Getting your Trinity Audio player ready...

Investing your money is one of the smartest ways that you can grow your wealth over time. But if you’re not sure where to start, you’re not alone. A lot of people have money sitting in the bank, not building for them because they don’t know what to do with it. 

It can feel quite overwhelming to get started as well, especially if you’re new to this part of the financial world. You don’t actually need to be a financial expert to make wise investment decisions though. 

Here are 5 smart and beginner-friendly ways to invest your money, whether you’re just starting out or whether you’re looking to diversify your current portfolio.

1. Take a Look at the Stock Market

It’s a classical investment route for a reason. It offers the potential for significant returns over the long term, so this is not something to do if you’re just looking for short term gains. You can spread your risk across multiple stocks. Invest in individual companies, index funds, or even EFTs. If you’re not sure what stocks to pick. Many investors start with S&P 500 index funds for broad exposure.

2. Real Estate

Real estate investing can be as simple as buying a property to rent out. This is as modern as it gets when it comes to rentvesting, or you could even invest through real estate crowdfunding platforms. Rental properties generate passive income and can appreciate in value over time, and you can use your rental property income to pay off the mortgage of the house. While it requires a little more upfront capital and involvement than other options, it’s a strong addition to a balanced investment strategy and you can continue to buy and sell as you please.

3. Gold and Silver

Metals have always been a trusted store of value for centuries, and it still plays an important role today. The best part is that it’s easier than ever to buy gold online. Reputable platforms allow you to purchase physical gold which they still securely for you, or invest in digital gold backed by real assets. It’s a convenient way to diversify your investments without dealing with safes or safety deposit boxes.

4. Robo Advisors

If you’re not ready to pick individual investments yourself, you can use robo advisors. These automated platforms create a portfolio that’s personal for you based on your risk tolerance and goals. They handle everything from investing and rebalancing to tax loss harvesting, while charging lower fees than the traditional advisors. Think of them as a set it and forget it investment tool.

5. High Yield Savings

It’s not the most exciting option, but high yield savings accounts are low risk ways to earn a bit more on your cash. They’re great for short term goals or emergency funds.

The best investment strategy will really depend on your goals and your timeline. Whether you’re drawn into the stock market and real estate worlds or you decide to buy gold online as a hedge, there is only one thing you have to think about, and that’s being consistent. The sooner you get going, the more time your money has to grow.