machines
Vending machines can also be a great investment option. This can be your very own business where you get to offer numerous items. Note that you will need to find the best location and the right products to earn money.
Vending machines are an attractive option for investors who are into low startup costs. You can enjoy great flexibility in terms of where you can place the machine and what products you can offer. Your choices are endless, from food and drinks to lottery tickets and random trinkets to payment services.
Note that there are varying vending regulations for every state. You need to navigate those laws before you even invest in a vending machine or two. This way, you won’t get in trouble for selling illegal items or for placing the machine in a prohibited location.
Dropshipping
Another business you can consider investing in is a dropshipping business. As consumers migrate online, this increases your chance of selling products to online consumers. The good news is, you don’t even need to have your own products and inventories to start selling.
Of course, there is no easy way to successfully start a dropshipping business. But with the amount of free and paid resources online, you can simply make time to learn the ropes and start building your store. Make sure you have the right products, suppliers, budget, and platform when investing in dropshipping.
All of these investment options come with their own perks and drawbacks. But these are all great choices during the pandemic. Now is the best time to take action and diversify your portfolio. There is no point in waiting if you really wish to build your wealth.
