3 Easy Investments that Grow Your Retirement Savings
Investing can feel like a lot of pressure. You’re risking money you worked hard to earn, and that can easily lead to anxiety, but if you don’t invest, you’re not going to be prepared for retirement, able to buy a house, or achieve the future financial stability you may be after. What makes a good investment in 2019? There are a few things you should keep in mind:
– Economic context in which you’re making the investment
– Your own investment or retirement goals
– Your income, age, and risk tolerance
With that in mind, there are a few things that make great long-term investments.
#1 Starting Your Own Business
There’s more to your retirement than your IRA and 401(k). Investing in your own side business may be the best retirement plan you can come up with. A side business is something that interests you or odd jobs you can do requiring a specific skill set you have. From tree grooming to doing taxes, investing in your skills, advertising, and building a client list for your own business, even while you make the most of your income in a steady job, will set you up to earn more for years to come.
#2 Mutual Funds
Indexed mutual funds are a generally good way to invest in stock markets if you don’t want to pick individual stocks – and very few investors have the knowledge or time to be picking their own stocks competently.
One important caveat about investing on the stock market is that you should never invest money you need in the next 3 to 5 years, a fairly typical recovery period following a stock market crash. If you had your money in the S&P 500 in 2008, it would have lost 50% of its value and you would have been out of options if you need that money. Think ahead and make sure you move money out of the stock market when you know you’re going to need it soon.
#3 Gold and Silver Coins and Bars
It’s the stock market’s penchant for losing 30-50% of its value every decade that drives many to buy silver and gold, two assets that historically perform well when investors are frightened away from the stock market. Gold and silver coins and bars are your insurance against such steep losses.
Always buy silver and gold directly from a precious metals dealer. Online gold and silver shops offer a range of gold and silver coins from mints across the world at lower premiums. The shipping is fully insured and usually you can also find storage options outside of the banking system.
Silver has been picking up steam this year as recession fears mount. A slowing economy in the U.S. has investors looking for alternative investment opportunities for 2019, and they’re turning to gold and silver coins and bars.
You can take advantage of precious metals investments. As gold and silver emerge from a bear market, you are likely protected from dramatic price falls, while stocks look increasingly risky.
Don’t take chances with your hard-earned money. Invest wisely and always take precautions to mitigate your risks.