Many people spend their lives struggling with everything finance-related, to the point where the only concern is: ‘how do I relieve some of my financial problems?’ But other issues do also exist. If you’re one of those people who finds themselves with some disposable cash, then, yes, it’s a nice problem to have, but it’s still something that needs to be figured out. If you have $10,000, you’ll be pleased, but you still need to figure out what to do with it! Below, we take a look at some smart places you can consider putting a lump sum of cash.
Getting Rid of Debts
Now, we know that you might have big plans for your money, but you’ll be serving yourself well if you focus on using the cash to put yourself in a better financial standing. For example, let’s say that you have credit card debt. You might be spending far too much money each month not on paying down the debt, but simply paying off the interest that it acquires each month. It would make far more sense to eliminate that debt (or at least pay it down considerably) rather than investing elsewhere, since the profits that you could make might be wiped out by the interest that you pay. It’s not glamorous, not at all, but it is the right thing to do.
High-Growth Industries
Another option is to invest your money, but if you’re new to the game, then you’ll need to know where the best place to invest your money is. To play things safe, it’s best to look at the industries that are expected to be high-growth in the coming years, such as renewable energy, wearable technology, and healthcare. All of these sectors are expected to grow substantially in the next decade, and especially healthcare. If you invest in the right areas now, you might find that things progress nicely over the next few years.
Invest in The Future
If you’re looking at long term investments, then it’s a good idea to look at the future, and see what will happen then. For example, 3D printers might not be all that popular right now, but there’s some research to suggest that they could be the next big thing: in the future, a 3D printer might be as common in a home as a dishwasher. It’s also recommended to look at cryptocurrency, which might just go on to change the world, especially BitCoin, which is already making huge waves. According to Guia Bitcoin, there are many ways to invest; it’s no longer the complicated process that it once was. There are already people who have made huge profits through BitCoin trading, and the signs are that it’ll continue to increase in value. Indeed, some futurists like John McAfee predict that the value will reach $1 million by the end of 2020.
Starting Your Own Venture
They say that there are two ways to make money. You can make money for someone else, which is what most people do (as employees), or you can make money for yourself. Now, there are plenty of people who love the idea of starting their own business and becoming their own boss. But the reality is that you usually need to have a fair amount of capital to get things off the ground (this isn’t always the case, but is for many businesses, and in any case, it always makes things easier, no matter what the business it is). With $10,000, you’d be well on your way to getting things going. Of course, this isn’t something that you should jump in to — make sure you’ve got a solid business plan before you invest your money, since starting a company can be a pretty quick way to lose a lot of money.
High-Yield Savings
If you’re entirely averse to risk, then you can look at putting your money into savings, and just letting it stay there. If you’re going to take this route, then it’s recommended that you shop around for a high-yield savings account. This could be the long-term option for some people, but will also be appealing for those who are biding their time before making a long-term decision.
In Yourself
Finally, how about investing in yourself? Putting the money towards, say, studying for a masters degree can be a good option since you’ll be likely to earn the money back and more throughout the course of your career. And there might be some cash left over for a vacation, too…
