Investing money can be a great way to make a profit out of the money you already have. You do not have to be rich to invest and the risks can often be very low. That said, many people stay away from investing because of how complicated they think it is. Sure, certain elements of stocks and shares can be very confusing, but you do not have to use these investment strategies. Alternatively, you can use people and software to simplify these investments. Here are just a few ways to make investing money less complicated.
Investing Money Does Not Have To Be Complicated
Invest in What You Enjoy
It is harder to educate yourself on something that you don’t enjoy. Consider investments that may be related to personal interests or may share some other personal connection. Interest-related investments could include wine, antiques, vinyl, and even rare video games. If you are a hands-on DIY-loving hobbyist you could take on restoration projects such as restoring an old car for investment purposes or even renovating and flipping property. Alternatively, there may be a local project that you’re passionate about to learn and invest in such as a new shop or a wind farm.
Another type of investing is options trading. If you live in the UK and are considering options trading, a good place to begin is Options Trading UK. Options trading is “an advanced but extremely flexible way to get into the markets.” (Michael Graw @ Buy Shares)
Get Advice from Software
There are many types of software out there that can help to educate you on investing money. These may include Robo-advisers and broker software such as Thinkorswim options trading, capable of advising you on the best investment options based on raw figures. If you do not have a lot of money, there are even investment apps that can help you to make money out of your spare change. Moneybox is one such app that rounds up every purchase you make to the nearest dollar and then put this leftover change into a savings account to invest with.
Use a Broker
If you would prefer in-person advice you could always hire an investment broker. These professionals can advise you on the best investment options for you. It’s important to find an honest broker – many brokers may recommend investments that they themselves get a high commission from rather than what is best for you. It is unlikely you will ever find an advisor that’s completely neutral, but some brokers are likely to be more transparent.
When in Doubt Set up a Savings Account
If you are worried about the risk of loss and can not get past the technical investment jargon, you could always opt for the play-it-safe investment strategy of putting your money into a high-interest savings account. A savings account will never lose your money, although you may not get as much of a return as other investment strategies.
Search around banks for the best investment options, as well as research into trust funds and government bonds. Sites like Money Compare are good for shopping around. Certain savings accounts may have requirements in order to get the best interest rates such as a minimum monthly payment or a minimum starting amount.
Final Thoughts on Investing Money
Now you should have a better understanding of investing money. Is this something you are considering? Please share your comments below to help other readers. I welcome tips and suggestions..