So, you’ve scrimped and saved, and now you’re $10,000 richer, you don’t want to fritter away the cash, so what do you do? Here are some of the smartest ways you can make $10,000 work for you:
Invest in Property
Depending on where you want to buy, $10,000 could be a large enough sum to secure a mortgage and enable you to buy a property. Even if you already own your own home, this is a good option because you will be able to rent out your new place, and since property is usually a good long-term investment, you should end up with much more than $10,000 in the future. Just make sure you use reputable realtors, who will be able to show you some of the best properties for your budget, which are as free from problems as possible, or you could end up spending much more than $10,000 and your monthly mortgage repayments!
Try Out Peer to Peer Lending
Peer to peer lending is getting really popular right now because, not only does it offer you a fixed income investment opportunity, but it also enables your peers to access the cash they need for that brilliant business idea. Obviously, like any other form of lending, it is not without its risks, but if you start off small, and don’t put all your eggs in one basket, there is every chance you will see some nice returns.
Start Your Own Business
Of course, you could always use that $10,000 to invest in yourself and build your own business. If you’ve ever had a great idea for a product, or there’s a dream job you’ve always wanted to pursue, now might be the time to give it a try. Sure, your money will be much more at risk than it would be when used for many of the other ideas in this post, but you only get one life, so go out and live it. You might not get this opportunity again!
Invest in the Stock Market
If you’re up for a bit of risk and you’re willing to do your research, you could make a killing by trading stocks. It is fairly simple to open a discount brokerage account online, via Etrade, and when you do, you get access to all of the tools and resources you need to make a success of your new venture, but please don’t try doing this unless you are confident you know what you’re doing first!
Invest in Your Education
If you’ve always wanted to become successful in a certain career, but you simply don’t have the right qualifications to break into the sector, investing your cash in your education could be your ticket to a better life. If it helps you get a better-paid job in the future, it’ll certainly make more money for you than you’d make in interest over the years. You don’t necessarily even have to go back to school because there are lots of online courses, which are fully accredited and which will advance your career.
Whatever sounds appealing, be sure to think your situation through and do as much research as you can before you part with a single cent of your $10,000!