There are not many people who do not wish they had more money, except perhaps those that are so rich they have much more than they need. For most of us though, life is not like that. We manage from payday to payday and hope no financial disasters hit us in between. There are some ways you can make your money work for you, and even if you only start off with a small amount, it will still grow.
Stocks and Shares
It is generally agreed that the quickest way to make money is by dealing in stocks and shares. For many years it was something only rich people could do, but now anyone can buy and sell as they please. Of course, there are risks, but keep your nerve and do not panic buy or sell and you will make some extra cash.
Banks often have facilities to help you and to give you advice, and sometimes you can set up a share dealing account with a small monthly amount. Or you can approach a stockbroker to help you with your trades.
Property is one of the safest ways to make more money. If you can show a mortgage lender that the property will pay its own way because of tenants, there are buy to let mortgages available specially designed for this purpose. Buy an empty property and put tenants into it and the value increases straight away.
There can be risks of course. You may have to spend some money to make sure the property is up to the standard for letting that the law requires, and you could get a bad tenant who causes damage or does not pay the rent. There are fewer of them than good tenants though.
The profit you make from one property could be invested into a second, and before you know it, you could soon own several. They do take a bit of work to manage, but that is why many property owners put them into the hands of agents to deal with them. For a small percentage of the rent, which is tax deductible, they take all the hassle out of your hands. This can be a very useful option if you have several properties that need looking after. They will also find new tenants for you if a property becomes vacant, and vet them before they hand over the keys.
Oil Futures Trading
Oil trading is another ways of making your money grow. Probably a bit safer than stocks and shares, once you understand how they work, they can be a very lucrative option. It is advisable to do some research before you start, and there are lots of online resources available to help you learn all about them.
They rely on the supply and demand of oil-based products, and that can vary at different times of the year.
The secret of any form of investing is to be sensible about it. Don’t spend more on shares or oil futures than you can afford to lose if the worst happens, and don’t take a mortgage for a second property unless you can afford to pay it if the property is empty.
Let’s see that money multiply!