by Lina Martinez
When you work so hard to make your money, it doesn’t make sense to leave it languishing on your average bank account where it will earn a paltry amount of interest, if it earns any interest for you at all. No, it is far better to put your money to work, so that it makes you even better off financially than you are through your own hard work alone.
How do you make your money work for you? There are lots of things you can do with your money that should see it grow rather than stagnate or diminish over the years and it is up to you to decide which are likely to be the best for you, but here are some of the most popular and effective ways to put your money to work:
Put it in a FDIC Account
If you’re looking for a quick and simple way to earn money with your money, then putting it in an FDIC insured savings account, which is basically a high-interest account, is hard to beat. By doing this, you can earn as much as one hundred times more interest than you would get in your average savings account, however, at around 1 percent, it still isn't going to make you rich and if you want bigger returns, you may need to try a different method…
Try Forex Trading
Trading on the foreign exchange market is one of the easiest forms of trading to get to grips with, and as long as you use Forex brokers regulated by the ASIC, you can do a minimum amount of work yourself, with a low level of risk and potentially high returns. You, or your broker, will basically be betting on whether certain currencies will rise or fall in value, but since it is possible to track trends and gather information, it isn’t a particularly risky gamble to take. Do some reading and if you feel confident, perhaps give it a go, remembering not to trade more than you can reasonably afford to lose.
Set Up Passive Income Streams
Whether you use some of the money in your account to set up a blog, commission the writing of eBooks, buy property that you can rent out for an income, or to invest in a silent partnership with a local company, setting up various sources of passive income is a great way to make your money work for you. Why? Because once they’re set up, you can potentially earn lots of money even when you’re sleeping or sipping cocktails on the beach, and if one stream doesn’t work out, well you’ll have several others to fall back on.
Keep it in a Retirement Account
Of course, if you want to be really sensible, storing any spare cash you have in IRAs and 401(k)s where they will mature and grow as you do, providing you with a good income when you decide to retire, is the ultimate in making your money work for you.
However you make your money work for you, just ensure you do put it to work!