They say that the time to take risks is when you are young because there is always time to recover. That may be good advice for some who have a bit extra to invest, that extra money they wouldn’t really miss if it were lost. However, most young people looking to invest in their future might want to stay on the ‘safe’ side of investing. Begin slowly, and as you build a nice little nest egg, then take some of those earnings and play them in riskier markets if that’s what you want to do. The lure of getting rich overnight can be devastating, so take it easy, invest wisely and leave the risks until later.
One of the best things you can do for yourself if you are investing in your future is to get an education. While there are a lot of jobs out there that don’t require a degree, diploma or certificate, those will be the minimum wage jobs, for the most part, and will only serve to keep you working to put food on the table. Don’t you want something more from your life?
At this point in time, any career in healthcare is a good opportunity for advancement and there is a solid future. With Boomers reaching retirement age by the tens of millions each year and Millennials outnumbering them, healthcare is stretched to its limits – and beyond. You don’t need to be a doctor or nurse and can earn a very good salary as an ultrasound technician. Invest in one of the best ultrasound technician schools and you can be assured of a future with room for growth.
2. Safe Shelter of CDs
One way of letting your savings grow is to invest in Certificates of Deposit, CDs. These are similar to a savings account except you need to leave your money on account for a prespecified length of time. The net yield is a bit higher than a traditional savings account and as they are insured by the FDIC, you needn’t fear losing your investment. Yes, your earnings grow slowly, but they are safe. Various banks offer different rates, and so you’ll want to do a bit of comparison before investing in a CD, but in general, they are a safe way to stockpile for the future.
3. Real Estate
Finally, real estate is always a good investment. Keep in mind that there is only so much habitable land to go around and as the population keeps exploding, people will always need homes and businesses will always need locations from which to operate. Whether you invest in commercial or residential real estate, there will always be a need for property. The one word of caution here is to only sell during times realtors call a seller’s market. Don’t panic when the market looks like it’s bottoming out because real estate will always come back. Hold on to your property until it goes up again and you have just made a profit.
While you stand to make larger profits from riskier investments, you also stand to lose more as well. Until you learn the ropes, invest in those investment products that move slowly but surely. Start with a good education for a career with a future, invest in safe products like CDs and learn how real estate can make you a small fortune over time. These three tips are a great place to start.