If you’ve done a good job saving your money in your 20s or have inherited a nice sum at any point in your life, you’re probably thinking of how to invest that money to make more money.
With bank interest rates about as low as they can possibly go, leaving your money in one of those isn’t going to make you rich anytime soon.
Fear not though, as there are many an exciting adventure you can go on with your money to increase it. As the old saying goes it’s easier to make money when you have money and here are four ways you can make money with your money:
One of most common ways investors make money is through property. Buy it cheap and sell it at a profit. OK, it’s not as simple as that. You’ll need to do your research and learn your stuff. Essentially, there are two ways property investors succeed. They know when a house is under-priced, buy it, and sell it with minimal work.
Secondly, they buy a house, upgrade it and sell it for profit. If there’s a garage that can be converted into a bedroom it increases the house value much more than the cost of the conversion needs to be.
Freshening up the front garden, kitchen and bathroom are other ways to increase a house’s value – all of this you’ll know and much more once you’ve done your research.
Rent Out a Room
The government’s Rent a Room scheme allows you to earn up to $4,250 a year tax free. It allows you rent out a room or even an entire floor.
So if you have a big house, or simply use so little space that there is a room you can let out, this can be a nice way to make money.
On top of the income from the person paying you to rent the room, you could potentially split money on food bills and even sharing a car to work.
Enjoy reading the stocks and share prices in the newspapers? Foreign exchange and investing in stocks can be a good way to make money.
Once again, it’s advised that you do your research before you step into the market. Reading books and blogs are essential. Practicing is another key to making a success in this field.
Sites such as ETX Capital allow you to sign up for free and practice for free before you ever need to part ways and invest any money.
Some online marketers have great success in making their living from affiliate marketing. This is when you create a website and send your users off to buy products. It could be a book you recommended, jewellery you recommend, a holiday you recommended – you can get an affiliate code for just about anything these days!
If you’ve got some financial backing you can essentially start up a business website with affiliate links. You’ll have the money to market and create great features that will help attract and build your audience. Essentially, affiliate marketing and marketing in general is a numbers game – the more eyeballs you get, the more people you can sell to.
Rent Out Your Shed or Garage
You’ve heard of renting your room out, but you can also rent out your shed or garage if you have spare room inside these two.
Share My Storage is a social marketplace that brings together people who either have spare space or those who are looking for spare space for storage.
This is a great little scheme to help people and if you’re one of the lucky ones to have spare storage space, you can make a little money from this too. You could consider adding a shed to your garden solely for this purpose.