Finding something to spend money on or grow your personal finance pot can be a real adventure. Some avenues require a whole new set of skills to get up and running, and others are more straightforward. There are more opportunities than you might think when it comes to making investment decisions for the new year. What you choose depends on how much you have to invest, what your goals are, and how dedicated you feel to the process. Here are some ideas for worthwhile investments to make in the new year.
Private Number Plates
Private number plates are a more lucrative venture than they first appear. What starts out as an idea to personalise your vehicle actually adds value to it. Not only that, but the plate registration itself increases in value over the years if the day ever comes when you wish to sell it, so it is almost guaranteed that you will see a profitable return on your initial investment. There are advantages for work vehicles too as it is a continuous source of advertisement if you choose to use the name of your company as the registration letters and numbers. Number registrations from reputable companies like Regtransfers are the way forward. Don’t get swindled by fraudulent operations and fake plates, as it’s essential to adhere to the legalities of it all.
Cryptocurrency
By now, you’ll have undoubtedly heard whispers if not shouts about cryptocurrencies like bitcoin and similar. While there is some controversy around the potential return, if you know what you’re doing, there are significant financial prospects down this road of investing. The key benefits are:
- Remunerative potentials. If you make the right move at the optimum moment, your investment will grow rapidly. As with any virtual platform, there is a point about mitigating the risk and you have to make peace with the chance of losing money also.
- Autonomy. Everyone wants to have control over their finances, and this route will allow you to do just that. While governments currently have no stake or control over this currency type, most free markets allow it to trade nevertheless.
- Diversify your profile. If you already have stakes in stocks, shares, and similar, then adding Bitcoin or an alternative cryptocurrency will make your whole scope more diverse, and therefore more lucrative and forthcoming.
- Avoid the negative effects of inflation. Unlike physical currency, crypto coins have no central regulatory body. Inflation can play a part in terms of depreciation; however, cryptocurrencies are far more protected owing to a lack of bank and government influence and the way it is reproduced in the market.
High Yield Savings Accounts
High yield savings accounts allow you to accumulate interest style profit on your money while it lies in wait. The annual percentage yield is fairly attractive in comparison to other types of savings accounts, and that means it is one of the better options. One of the most attractive functions is the lack of fees associated with this type of account, given that they are largely offered by online banks as opposed to physical ones. You can still make deposits as often as you wish just like regular savings accounts, and have access to the funds whenever you wish. This is basically an easy way to let your money grow almost organically in a safe environment. So, if you do have a big pot of savings and you’re looking to help it rise in value, considering a high yield savings account over other options is a smart move.
Pet Products
The most recent trends suggest that the next generation is leaning heavily toward pet ownership as a way to grow a family. There are multiple reasons for this.
- Financial considerations. With the world coming under fire from financial problems, it makes more sense to put off having children until a later age in the current global picture.
- Female empowerment. There has been a definite shift in the way the world views females. There are more employment opportunities than ever and it is definitely more embraced for women to put their career at the forefront of their life above settling down to be a wife and mother. This means pets have found a gap and taken it.
- Flexibility and Freedom. People are living their lives and exploring the world in a much different way than the generations before them. This is easier to do with a pet than a child, so people opt for waiting instead of younger parenthood.
This will never replace people having children, but millennials in particular place a special value on their dog or cat as a part of their home. This has opened up the market for millions of pet related products from personalised sofa cushions to wall prints and everything in between. If you have a creative flair, are adept with a camera, or simply know how to weave a bandana, this might be the perfect place to put your financial eggs. Grow a small business around this and you will never be short of customers. The biggest takeaway is that personalised pet products are in high demand and that demand does not appear to be dissipating at any rate.
Start a Blog
Online commerce has opened the gates for blogs to monetise and monetise they have. There are millions of blogs out there, plenty of which are opting for the affiliate link model to generate passive income. If you allow advertising or agree on a contract with a company, you can see a return on your website almost immediately. The cost of setup and ongoing costs are minimal in comparison to the potential comeback. This is an increasing trend that is worth exploring in terms of making a solid investment. You don’t even have to be tech savvy or write your own stuff, there are thousands of people out there with expert knowledge that can be brought on board to grow the investment.
Real Estate
The current housing market is a bit up in the air owing to the controversies in government over the last few months amongst other factors. However, real estate remains a valuable investment in certain contexts. If you have the money to buy a place outright, it could be used as a rental property. This is always lucrative, especially if there is no mortgage attached as it is just a form of income that is guaranteed on a monthly basis. It may be worth hanging back for a few months to see where the trends are going to settle, but people will always need housing and if you sit on the investment while things return to a more neutral setting, there is still lucrative potential to be found.
There are plenty of worthwhile investments to be found for the new year. The desire to see your money blossom is a common one, and there is nothing stopping you when you making the best decision for your circumstances. Those with a lot to invest may find better opportunities in real estate or high-yield savings accounts. Whereas, those with less have avenues like start-ups, blogs, and cryptocurrency to jump into. Whatever route you take, make sure it is the best one for your financial profile and that you have conducted a thorough risk assessment before making a commitment.
