You’re standing on your own two feet financially. You’re doing well in your job and getting a good regular income. You’ve managed your money well and built up an impressive savings fund. What’s next?
Saving your money is always smart. You’ll be less tempted to spend on things you don’t need to. You’ll also have a nice cash stash to turn to in case of emergencies.
But when you have a lot of money saved up, you shouldn’t just leave it sitting there. You should find ways to use that money on things like investments and practical purchases. Here are some of the best ways to use your extra savings.
Invest in Property
Those who have plenty in the bank should get started in property investment. You might want to invest in a house if you haven’t already- but that’s not the only option. Many people put their money in rental properties. It can help you gain a huge return by renting out to tenants.
Look around online for guides and investment opportunities. Residential property isn’t the only option. Commercial properties can also be fantastic for gaining some passive income. You might want to search around for a valuable triple net property investment.
Keep in mind that you might have to borrow some extra money to invest. However, having your money tied up in an asset which will gain value over time is a smart way to use your savings.
Treat Yourself to Something Practical
When you’ve managed to save up a ton of money for yourself, it’s worth paying yourself back. You have the opportunity to spend your money on something you’ll enjoy. But the best purchase to make is a practical one.
For instance, perhaps you want to treat yourself to a new car. It can be a highly useful purchase. It’s not just for luxury- your car will also come in handy for your work commute each day. You could even use it to gain money as an Uber driver if you wanted. Of course, you’ll also have fun driving your new vehicle.
Another idea is to spend a chunk of your savings on a high-performance PC or laptop. They can be used for all your entertainment needs. But in addition to that, a powerful computer can help you do your work or even start a business from home. In this sense, you’ll be investing in your career while treating yourself!
Start A Side Hustle
The best way to use your money is on something that’ll make you more money. If you’re feeling ambitious, you might want to start a business from home. There are many ways you can set up your own company while still working full-time.
There are plenty of side businesses you can start from home. For instance, if you have some technical skills in graphic design, you could start a freelancing service. By investing a little money into web development and marketing, you could make huge returns.
If your home project goes well, it could even turn into a lifestyle. You could ditch the 9-to-5 and start working on your business full-time. The worst-case scenario is you lose a little money but gain some entrepreneurial skills. It’s a win-win situation.
So what are you doing to save more money? Have you thought about trying any of the options I’ve laid out above?
Thoughts or Comments? Share them below.
Ryan Robinson says
Love this, Chris! Especially reinvesting your savings into a side project that has the potential to give you even more return on your investment down the line ????