How To Multiply Your Money

You want to multiply your money. The stock market can have its ups and downs. Some are looking for other investment options to pad out their portfolios. If that is you, here are some options to consider.

Real Estate

How to invest in real estate when you are new to the game can be daunting at first. There are several options if you want to get into real estate. The traditional method is renting out your investment property, whether an apartment or a rental building or a vacation house. Being a landlord can be hard work, but rewarding and profitable for those who put in the time and energy.

If you are handy at renovations, flipping houses can be another way to dabble in real estate. This would take a lot of time and initial costs upfront as you cover all renovations and improvements before you sell the property.

Savings Accounts

While savings accounts traditionally do not have high interest rates, they make it easy to save. You can shop around for higher-yield savings accounts to make sure you get the highest rate possible, though keep in mind that interest is taxable.

Savings accounts are simple and low-upkeep. You can direct some of your income to your checking account and to your savings account so you can earn a little interest, rather than have all your money in your checking. However, keep in mind that you will not be able to make as many withdrawals from your savings like you can from your checking.

Certificates of Deposit

Certificates of deposit, or CDs, typically have higher rates than savings accounts. However, they are locked in for set terms, often with penalties for withdrawing early. 

Investing in CDs would be good for those who do not need the cash immediately and can put it away into a locked CD for a set term. Usually, longer-term CDs have higher rates. 

These are just a few options for those looking outside the stock market.

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