If you have got a few thousand dollars burning a hole in your pocket, then the chances are you are going to want to invest that money somewhere so that you can get a return on your investment in due course.
But with the economy being in the state of flux that it is in at the moment, what should you be putting your hard-earned cash towards? Here are 7 easy ways that you might want to consider!
#1: Increase your 401(k) contributions
If you are already making plans for your retirement by making 401(k) contributions from your paycheck each month, you should consider increasing those contributions from your salary and withdraw the difference from your cash or savings into your checking account to make up for the shortfall.
Remember – the more money you save now, the more money you will have for your retirement!
#2: Renovate your home
If you own your own house or apartment, then you should think about renovating it if your home looks like it’s had a hard life. Home renovations tend to add extra value on properties, and you will feel happier living in a nicer looking home! Modern exterior doors, for example, tend to make a property look more secure and thus increase the value of it.
#3: Invest the money in yourself
Now, this might sound like a strange idea, but hear me out! If some of your career skills are somewhat lacking, then you could enroll yourself in a course to gain some useful industry qualifications. One of the main benefits of this, of course, is that you are far more likely to be considered for a promotion, or you could apply for better-paying jobs!
#4: Clear your debts
The majority of Americans will have a debt to some degree, with some of us having more debts than others. If you have a lot of debt, and you’ve recently come into some money (perhaps from an inheritance), then you should use that money to either clear all of it off, or debts with high-interest rates attached.
#5: Invest in gold coins
Gold is one of those precious metals that is pretty stable when it comes to valuations and isn’t as volatile as say investing in the stock market. If you have an IRA, then one of the things that you can invest in is gold coins. You can easily search online to find out where to buy gold coins.
#6: Pay off your car finance
Are you currently paying for a lease on your car? If so, you should think about using the money you’ve got to pay it off so that you can buy the car outright from the finance company. One of the main advantages of doing so is the fact that you will be able to sell the car if you need to in the future (whereas you can’t if it’s on finance).
#7: Donate it to charity
If your finances are taken care of and you’ve got enough money for your retirement, then how about donating your cash to a charitable organization? You’d be investing in a charity that will be making a difference to many people’s lives (or animals, depending on the charity you donate to), and it’ll give you a nice, warm feeling inside!