From ebooks to social media marketing, search engine optimization and beyond, the possibilities are endless. While many money-making gurus might pop up on social media, not all courses are created alike.
Spend time doing your due diligence and research to choose the one that's right for you. Trading commodities like gold and silver present a rare opportunity, especially when they're trading at the lower end of their five-year range.
Metrics like that give a strong indication on where commodities might be heading. Carolyn Boroden of Fibonacci Queen says, "I have long-term support and timing in the silver markets because silver is a solid hedge on inflation. Plus, commodities like silver are tangible assets that people can hold onto. The fundamentals of economics drives the price of commodities.
As supply dips, demand increases and prices rise. Any disruption to a supply chain has a severe impact on prices. For example, a health scare to livestock can significantly alter prices as scarcity reins free. However, livestock and meat are just one form of commodities. Metals, energy and agriculture are other types of commodities.
To invest, you can use an exchange like the London Metal Exchange or the Chicago Mercantile Exchange , as well as many others. Often, investing in commodities means investing in futures contracts. Effectively, that's a pre-arranged agreement to buy a specific quantity at a specific price in the future.
These are leveraged contracts, providing both big upside and a potential for large downside, so exercise caution. Cryptocurrencies are on the rise. While trading them might seem risky, if you hedge your bets here as well, you could limit some fallout from a poorly-timed trade.
There are plenty of platforms for trading cryptocurrencies as well. But before you dive in, educate yourself. Find courses on platforms like Udemy, Kajabi or Teachable. And learn the intricacies of trading things like Bitcoin , Ether , Litecoin and others. While there are over 3, cryptocurrencies in existence, only a handful really matter today.
Find an exchange, research the trading patterns, look for breakouts of long-term moving averages and get busy trading. You can use exchanges like Coinbase , Kraken or Cex. Peer-to-peer lending is a hot investment vehicle these days. While you might not get rich investing in a peer-to-peer lending network, you could definitely make a bit of coin.
Which lending platform do you use? Today, there are many to choose from, but the most popular ones include Lending Club , Peer Form and Prosper. How does this work? Peer-to-peer lending platforms allow you to give small bursts of capital to businesses or individuals while collecting an interest rate on the return. You get more money than you would if you placed it in a savings account, plus your risk is limited because the algorithms are doing much of the work for you.
Once you identify the offer, you can dig in and do some research -- then, you can either take the deal or not. You'll have your risk evaluated based on a proprietary algorithm that includes employment and credit history, and you'll be able to make the decision to invest based on a variety of well-thought-out data.
When it comes to options, Tom Sosnoff at Tastyworks says, "Trade small and trade often. The best way to make money by investing when it comes to options is to jump in at around 15 days before corporate earnings are released.
What type should you buy? Money calls. The optimal time to sell those money calls is the day before the company releases its earnings. There's just so much excitement and anticipation around earnings that it typically drives up the price, giving you a consistent winner. But don't hold through the earnings. That's a gamble you don't want to take if you're not a seasoned investor, says John Carter from Simpler Trading.
Making money with real estate might seem like a long-term prospect, but it's not. A thousand dollars might be pocket change or a rounding error to multimillionaires and billionaires, but it's a meaningful sum for the rest of us. Any amount of money that we can save can be put to good use. Depending on your particular situation, some will be more valuable for you than others.
First things first. If you're carrying significant debt, especially high-interest rate debt, such as what credit cards typically charge, you should make paying that off a priority. If you don't have high-interest rate debt, consider making an extra payment or two on your mortgage or on student loan debt. It's risky to go through life without available emergency money. Most of us need to have about three to nine months worth of living expenses tucked away and available in case some unthinkable event, such as a job loss or costly medical expense, happens.
Meeting certain minimum thresholds can get you other perks or avoid other charges, too. Put the money in an IRA. Check out how powerfully it might grow over various periods at various average annual growth rates:. It can be hard to beat that, but if you'd like to try, you might invest in one or more individual companies that you believe will grow at an above-average rate over the coming decades. They won't always perform as hoped, but if you research your candidates well and then follow the progress of whatever companies you invest in, you stand a chance of outperformance.
