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Ready to step up your investment game? It takes work to figure out what investments make sense, and Nick Debeyiotis is here to help you decide how to move forward to grow your financial health. Be sure to carefully consider the following options when you’re working to decide what type of investments are the best fit for your financial well-being (and remember, nothing can take the place of the advice of a trusted financial advisor).
1. High-Yield Savings Accounts
You’re likely already saving money–you might as well put it to good use. Choosing a high-yield savings account is a smart way to let your money work for you. Talk with your banker about what type of savings account is the best fit for your needs, and be sure to talk about what happens if you need to withdraw your money earlier than you originally thought, according to Nick Debeyiotis. This can help protect you against any surprise losses from early withdrawal.
2. Rental Housing
Thinking about investing in real estate? Instead of working hard to flip a house, choosing to buy a property, you can rent out to others can be a great long-term investment. You’ll be able to use the rent paid by your tenants to take care of maintenance and your mortgage while you can focus on other investments.
3. Cryptocurrency
We know: this one is debatable, but it’s smart to get at least some of your money into cryptocurrency. We certainly don’t advise placing all of your money in one bucket, but putting at least a few of your current investment funds into crypto may be a smart move. Chatting with a financial advisor is a smart way to discuss what type of cryptocurrency is the best for you.
4. Series I Bonds
Looking for an inflation-proof investment? Series I bonds are the way to go. Unlike investing in the stock market, your Series I bonds are set to grow over time, and you can depend on your investment to go where you want it to go without the fear of a crash. When inflation goes up, your Series I payout follows suit. The only thing you need to consider with Series I: if deflation occurs, your initial investment will go down as well.
You must work closely with a financial advisor to learn about the investments that make the most sense for your situation, as your financial needs will change with the economy and your situation, says Nick Debeyiotis. While reading about different types of investments is important for your financial literacy, nothing can take the place of advice from a seasoned professional who knows the ins and outs of your situation.
