After investing heavily in stocks, bonds, mutual funds and other common investment vehicles, you can easily turn your attention to some of these other potentially lucrative investment options to increase your net worth.
Investing in artwork can seem intimidating if you are not familiar with art. However, as with any type of investment, your time spent educating yourself and researching investment opportunities may be well-rewarded. Remember that you may need to hang onto the pieces that you purchase for a considerable amount of time in order to turn a profit. Protecting them from damage is a critical component that will impact their future value.
If you enjoy working on cars, investing in classic vehicles may be a great idea. There are many older models that may not have been well-maintained over the years. Your knowledge and sweat equity can turn these duds into a truly valuable investment. You could also pay someone to restore the vehicle for you, but keep in mind that paying a restoration specialist for their services will erode your profit margin. This may be a better investment option for those who have an automotive background or interest.
Another great idea is to invest in precious metals. This could include everything from gold bullion and silver coins to platinum, palladium and more. You can buy coins and bullion from places like Rocky Mountain Coin, or you can add related stocks to your portfolio.
Investing in real estate can seem like a hassle, but it does not have to be. This is an often-lucrative investment that lets you leverage your purchase with a loan and write off many expenses as a tax deduction. When you choose a great market to buy properties in, you may see your return on investment grow substantially.
There are many types of collectibles that you could invest in as well. For example, comic books, baseball cards, fine china, antiques and more are common ideas that may have a great return. If you are not familiar with how to value these items, educate yourself before you make a purchase.
Many of these types of investments could pay off substantially if you hang onto them for a longer period of time. These are not usually well-suited for a short-term hold.
About the Author:
Kara Masterson is a freelance writer from West Jordan, Utah. She graduated from the University of Utah and enjoys writing and spending time with her dog, Max.
5 Unlikely, but Wise Investments That Will Help You Manage Your Finances. Please, like and share and don’t forget to leave your comment below!
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