Saving money is an important aspect of your finances; we cannot predict the future so it is always good to be prepared and have a safety net when things start to go wrong. A great piece of advice is to always pay yourself first when your monthly income is received, before paying bills and allocating spending money. Prioritizing your saving goals every month over will ensure you stick to what you want to achieve and will stand you in good stead if any financial surprises crop up.
When your savings start to build up, you might want to consider investing a chunk of it into an area that could leave to greater interest and growth. Making your money work a little harder than it would in a bank account can bring a greater rate of interest and return. Choose where you want to invest wisely and do a lot of pre-planning and research as much as possible before committing, your money will be at greater risk so only invest what you are comfortable with. Industry experts and financial advisors can point you in the right direction, but you will have to pay for their services along the way. If you’re wanting a few ideas to get you started, have a look at the three suggestions below:
The Stock Market
The stock market can be unpredictable and volatile, so it’s wise to invest in an area or industry you’re familiar with. Remember you’re buying into a company, not stock, so look for businesses that are experiencing success with an industry that is showing signs of popularity and growth. You must continue to monitor your stock even if you plan to invest long term, changing economic conditions and politics can have huge effects on the profitability of your stock so you need to be aware of how it’s performing.
Depending on your understanding of the market, you can find a stock trading app to install on your phone. Access to financial markets will be easy and there are plenty of options for beginners to try.
Agriculture and Farming
Another interesting area worth considering investing in is agriculture and farming, an industry that might be initially overlooked. As the world population grows however, so does the demand for food making farming a great area to look into, especially if you are interested in the environment and agriculture as a whole. Crawford Park Farming, for example, provide the opportunity for individuals to invest in Almond orchards and California Farmland as it can provide long-term capital gains and tax benefits along the way.
Watches and Wine
Fine wine and vintage watches only get better with time so if you’re looking for a long term investment and something you can physically hold onto, this may be a good option for you. Household brands such as Rolex and Omega are probably the best to invest in but it’s always worth seeing what is on offer at auction houses and online, you’ll never know what you might come across.