In all honesty, with just a little bit of time and effort, you could easily build your savings up to $30,000 or more. Common sense is a great tool in making financial decisions for yourself. I have decided to compile a list of the top 10 ways to invest 30k.
My best advice would be to invest in things you are passionate about or at least have a strong interest in. I live by this principle when planning for my future. After all, money is only worth our time, so investing in yourself is extremely important when deciding how to invest 30k.
Here are the 10 best ways to invest 30k
1. Pay off debt
The biggest thing you can do with the money is pay off debt. If you have credit card debt or any other personal loans, try to attack this problem first and get it out of the way as soon as possible. Not only does this relieve stress, but it also gives you a great reputation in the banking community and can help you receive better rates when trying to borrow money in the future.
2. Gold/Silver
Many people see gold and silver as only “investments” during times of economic turmoil, but it can be a wise move to invest in either or both during bad times and good times alike. It may not seem like a smart idea during strong economic times, but gold and silver almost always benefit when things get rough, and the economy is bad.
3. Start a business
I know this might sound crazy at first, but hear me out. I have always been interested in making money online and recently started an eCommerce store selling Japanese snacks and candies. The business is still very young, but I have had some success that really makes the risk worth it.
5. Put it in the bank
I know that this might not sound like an exciting option, but putting your money in the bank will help you earn interest and allow for more opportunities down the road. I suggest putting some (if not all of your money) into the bank until you find another method of investment that interests you.
6. Invest in yourself
This can take on many forms, whether it be classes, books, or seminars that will increase knowledge that will help you in your career or just for personal fulfillment. If it is something that interests you, go for it!
How to invest 30k in stocks
7. Invest in Stocks
Do you have at least $30,000 and want to start investing? This beginner’s guide will teach you the basics of stock trading. By the end of this article, you’ll know how to research a company, understand technical terms and charts, buy your first stock and sell it when you’re ready for something different. Plus, you’ll learn how to start building a solid retirement portfolio by investing in index funds.
Stock trading is not easy. It’s something that the majority of people should avoid doing. Just because you could potentially turn $30,000 into $300,000 doesn’t mean it’s your path in life. The truth is that 98% of common folks are better off buying mutual funds rather than individual stocks and bonds. If you know what you’re doing with research and money management, then go ahead and become an active trader for large or quick profits. For everyone else, sit this one out unless you have an extra 30 grand burning a hole in your pocket.
The stock market isn’t risky by nature; it only becomes risky when you don’t know what you’re doing. If done right, it can be a great retirement portfolio. Still, investing in individual stocks is something best left to the pros unless you have a ton of cash and plenty of time to spare.
Investing in stocks can be a very lucrative experience, and if you do it right, the market will only continue to grow with time. You might not want to jump into the stock market without doing some research and learning about how it works first, but once you know what you are doing, there is no stopping how much money can be made by investing in the stock market.
8. Invest in bonds
Bonds are a great way to have the stability of cash and still have access to it when you need it. Bonds might not be as exciting as stocks, but they are much less risky and can actually make you even more money in the long run.
9. Buy collectibles
If you know about or have a strong interest in collecting, this would be an excellent option to invest your money. Whether it’s stamped, comics books, sports memorabilia, or anything you have a strong interest in, this is a great way to invest your money and potentially make more down the road.
How to invest 30k in real estate
9. Invest in real estate
This can be done one of two ways: you can either invest in a rental property and flip houses or invest in a fund and let someone else handle all of the details for you. Either way, this is a great investment if you are looking to make large sums of money over time.
10. Buy an investment property
Finally, if you want to buy a rental property or any other property, this is the way to go. This type of investment is very profitable, but only if you know what you are doing. You have to be able to manage your tenants and take care of any emergencies that might come up on your property.
Related: How to make extra money on the weekends
Conclusion:
There are many different options out there for investing your money. You just have to be willing to take the risk and do some research before diving into anything headfirst.