Although the term ‘making your money work for you’ is now somewhat of a cliché, most people do in fact want to make hard-earned money for them to enjoy a happier and comfortable lifestyle. There’s nothing wrong with wanting this picture of happiness as you get older, and as budgets get tighter, and the economic climate remains uncertain, there’s never been a better time to start thinking about how you could make the most of the money you have. There are several ways that you could look to invest in your future. Some offer simple ways to do this, while others may need the help of a personal finance professional to access services.
If you’re looking to make your money go a little further, take a look at some of these options for the best return on your cash.
Although this may seem an obvious choice, there are many people not taking advantage of the higher yield savings accounts for their money. You also don’t have to go to the bank to make use of this facility, as there are a host of online savings and checking accounts that offer higher rates than standard accounts. It’s advisable to do your research and see where the best deals are but if you’re looking for somewhere safe to store your money, these types of high-yield accounts are an ideal option.
Invest your money
If you’re looking to achieve a possibly sizeable monetary result from your cash, investing it in the markets could be for you. There are several ways to get involved in these types of options, and they include low-risk and high-risk options. Another investment opportunity also lies in the Rich Uncles REIT. This option provides a real estate investment trust, which gives you the chance to buy shares in commercial property. This, in turn, is rented out to tenants and you will earn a dividend each month rent is paid. This type of investment is long term and with any decision, it’s best to seek advice on what may be suitable for you.
Credit card rewards
If you use a credit card and pay it off regularly, then have you considered getting a reward-based card instead? Although it may not seem like a credit card can work harder for you due to the fact it’s a form of debt, you can gain rewards for usage. There are many cards available on the market that will reward your lifestyle. Of course, there are the obvious ones such as air miles for keen travelers but for those that make everyday purchases, you could find rewards for shopping, eating out and entertainment. Rewards mean you get more for every dollar you spend, so if it suits your lifestyle, why not take advantage of it.
There is a wealth of resources and information on how your money can work harder in the squeezing economy, so do your research and see what can work best for your cash.