While money might not be the most important thing in this world, creating financial security is a priority shared by all.
In a previous post, we highlighted that investments are a key ingredient in the recipe for increased financial security as a single mum. Still, knowing how and where to invest your money is another challenge altogether. Focus on the following, and you won’t go far wrong.
- Your Property
When your investment strategy is firstly focused on long-term rewards, your home could be the perfect place to invest your time and money. Completing home upgrades won’t only boost the value of the asset. It’ll additionally add value to your life. Meanwhile, updates that make the property more efficient will generate monthly savings. The main benefit of house extensions or modernisations is that your asset will appreciate faster than inflation.
Downsizing in retirement is a popular way to use equity for a better quality of life. However, you’ll also have a great asset that gives you some flexibility no matter what life throws at you.
- Additional Properties
Your property will be the priority, and rightly so. However, the fact that the real estate market offers incredible options cannot be overlooked. UK investment property opportunities remain very attractive. Not least because it is one of the few sectors that is guaranteed to show long-term growth. Even the challenges seen in recent years have been unable to stop property prices from growing. It is one of the most stable assets to possess.
In moments when the market sees a slight short-term decline, assets still generate revenue from rentals. Even if your capital reserves are modest, you can thrive.
- High-Yield Savings Accounts
They might not be the most exciting option out there, but high-yield savings accounts are ideal. Most people will benefit from using them as a foundation for their overall investment strategy. You receive interest for simply keeping money in the bank, which can help you adopt a better mindset with regard to spending. Of course, having access to cash when you need it is an important advantage that should not be overlooked either.
You can also look to use ISA and other accounts. Be sure to research the market for products that may suit your plans, such as saving for a mortgage or boosting your pension.
- Your Business Ideas
If you have a business idea that you’d like to pursue, 2024 could be the time to do it. After all, registering a business in the UK is now very easy. Moreover, you can start out as a side hustle, fitting it around your job or other commitments. You can either use the money to improve your quality of life right now or invest it back into the venture. If things go well, you may find that the side hustle eventually turns into your main source of income.
Alternatively, you could offer financial backing to another entrepreneur’s business. However, you must put in a good level of research to avoid making an ill-fated choice.
If you have shown any interest in the investment market over the past decade, you will know a little about Bitcoin and crypto. Even if you do not want to risk a large amount of capital in this volatile market, holding digital tokens is advised. After all, several altcoins have enjoyed huge spikes in value over short periods of time in recent years. In fact, some of the best performers have grown by several thousand percent within a matter of days.
Understanding how the blockchain tech that powers crypto can be beneficial. However, even if you’re not interested in this, crypto can play a valuable role.