This article was written by Angie Picardo. Angie is a staff writer for NerdWallet, a website dedicated to helping consumers alleviate debt with the best balance transfer cards.
You don’t have to be a millionaire to play the investing game. You can make low-cost investments that fit into your lifestyle and budget now to see big pay-offs in your future. Whether you want to play the stock market game or invest in a physical asset, with a little creativity and drive you can make some serious investments now. Remember, there’s always a certain level of risk involved in any type of investment, but making smart choices with your money and doing your homework will help you on the path to financial success.
Play the Stock Market
You don’t have to invest thousands of dollars to make money on the stock market. Research your favorite companies and see how they’ve performed over the years. Are they on a steady uphill climb or have they risen and fallen? Does the company have a product that can hold up or is the product a trend that might die out in popularity soon? Talk to a broker about investing in the market and see what they say. Spread your money around and see what happens.
Buy and Sell Items on eBay
eBay is a great place to find potential buyers for unique products. If you have a special collection or limited edition toys that has a special audience, eBay’s auction-style formula can turn your junk into cash. You can also scour garage and rummage sales for collectibles and other big ticket items you can turn around online. Sometimes you have to spend a little to get a lot. The internet opens up a whole new world of buyers you wouldn’t necessarily be able to find if you just took your item to an antique shop.
Invest in a Food Truck
You love to cook, but you don’t want the responsibility of running an entire restaurant. Food trucks are all the rage and investing in one could turn out to be a good move. Do you have the talent to run the show or do you want to be the business brain behind the operation? Whether you’re the one in the back slinging the burgers or the more business-savvy one managing the numbers, getting into the food industry is definitely a fun and unique way to invest. Just remember – the food industry can be tough and it’s a lot of hours and work. You need to be really passionate about your product in order to make it work.
Look into Owning a Franchise
Have you always dreamed of owning your own business but you don’t know where to begin? A good early investment is buying into a franchise like a Subway restaurant or 7-11. You will get a feel for what running a business entails, make money, and if things work out, you can expand to other stores or open your own.
Savings Bonds Can Pay Out
Investing in savings bonds is a win-win. You’re helping out your country and your bond will always be backed. That means whatever amount you spend, that’s what the bond is worth. What’s even cooler: Your bond can be worth even more and you don’t have to pay state or local income tax on the bond’s interest. There are two types of savings bonds to choose from: Series I and Series EE. Series EE bonds pay a lower interest rates than I bonds.
Sell Your Gold
Yes, those “Sell Your Gold” commercials on TV can be a little cheesy, but don’t let it deter you from looking into it. Gold prices rise during weak moments in the economy so if you’ve inherited some nice gold earrings from your great grandma or have been holding onto some pieces for a while, now is the time to look into selling it. If you are looking to buy physical gold make sure to do your homework on the seller before you purchase. Gold’s demand does go up and down, but it’s usually a safe investment. It’s called “the gold standard” for a reason.