If you want to invest, you would be happy to know there are many ways to invest money in Australia.
Best Ways To Invest Money In Australia
Because of the number of choices, you may and not know the best ways to invest. If you’re interested, keep reading because we’ll be running through the best investments you can make.
1. Buy Shares/Stocks
In terms of investing, everyone thinks about buying stocks. It is a great way to spend your cash if you’re serious about investing. However, it’ll be risky if you don’t know what you’re doing. That’s why you need to do your research and study the art of buying shares.
You can learn about it online as there are many tutorials available. Not just this, but books and web guides are available even classes.
If you don’t feel as confident, don’t fear as you can work with a stockbroker. There are many available so you need to do your research here as well. This will ensure your money is in good hands. So, giants like etoro which are rivals to names like Robinhood are your best bet.
A stockbroker would do the bidding for you. They’ll also advise you on the best stocks to get hold of. Thus, it’s vital that they have been in the field for a long time.
2. Invest In Cryptocurrencies
The world is changing, becoming more digitalized. As technology progresses, we keep finding new ways to invest. Hence, there are cryptocurrencies.
As of now, there are many of them available: the most popular being bitcoins. If you were to buy a bitcoin, you’d spend at least $10 or so. When one coin skyrockets in value, it can become over $10,000 USD.
So, if you invest in it at the beginning and bought a bunch of coins for a low amount, you’ll now be a millionaire. You may not have $10,000 USD to purchase a coin, which is fine as you can buy a half or even quarters of it.
However, you need to be careful. Bitcoins keeps increasing in value, which means they can crash at any time. This happened in 2017, but the coins’ value soon shot up again. So, analyze the market and pick the best time to make your move.
With money invested in cryptocurrencies, you can sell them when they’re at their peak. So, you’ll get a huge return when cashed in.
3. Buy Gold
Gold is an old school approach when it comes to investing. Back in the day, this is how tycoons made their money. However, people are still investing in it as the gold market is very stable. Not just this, but the value of gold keeps rising.
A basic way to invest in gold is to get your hands on some jewelry made from the material. Ensure that it comes from a reputed seller and is high quality. As time goes by and gold increases in value, you can sell the jewelry for a profit.
If not, you can buy gold bullions or bars. They may be tricky to get hold of, but they are the purest form of gold you can find. So, look around for reputed dealers in your area.
4. Open A Savings Account?
If you want to get the most bang for your buck, you can think about purchasing a home. However, it may not be the best choice for you as getting a home of your own is a huge risk which you may not be willing to take. This is why you should settle for easier investments such as putting your cash in a savings account.
A savings account is easy to open as all banks offer it. So, you can do so at your local bank, depositing your salary in it every month. Interest will grow over time, increasing the amount.
As you can imagine, each bank differs in the interest they offer. Thus, you need to do your research and find one that offers the most interest.
You may think the interest is a lot, but unfortunately, it’s not. Usually a few hundred dollars if not less get added to it at the end of the term.
You need to be careful with such accounts as they don’t penalize you if you withdraw from it. So, you can take funds from the account at any time, and not let the interest grow.
Do You Have A Fixed Deposit?
A fixed deposit is similar to a savings account. However, you can expect more interest to be added here.
The interest is much greater than what a savings account offers which makes it perfect if you have large sums deposited.
What’s more, the account is locked once you add the cash. They would not let you withdraw funds from it until a certain period has passed as this would not allow the interest to mature.
Banks aren’t the only establishments that offer fixed deposits. Most finance houses do as well, and they usually offer more interest. However, depositing the cash into a bank is the safer option as banks are reputable establishments and most of the time, regulated by the government.
If you’re interested in making a fixed deposit, you should know there are various plans for you to choose from. You could either lock it in for a year, 6 months or 5 years. Each time period has a different interest rate that would be added to the deposit.
As high-interest rates are added to fixed deposits, you’re required to add a significant amount of cash to create the account. Usually, it’s between $1000-5000. Depending on the region you’re in, this would differ.
5. Invest in Real Estate
If you want a great return, one of the major investments you can make is buying a house. This is because the price of homes rapidly increases, especially with urbanization. Hence, it’ll double or even triple in value as the years go by.
Find a home in an area that’s undergoing development. You can ensure that you get such property by working with real estate agents as they’re specialized in finding such locations. This will make sure you get hold of it while it’s reasonable in price. It will skyrocket in value when the urbanization of the area is done.
Although it can bring in a lot of cash, buying a home is a bargain. This is because you need a large sum to purchase it. Unfortunately, you’ll have to speak to a lender, such as a bank or a credit union. If you’re not careful and don’t pay your mortgage back, you’re in trouble as the lender can take away the home.
Due to this, most homeowners get a mortgage that they can easily pay back in a few years.
Furthermore, you can boost the value of the home with your own projects. By speaking to interior designers and contractors, upgrading and landscaping the premises would beautify it more. This makes it more attractive to sellers, increasing its demand and value.
Get Started Now
With that being said, there are countless ways you can invest your money. The best are:
- Cash in a savings account
- Cash in a fixed deposit
Pick the one that you have any interest in. The sooner you start the better.