There’s an old saying that it takes money to make money, but, if you do have a little extra cash on hand, how can you put it to work? Here is a list of six things to do with your extra income.
1. Property
Over the years, investing in property has proven a great way to increase your wealth. Investment properties have some solid attributes. Pick the right area and property and you could see some very real capital growth. And there are often some tidy little tax incentives in the interim.
Property experts, such as Templeton Property, can help you with the legwork of finding the right property in the right area and can also assist with managing your asset. For some more information, you can check this URL:http://www.templetonproperty.com.au/
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2. Shares
After a couple of very rocky years, the share market has seen some good gains in the past two years, and, if you’ve got the stomach for what can be a rough ride, there are some further gains to be made. Picking the right type of shares for your needs is the key here, with benefits including dividends, franking credits, and growth in value. It’s worth undertaking solid research or even talking to a financial advisor to understand the different types of shares and their attributes.
3. Banks
The big banks – and even their smaller counterparts – have some high interest accounts available if you’re prepared to meet conditions on how much you keep in the account and how often you access it, meaning your money can just sit there increasing on its own. You should do your research first to ascertain what type of account will work for you and whether there are any hidden fees or catches.
4. Other Assets
With a little imagination, there are some quality items that see real increases in value over time. Everything from artworks to classic cars and other collectibles can prove a fabulous way to put your money to work. To do this, you really need to know your stuff and be prepared to research what items have value and whether they are likely to increase.
5. Your Own Business
Some of the best businesses have started from humble roots as projects on the side, so, if you’ve got a little spare cash and being your own boss interests you, why not invest in your idea? The internet means setting up a business and website has never been easier.
6. Yourself
From educational courses to life experiences, using your money to invest in yourself can be hugely worthwhile. While the investment may not have immediately tangible results, who is to say where life experiences may take you? That photography course you take as a hobby may prompt a change in careers, or that trip to America may be an event to remember for the rest of your life.
Having a little spare cash is a fabulous luxury and, should you put it to work in the right way, it can become a nice little earner, reaping benefits now and in the future.