Ways to Make Your Money and Time Work for You This Year
Now that 2019 is done and dusted and we’re through with the hustle and bustle of the festive season, 2020 is well underway. This is a great time for you to review your investment strategies – and not only the ones related to financial investment. Here are some handy tips on how you can manage your money and time this year.
- Stock up on Stock Investments, But Adjust Your Portfolio
The stock market had record highs in 2019 and it’s not showing signs of running out of steam as yet, even though the bull market is coming up on its 11th year. Of course, a bullish market can’t go on forever, so it would be wise to keep a close eye on it and maybe make some tweaks to your portfolio. Look at investing in healthcare which tends to be a durable industry. And for those who enjoy a higher risk factor, clean energy could be the way to go.
- Real Estate Investment Trusts
Property has always been one of the best long-term investment options. Unfortunately, it takes a significant amount of time to maintain and can be capital-intensive, especially during the initial investment phase. To avoid all the work and money involved, explore real estate investment trusts. This is an investment option that has the potential to bring in steady dividend yields, but with relatively low volatility.
- Pay Off Your Debt
Although this may not seem like an investment, paying off your debt could give you returns that are better than most assets. You’ll be saving on interest rates which could be used as a cash flow to put into other investments you make.
- Invest in You
There are several ways in which you can invest in yourself, for example by studying to become qualified at something that will help you launch a new career or advance your current career. This will require you to invest time, money and effort, but has the potential to increase future earnings.
- Start or Supercharge Retirement Savings
This may sound like stating the obvious, but the unfortunate truth is that retirement plans are often not adequate. Consider opening an individual retirement annuity (IRA). Contributions are tax-deductible.
- Start a Side Business
Investing in a business outside of your career is a way of generating additional income while also creating a safety net, just in case something happens at your workplace or in your industry. The added bonus is that it could come in handy should you decide to have a career change. There are many ideas for side hustles out there, you’ll be spoilt for choice.
- Invest in Family Time
Getting too caught up in the process of making money can take away from things that are even more important, like family. Spending time with family involves time, and unlike money, once this is lost it’s impossible to get it back. So, while you are looking for ways to make money, make sure you also invest time in family activities. This will give you benefits no amount of money can ever buy.