I know for a fact that there are many prudent folk out there who have looked after their savings for years and are sitting on a substantial pot of money. Many of my friends are in the same position and once the house has been bought, the kids put through college, the time comes to look at what we should be doing with this money. I started working with Kingstown Capital recently, specialists in wealth management and investment and i realized that this was exactly what I should start doing with my money. If you have saved well and are looking for great ways in which you can grow your wealth then here are some tips for you.
At the most basic level when it comes to growing your wealth, you should be looking at ensuring that you have the best savings account available. With an average savings account in the US you’ll be lucky if you get much more than 1% interest rate so you need to search for a higher rate. Thankfully there are many of the big banks which offer special accounts with far higher rates if you have a substantial amount of money which you will be putting in. Not only this but banks will often bump up your rate if you threaten to take your money out, speak with your bank and search around for a great rate, it’s like free money.
Looking to invest your money is one of the best ways in which to help it grow, one thing that I would personally recommend here is to spread your investments out, this way you can give yourself a better opportunity for success. You could invest in the oil industry, stocks and shares, start-up businesses or bonds, amongst many other areas. One thing that I should tell you is that you’re going to have to do your research, you could work with a trading company who will manage your wealth and your investments but even if you opt for this method, you should still be fully informed about the stocks or the hedge funds which you are about to invest in.
Commercial properties, vacation rentals and residential housing are all great places to invest your cash where you can sometimes see a quick ROI or at the very least, a steady flow of rental cash coming in each month. The real estate market can often be volatile and you will need to be canny with your timing in terms of buying and selling. If you are new to the game then look at picking up a relatively ‘safe’ property or a perhaps a vacation rental to start with, once you have cut your teeth then why not start looking at commercial property to grow your portfolio, businesses will always need office and factory space, why not be the one that lets it out to them. The best thing about real estate versus stocks and shares for example is that you can physically see what your money has bought and if you can afford to be patient then you are likely to see strong returns.