Looking to get more for your money in 2024? Securing your future finances is a goal that most people have but knowing exactly what you should be doing with your money to yield an excellent return can sometimes be difficult.
There are countless ways you can make money depending on your budget and time constraints, so we’ve put together this guide to help you understand the many ways you can invest your money.
Before delving into the different ways, you must consider the following factors. This may help you pick the most suitable options for your current financial situation:
- How much do you want to invest
- Your financial goals
- How much risk you’re willing to take
- How much you want to diversify your investments
Now you’ve done that, take a look below at the main ways you can invest your money and turn it into profit in the future.
Stocks and shares
Stocks and shares are typically the first things that’ll come to mind when someone says “investing”. Around one in five Brits trades stocks in the UK, which proves that it’s a popular way to invest your money.
Accessing and trading stocks is relatively easy to do in the modern world we live in. You can simply register with a trading platform, link your debit card to your account and start buying or selling your stocks.
Cryptocurrencies
Cryptocurrencies are a slightly newer way to invest your money but the industry is extremely popular and had revenues in the UK worth almost $2 billion in 2023. Cryptocurrencies are digital assets that you trade online and some of the most common ones you may have heard of include Bitcoin and Ethereum.
Navigating cryptocurrencies can be difficult, however, so you may consider hiring financial specialists to help ensure your investments go smoothly.
Property
People have been investing in property for a long time now and that’s because it can be a relatively easy way to make money. You’ll have the choice of making passive income by being a landlord or you can buy a house, do it up and sell it for a profit. Whatever you choose will depend on how long you want to hold onto the asset.
Find a high-interest savings account
If you don’t want to risk losing money by making bad investments in the stock markets or property, you can open up a savings account with a high interest rate. With these, you’ll typically get better interest rates when you open an account you can’t access for several years. Over that time, you’ll earn interest, which can be paid in monthly or annual installments.
This is one of the safest ways to make more money but it might not return as much as other investments can.
