Looking to start investing? In the current financial climate, it’s never been more important to think about where you’re putting your money, and how you can make the most of growth opportunities.
While we’ve been investing in some of these assets for generations, others are new to the scene, but no less lucrative. Coming up: three smart investments you should make in 2024.
Gold and precious metals
Gold has been a valuable commodity for thousands of years. Today, investors put their money in gold and other precious metals as a way to hedge against inflation and diversify their investment portfolio.
Generally, gold increases in value as the cost of living increases. Its ability to retain its value and profitability has led countries across the globe to store gold in reserves in order to protect against economic crises.
For the average person looking to invest, it’s possible to purchase physical gold assets, such as coins and bars. You could also invest in gold mining stocks, or exchange-traded funds (ETFs) and trust units – a way to profit from your funds without having to purchase the physical assets.
Whiskey
In recent years rare whiskeys have soared in value, even surpassing fine wine as a smart collectible asset. In fact, the value of a basket of rare Scottish single malts increased by 586% over a period of 10 years, between 2010 and 2020.
The simplest and most popular way to invest in whiskey is to buy casks – many prefer the added sense of security that comes with owning a physical asset. You can also buy into whiskey company stocks, or invest in funds, such as the Platinum Whiskey Investment Fund or the Single Malt Fund.
Real estate
Investing in real estate can provide an ongoing cash flow, particularly if you choose to purchase rental properties, rent land, or get into the market of flipping homes. You could also invest in a REIG – a real estate investment group that will allow you to invest your wealth collectively. REIGs are a great way to invest in real estate without having to physically operate or finance a property.
As well as providing a passive income and helping you to build equity and wealth, investing in real estate means you can benefit from tax breaks and deductions, particularly when it comes to property management fees.
How to get started
There’s no better time to start investing than right now, particularly with so many profitable alternative investment opportunities on offer. Identify your investment goals, and calculate exactly how much money you want to invest – having a plan is key to seeing results when it comes to investing your money.
When you first start out, you’ll want to avoid making risky investments – it’s much better to start off slow, and branch out further as you begin to see returns on your initial investment. Be sure to risk assess and monitor and rebalance your investments over time, to ensure consistent profit growth.
