You’ve never been one to follow the crowds and you’ve always been keen to make your mark as an individual, so why should your investment strategy be any different? If you’ve got disposable income, an emergency fund, and a strong nest egg set aside in a savings account, it’s time for your money to work more aggressively for you.
You may be wondering why not just leave the money in your savings account and avoid the risk that comes with investing. Of course, that’s an option. You could be cautious and very patient… receiving a reliable yet tiny amount of interest on your hard earned cash. Or you could take the brave step of investing your money in a few unusual but up and coming markets and potentially make some amazing returns.
Many financial advisors suggest investing in companies and markets that you’re familiar with. For most of us, that would mean investing in wine, shoes, and our favorite brunch spots. We’re kidding, but this advice isn’t bad. If you’ve found a specific product useful or desirable it’s likely that others have as well. But what about new investment opportunities like Cryptocurrency or Forex. How do they add up and are they worth looking into? Let’s take a look.
Cryptocurrency has taken the world of investing by storm. It’s a volatile and unpredictable option that has made some people lots of money. Unless you’ve been hiding under a rock for the past twelve months, you know just how lucrative bitcoin can be.
Increasing 400% in value in 2017, bitcoin gains have gotten the world’s attention.
With such sharp market peaks last year, many people feel they have missed the boat on this particular currency. Before you decide whether or not to take the plunge and invest in cryptocurrency, do your research. Review bitcoin price analysis websites and look for trends in the market.
Tip: If you’re not convinced that bitcoin is for you or that it will continue on an upward trend, opt for less established and less expensive cryptocurrencies. There are hundreds of cryptocurrencies out there. Some are more popular or known than others. Look into ripple, neo or ethereum. If you’re still a little hesitant, start small. Invest small amounts in a few different currencies and study the market.
In a similar but much more regulated and stable way than cryptocurrency, you also have the option of buying and selling foreign currency. Set up a dummy account, practice your skills and do your research. If you catch on quickly, you could find yourself mixing with the most experienced and reputable traders in the market.
You’ll need to monitor the markets every day and buy and sell at the right times – make sure that you’re able to make the time investment. Don’t worry if all of this is new to you. There are plenty of forums and guides for the amateur trader to give you some inside tips.
If your finances are in order and you’ve found yourself with extra funds, or you’re ready to try your hand at using your money to make money, investing might be the next step for you. Keep an open mind and be ready to learn. With research, determination and a little bit of luck, your investment portfolio could bring you lucrative financial rewards.