Open or fund a Plan account for Junior. You can sock away a lot of money in them, where the funds will grow on a tax-deferred basis. Distributions for qualifying college-related expenses are tax-free.
You and your kids might be surprised at how much wealth they can build through investing. Image source: Getty Images. You might open a custodial account for them at a local brokerage and then study and invest in some companies together. Have discussions about companies and how they grow and face challenges. If anyone is depending on you financially, you need life insurance. Term policies are generally better deals than whole life ones. You may need other insurance, too, such as renter's insurance or an umbrella policy to cover big claims against you.
The fact of the matter is this: Not all life insurance is created equally. Then again, there are other forms of life insurance policies that likely are in your best interest — like level term life insurance. Level term life insurance is the cheapest and simplest type of life insurance, which is why it often makes sense to purchase for young professionals and millennials.
Because young professionals and millennials are typically:. Recommended reading: how much life insurance do you need? Keep this in mind: The younger you are, the better it is for you to obtain life insurance. The healthier you are, the lower your premiums will be for life.
Policygenius is an online life insurance marketplace that matches you with the best life insurance company. Policygenius will guide you as you run your quotes, compare prices and ultimately talk to a representative at Policygenius to determine how you can move forward.
If you are young, have kids, have a partner who depends on your income, or if you plan to have a family down the road, then you should strongly consider purchasing level term life insurance. Level term life insurance is the cheapest and simplest type of life insurance there is. The younger you are, the lower your premiums will be for life. There has been proof that those who have invested in cryptocurrency have made a lot of money.
Many have lost a lot of money, too. For cryptocurrency trading: Coinbase. That being said, there certainly are cryptocurrency millionaires and other success stories, which show that a cryptocurrency investment could create massive amounts of wealth for you. The downside is that Coinbase does charge relatively high fees and that the customer service is not exactly the best.
My mom even signed up to Coinbase the other day and is trading cryptocurrency! If you want to learn more about Coinbase, then check out my in-depth Coinbase review. If you expect to be in a higher tax bracket when you withdraw money, you should consider investing in a Roth IRA. M1 Finance. Roth IRA s are an awesome way to invest — on a tax-advantaged basis — for your retirement. You would qualify to contribute to a Roth IRA if you:. Make sure you understand the difference between contributions and investment profits.
Source: M1 Finance. If you have extra money, want to diversify your investments and want to earn a passive income stream. Real estate crowdfunding could help you earn a high return, passive income , and diversify your portfolio.
Real estate investments are often left to the exclusive, high-roller club. With real estate crowdfunding, the tables have turned — and anyone can start investing in real estate.
Essentially, you are the bank — and you know how much money banks can make when they lend out money. Now, you have the chance to make money! Think of crowdfunding apps like matchmaking apps: They match people who need money with people who are looking for a spicy return on their investment you. Typically speaking, crowdfunding is fairly risky because of the following reasons:. Another popular real estate crowdfunding app is Fundrise. Remember that most people go broke — or at minimum never invest their extra money — after coming into unexpected cash.
Keep this in mind: The worst thing you can do is to not have a game plan. Let me know in the comments below. Paying off high interest debt is one of the first things I recommend anyone to do. Thanks for sharing! Your email address will not be published. Save my name, email, and website in this browser for the next time I comment.
Pay off High-Interest Debt. MMW Rating. Quick Overview Risk Level. How to Start. Pay online Call your customer service agent. Recommended Resource. Pro Tip: If you have multiple high-interest rate debts, then you may want to consider paying them off either via the snowball method or via the avalanche method.
Snowball Method Avalanche Method Pay off the lowest balance first. Pay off the highest interest rate first. What if you still have debt leftover? Pro Tip: Debt consolidation is only a temporary fix. Keep in mind that consolidating your debt does not eliminate the behavior that brought you into that debt position. LendingTree LendingTree helps you find immediate, personalized offers from trusted lenders across the nation. Learn more. LendingTree is like a matchmaker marketplace.
They try to match the best debt consolidation options to your financial situation.
0コメント