We’d all love to make money by doing nothing. Unfortunately, that is rarely the case. If you do work hard enough that you have some spare money left in your paycheck every month, you could make that money do the hard work for you. Here are three ways easy ways you can invest your spare cash.
Pooled investment funds
If you’re a big fan of Hollywood films, you might imagine the life of an investment fund owner is plagued with constant phone calls and stress. Every fictional character seems to be shouting “buy” or “sell” to someone at the end of a mobile phone, getting increasingly more irate with every decision made. Luckily in the real world, pooled investment funds don’t need to be like that.
Whilst there are a lot of moving cogs in the machine, there are ways of lightening the load, so you still have time for all of your career and social commitments. By hiring someone to take care of your fund administration tasks, you will shrink the day to day responsibilities of holding a pooled investment fund. Find a team that will provide you with the level of support you need. For example, the team at Nottingham can deal with a number of different processes and functions depending on what you require. They can calculate your Net Asset Value on a monthly, weekly, or even daily basis. They can even prepare and audit financial statements as well as manage shareholder reports and all necessary regulatory filings.
Property
If you have a large sum of money you want to invest, then you could consider buying another property. Investing in a house allows you to either put in a little effort and reap the steady rewards or put in a lot of effort and make big money. For example, you could build a rundown property that requires a lot of work for a small price, carry out the work yourself, and then sell it for a much higher profit. If that sounds like too much work, you could buy a house that has already been decorated to a high standard and rent it out to receive a steady extra income every month. Even if you don’t do a thing to your second property, it’s likely to sell for a lot more than you bought it for in a few years.
Saving accounts
It might not be the most glamorous sounding, and it is highly unlikely to reap the biggest rewards, but a savings account is still a solid way of making money. They are ideal for those who want to make money but also want access to that money as soon as possible in case of an emergency. The interest is often quite low, with the highest rarely even reaching 1%. That still means if you invest even just $1000 dollars for a year, you’ll still earn $10 dollars at the end of the year. If someone stopped you on the street and offered you $10 dollars, you’d happily take it.
