We are all looking for ways to increase our bottom line. Investing is a surefire way to improve your financial growth. Whether it’s the stock market, angel investing, real estate or even investing in your own personal growth, the return on investment has been proven lucrative over and over again.
Here are a few ways how you can use investing to increase your personal net worth.
Invest in Yourself First
- High-yield savings accounts – The safest and first place to start investing is in yourself. You know the saying, always pay yourself first! And a high-yield savings account not only gets your money working for you but is a safe bet during times of economic uncertainty. Nerd Wallet just released a list of the best high-yield online savings accounts last month. It’s worth checking out.
- Personal growth and development – Depending on your career path and skill set, there are oftentimes viable means of increasing your earning potential. For instance, as a project manager, I have always been encouraged to get and maintain my PMP certification. And in doing so, statistically, I increase my earning potential by as much as 20%.
Investments with More Risk…but also More Reward?
- Real estate – We have all seen the house remodeling and flipping tv shows. They have certainly piqued everyone’s interest in the different ways one can invest in real estate. You can put your handyman skills to use by flipping houses or becoming a landlord by renting out land or housing to others. History shows us that real estate is a solid long-term investment. And many have done well in buying low, rehabbing, and selling for a profit. Forbes put out a great article early last year with tips for getting started.
- Invest in others’ ideas (angel investment) – If helping others’ dreams come true while also increasing your bottom line is a goal of yours, then angel investing might be the way to go. This type of investing is typically a long-term play, it can be lucrative. Essentially, you invest in another’s company for part ownership and in exchange, when they make money, so do you.
- Stock market portfolios – The stock market and other traditional ways of investing are commonplace. Choose your risk level, choose the amount and get going. Whether it’s through your employer-sponsored matching program or a personal account you set up with Schwab or Fidelity or any of the others, these types of investments also tend to be a long game.
Each investment type requires a different type of commitment, comfort with risk, and expectation of return. Choosing the one or combination that works best for you is a very personal matter and should not be taken lightly. Do your research!
Read More:
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Hope is a digital marketing manager and foster/adoptive single mom to five kids. She has run her own consulting company for over 15 years and took a leap of faith returning to the corporate world in 2021 to a job and team she loves! Hope began sharing her journey with the BAD community in the Spring of 2015 and feels like she has finally mastered the balance between family first and wise financial decisions.
