How to Use Your Savings to Grow Your Wealth

Posted on Sep 29 2016 - 5:30pm by GJ Staff

As the old saying goes, money breeds money, those with it are in a far better position to make more of it, it is a fact of life and if you are sitting on some cash then you should turn your thoughts to how you can use the wealth you have, to grow it further. There is no cast iron approach that will guarantee you money but there are countless ways of approaching your finances whereby you can look to make a profit. Sitting on cash for emergencies is fine but sitting on a large sum without action means that you are losing the opportunity to make more money, here are some tips for you to increase your wealth using the money that you have.

 

Invest in Real Estate

Real estate is no longer just homes and offices, buildings are now huge piles of cash whose values change week on week and it can prove to be a great investment opportunity for you. I started investing in commercial real estate a few years ago and I make steady monthly revenue from rentals and also made a good profit from the sale of my last property. If you wish to get involved in this industry then you need to do your homework and take advice from the pros. I use a brokerage firm called Welfont to handle my assets and my negotiations, they are industry experts and have helped me to make a lot of money in the last few years. I’d advise you to do the same, when looking for a broker reviews are vital the Welfont reviews that I read were nothing but excellent and that is why I chose them, if you are wise you will do the same, study the market and choose a great broker.

Invest in Start Ups

Most start ups rely on outside investment and very often you can negotiate a great deal regarding future shares and dividends with just a small investment. Naturally your profit depends on the success of the start up and as such you need to ensure that you know this new business venture inside out and also the industry to which they are entering in to. Many investors throw money at something based on the sales pitch they have been given and end up losing money, only part with your cash if you are confident that the business can be a success, strip away the pitch and focus on the numbers.

Have a Smart Savings Account

You are foolish if you think that simply placing your savings in a bog standard account is a good idea, typically these offer you around 0.02% annual interest which won’t even pay your fuel to go to the bank. Search around for high yield accounts, there are some that offer around 1% annually which will give you a neat little sum year on year. You could also look into smart savings accounts, this is where the banks invest your savings and pay you dividends on the profits that they make, it can be a great way to make some extra cash without having to lift a finger.

Photo credit : rbc.com