If you are eager to ring in the new year with a revolution to your finances, think about how you can be kinder to yourself. Covid-19 has seen us isolated, at home more, and socially distanced from our pals. At the very least, we should take control of our cash and learn to treat ourselves a little more. If you’re in debt, you need to shift it. And if you have money in your savings account, you need to have a go at investing some of your cash so you can afford that faux fur coat or those designer heels that you have your eye on. Take a look at these ways of making some extra cash for your shopping sprees.
It is time to save some money and invest, might as well since most of the world is stuck home anyways.
Wine
If you enjoy a tipple or two and you like to think of yourself as a wine expert, think about investing in some classic vintages. Think of wine in the same way as you would art or antiques. The more scarce they become, the more valuable they get. Do your research and buy a dozen bottles or so of some desirable wines. That 1999 Spanish rioja could become super elusive to collectors in five years time, and provided you’ve stored yours correctly, you could be onto a lucrative return on your investment.
Property
There’s never been a more safe long term investment than property. If you fancy investing in bricks and mortar, ensure that you choose the location wisely. Forget about the up and coming areas, and go for somewhere established where people want to live. Think about renting to young professionals who are reliable and eager to pay a higher price for a great finish, good transport links, and low crime rates. Consider heading to a property auction to pick up the worst house on the best street. Undertake a scheme of work to modernize and renovate your new pad and you could have a cracking long term investment on your hands. Do your sums and ensure that the rent that you charge each month covers your home loan repayments. After a decade or more, you can sell up and pocket the equity.
Cryptocurrency
The risks of cryptocurrency have been well publicized. With a lack of regulation and a highly volatile market, it can be challenging to predict or forecast how your investment will perform. However, this high risk investment doesn’t mean that lucrative returns cannot be enjoyed. If you have the big bucks to invest and you can afford to throw caution to the wind, think about investigating the more reputable bitcoin exchanges that will open up the world of cryptocurrency for you. You might fancy getting your hands on some bitcoin or ripple. You will need to study the markets closely and be prepared to sell quickly. Bitcoin can be an awesome way of making some quick money. This can be readies in your hand to spend on a new car or to venture on holiday overseas. Hold your nerve and any dramatic drops in the market can turn into huge windfalls.
Follow this guide and you could become the savviest amateur investor in 2021.