Many people always want to invest but never really get the best idea of a place to do so. The COVID-19 pandemic has taught many people the importance of saving and investing.
Investing means putting your money to work. Although saving is also a good idea, investing your money ensures that its value increases as time goes by. The problem is that finding the right investment opportunities is not an easy thing.
Here are 8 innovative investment ideas:
1. Open a Roth IRA
Although it appears a basic option, Roth IRAs are an investment opportunity that everyone should check out irrespective of the health of the economy.
For anyone who meets the requirements, Roth IRAs provide long-term tax benefits. This makes it easy for you to invest post-tax money and allow it to increase free of tax until you attain your retirement age.
IRAs are an accessible option considering the fact that your annual contributions are limited to $6,00 on the higher side.
2. Collecting and hoarding old currency
Another creative investment idea is converting your money into different currencies. There’s no doubt that people have been investing in gold coins since time immemorial. However, there has been a significant increase in the sale of old coins in recent years.
The rise in prices is apparently attributed to specific the increased demand for old currencies among Asian collectors and investors. It has become so popular that many boutique investment companies have emerged to focus on ancient currencies.
3. Invest in rare memorabilia
This is also another great way to invest. Most people think that old coins are the only rarities that can fetch a lot of money from collectors. There are many other collectibles that can still serve as a great investment option. This includes things like military memorabilia as well as medals.
4. Get a health savings account
Well, this may sound less exotic and unconventional but opening a Health-Savings account is still a viable investment idea.
An HSA is ideal for people or families that have high-deductible health plans. It offers tax benefits such as permitting tax deductions on your contributions. This means that your investment stays intact and continues to grow without being taxed.
5. Peer-to-Peer lending
Peer-to-peer lending is another great platform for individuals who have a good amount of capital. All you have is to identify a reputable lending platform and invest the required amount. You can lend to as many people as possible and make huge profits.
6. Online real estate investing
There are many companies that have created online platforms where small investors can join hands and purchase high-end real estate properties.
7. Buy marijuana stock
Buying stock in marijuana with SoFi is also one of the most innovative investment ideas. Many states across the United States have legalized the use of medicinal and recreational marijuana. According to the experts at SoFi, the trend toward cannabis legalization has turned the business of growing it and selling it into one of the hottest industries in recent years.
8. Automated gold investing
Just like real estate, precious metals and gold are investment products that have inherent value. Their value usually skyrockets when the economy is in distress.
In general, there are a number of ways one can invest in. All you have to do is identify opportunities that will fetch you the most amount of money.