When you think about “investments,” stocks and bonds probably come to mind. Financial advisors often recommend making smart and calculated investments to grow your wealth. While traditional financial investments are indeed important, they’re not the only options available. For example, you could roll over your 401k into a gold IRA as a way to manage your funds more effectively through a reliable firm.
There are various non-financial investment paths that people often overlook. While some of these carry similar risks to traditional investments, others are almost always beneficial.
Diversification is key to smart investing. With that in mind, here are five investment options you shouldn’t ignore:
1. INVEST IN A 401(K) MATCH
Retirement is a goal for many of us, and to achieve it, you need to start contributing to a retirement fund as soon as possible. Both Roth IRAs and 401(k) accounts are good choices, but if your employer offers a 401(k) match, you should definitely take advantage of it. Many companies match their employees’ 401(k) contributions up to a certain amount, either dollar-for-dollar or by a percentage based on how long you’ve been with the company. Whatever method your employer uses, participating in a 401(k) match is a great way to build your retirement savings. If you want to retire comfortably, don’t pass up this opportunity.
2. INVEST IN YOURSELF
Don’t forget about the importance of investing in yourself. This doesn’t mean splurging on luxury items, but rather focusing on personal growth and self-improvement. Look for ways to build new skills or expand your knowledge. This could mean joining a gym to improve your health, buying books to stimulate your mind, or setting financial goals to start saving. Investing in yourself can lead to career growth, the discovery of new passions, and overall life improvement. Increasing your personal capital can bring not just financial benefits but also enrich your life experiences.
3. INVEST IN EDUCATION
Another way to invest in yourself is by furthering your education. Getting a new degree or certification can lead to career advancements, promotions, or the satisfaction of exploring a new field. Make sure to thoughtfully consider your options before pursuing higher education to ensure it aligns with your long-term goals.
4. INVEST IN REAL ESTATE
Real estate is another unconventional but potentially rewarding investment. Whether you’re buying a home to live in, renting out properties, or flipping houses, real estate offers various ways to profit. While the real estate market can be volatile, it generally tends to recover and can provide significant returns. An emerging trend in real estate investment is crowdfunding, which requires less initial capital. Companies like RealtyShares are popular in the crowdfunded real estate space.
5. INVEST IN COMMODITIES & LAND
Investing in commodities such as oil, land, livestock, and precious metals can be very profitable when the market conditions are right. While commodity markets fluctuate, these long-term investments are worthy of consideration. To reduce risk, you might consider Exchange Traded Funds (ETFs), which allow for diversification across several commodities.
Investing goes beyond standard financial assets, opening doors to significant financial gains and enhancing your overall quality of life. When you come across these investment opportunities, be prepared to take action.
Have you tried these investment strategies? Are there other investment opportunities you find essential?