When you get an unexpected lump sum of cash, it’s quite a welcoming thought. But, you’re soon faced with the dilemma of what to do with it! Sure, you could go out on a massive spending spree and blow it all. Maybe you could treat yourself to a holiday of a lifetime.
The thing is; it makes more sense to use that money to make more of it! People seldom get such opportunities in their lives, so it’s crucial to make the most of it. In today’s blog post, I will give you five example strategies to help you grow your money.
Buy And Sell Currency
There’s no denying that Forex trading has grown in popularity in recent years. More people are doing it, and even businesses increase their liquid assets by doing that.
With websites like TheForexNetwork around, it’s safer and easier to buy and sell currency. In a nutshell, you profit with Forex trading when market conditions become favourable. As with all types of trading, timing is crucial to securing a good result.
You could take some of your cash windfall and use it to buy and sell currency in your spare time!
Banks and other traditional lenders have a new fear to face: the rise of peer-to-peer lending! The concept is so simple and brilliant; I’m surprised it wasn’t done on a mass scale before! The way that peer-to-peer lending works is as follows:
- You agree to lend a particular amount of money out to people;
- You decide what level of risk feels comfortable for you;
- You sit back and watch the profits roll in!
Many people choose peer-to-peer lending because they offer better rates than savings accounts.
Invest In Property
If you’ve got a large cash windfall, one idea is to use that money to buy property such as a house. You can then do one of two things: flip it or rent it out.
Flipping is the art of increasing the property’s value and selling it for a profit. Usually, it’s down to renovating the home and making it more appealing. One can usually make profits on repossessed homes and those that have been on the market for a while.
Invest In Company Shares
If you know how to spot a growing company, it’s worth buying some shares in it while they are cheap. You can then make a decent return when it becomes more valuable.
Share investment is a long-term process. That means you won’t see any returns for a while. But, all good things come to those who wait, as they say!
Invest In Yourself
Now that you’ve got a cash windfall, you could use the money to make yourself more valuable to employers. For instance, you could go on that degree course you’ve always dreamed of but couldn’t afford. Or you could pay for industry certification.
In either case, you can soon command a higher salary from future employers. As you can appreciate, it’s a viable (and safe) way to make your money grow!