Double Your Savings….TODAY!!!
Everybody knows that having a healthy savings account is vital if you want to be financially stable. That extra money means that you won’t get caught out by any unexpected expenses. And when it comes time to retire, you’ll have plenty of money put aside. But often, the amount you save isn’t going to be enough to sustain you during retirement. Especially when the cost of living is rising at the rate that it is right now. The best way to make sure that you’re completely financially secure for the rest of your life is to invest your savings and watch them grow. If you’re sitting on a pile of cash and you want to invest it, these are some of your best options that can help you double your money.
This is a contributed post and do not necessarily reflect the opinions of Meet The Harris Family.
Real Estate
The most popular investment choice right now is real estate. House prices are rising consistently and the amount that you can charge in rent is also high. By investing in a second property, you can get a good monthly income from renting the place out. Typically this will cover the mortgage and then some. In later life, you can sell the place and make yourself a nice profit and use the money for retirement. If you get a vacation property somewhere nice, you could even consider moving in yourself once you retire. Check out companies like Whitetail Properties real estate for some great real estate options.
When you’re deciding on a property, always make sure that you consider the location. Because if you buy in the wrong area, there is no guarantee that the house will increase in value. Always have a surveyor come in and check over the house as well to make sure there are no hidden problems. You want to ensure that you explore options that will make it easier for you to find tenants.
Pay Down Debt
This isn’t an investment as such, but it’ll help you double the amount that you put in your savings. When you’re paying large debt repayments every month, you’re burning through a lot of your income that could otherwise go into your savings. If you’re paying high interest rates on the debt, you might not actually be clearing it at all… but just paying the interest instead. Getting rid of that debt is the key to increasing your savings. If you’ve got a chunk of money in your savings account, it might seem counterproductive to put it all into debt repayments. However, what you’ve got to keep in mind is that once you’ve paid off all of that debt…you’ll have double the money to put back into savings.
Invest In Stocks
People are often intimidated by investing in the stock market. They naively think that it’s only for experts that work in the financial sector. They also think that it means gambling thousands. However, you can still make some good money with a much smaller investment. There is a strategy called dollar cost averaging. It only requires very small investments spread out over lots of different stocks over time. That means you reduce the risk but you can still see good returns.
These 3 investment strategies are the best ways to double your savings and secure your finances for the future.
~Discussion Time~
Saving takes a lot of discipline…what are some ways that you have found to be effective way to benefit your savings?
