Money has always been a driving force for millennials, and the opportunity to make that money expands every day. Technology is moving business forward at a rapid rate, and millennials are well-known for the tenacity and ability to get stuff done.
The two make a heavenly match, and millennials are one of the most capable generations in history. Take a moment now to look into a few ways in which you can make wise investment choices, and start making more money today.
Investing in real estate
Investing in real estate is an easy way to turn a profit, but you have to find the best deals. You’ll have to know a bit about the local real estate market to find an investment opportunity that fits your expectations.
Investing in rental property can make you money with only a little bit of work. Let your money work for you, and find a rental property that is ready to go.
Store your money in an offset account
If you own your home, you can use it to make money in a roundabout way by choosing to invest your money in an offset account. When you set up an offset mortgage savings, the money in your account will help you save on interest charges associated with your mortgage.
For example, say you have a $300,000 mortgage loan and $10,000 in your offset account. When interest time comes around, you’ll only be charged interest on $290,000. If you do the math, the savings add up over a 30 year mortgage period.
Investing in index funds
Index funds are great if you’re not super knowledgeable about how to invest in the stock market. An index fund comes with several different stock investments, and it gives you a chance to watch and learn.
Index funds are relatively low-risk investments, and you don’t need a lot of money to get started. Don’t short yourself the opportunity to turn $100 into $200, and delve into what stock investments have to offer.
Money market accounts
Investing in a money market account is similar to a savings account, but there are some important differences between the two.
Money market accounts grant you a healthy interest rate, but they are not backed by the FDIC. You’ll have a minimum monthly balance to maintain, and your money market account will cost you maintenance fees.
Certificates of deposit
If you choose to take advantage of the opportunities offered by certificates of deposit (or CDs), you could easily pay your children’s way through college. Your CD account will be a locked account, but the interest will be worth the wait when you’re ready to cash in on your investment.