Interest rates continue to change over the years, but regardless of if they rise or fall it’s still pretty low and you’ll need an incredible amount of money in order to see noticeable changes to your balance. Most of us store our savings in a bank account. It’s the go-to location to keep our cash, but there are actually many other places where you can safely keep your money and they offer some compelling advantages over a traditional bank.
In a safe place at home
So the obvious disadvantage to this is that you can be robbed. Someone might break into your house and steal all of your possessions including your private savings, but the chances of that happening might be a little lower than you’d expect. Compared to the advantages, however, it’s almost worth the risk. For starters, having an immediate stash of money is fantastic for emergencies. Let’s say you run into a problem during the night and the banks are closed, you can’t actually access your money and you’ll be out of luck if you need to pay for a taxi or something similar.
Many people think that you need to get into real estate just to invest your money into property. However, what they don’t realise is that you can simply just invest in land and do basically nothing with it. Whether it’s mountain land for sale or just an empty lot somewhere in the city, holding onto land can be a worthwhile investment especially if the local area is being regenerated or improved. Land value can increase substantially and it’s a lot cheaper to invest in than building an entire property. There are fewer variables to be concerned with, it’s safer, and you ultimately get a similar return on your investment with less risk.
Clear your debts and mortgages
No one likes to pay off their debts, but it’s an essential part of life that everyone has to deal with. Unless you want to be stuck in debt for the rest of your life, have a terrible credit history for when you buy a house, or be forever paying off a mortgage, then invest your excess income into paying off the money you owe. The faster you pay off the money you owe, the more at peace your mind will be and the less stress you’ll have to deal with in the future.
Start a business
A business is perhaps the most daunting item on this list, but it’s also the most profitable. If you have a lot of money saved up, then there is absolutely nothing wrong with starting up a business in order to make more money. You’re going to need to pour a lot of work into starting and growing a business, but much of that can be offset if you have a promising business partner to work with. If starting a business from scratch doesn’t interest you, then you could always invest in a business instead or purchase a business with a good track record.