By O'Neill C Martinez
Just because there is a current global health crisis, the likes of which we have never seen before, it doesn’t mean that you cannot consider your financial future. There’s never been a better time to reflect on your priorities and how you want your money to work for you. Leaving your money to languish in a savings account might seem wise as it is low risk, but your money will not be working aggressively for you. Instead, you need to consider these three potentially lucrative investments that will top up your savings for your twilight years.
Property
The number one way of making money over the long term is through property. Rather than purchasing a pad to do up and sell on quickly, you need to consider becoming a landlord and renting out a property. Flipping was all the rage in the early noughties, but the housing market isn’t so buoyant anymore. To really make money, you need to hold onto an investment property for a decade or more. Consider purchasing the worst house on the best street. Carry out a sympathetic and simple renovation and get it let out.
As long as the rent that you can achieve will cover the monthly home loan repayment, your asset will begin to pay for itself. As you watch the cash roll in, you can feel certain in the knowledge that your little patch of bricks and mortar will be worth more in a decade’s time than it does now.
Something To Enjoy
If you want to invest your money in a big-ticket item, consider opting for a set of wheels. Driving is a real pleasure especially if you can get behind the wheel of a classic car. Don’t buy a brand new motor that depreciates in value the moment you drive it off the forecourt. Instead, go for a classic 1960s MG or a retro Mini Cooper. Think of these classics as art or antiques. The older and scarcer they get, the more sought after they become. The same can be said of classic yachts or catamarans. These might be more suitable if you adore heading out on the open seas. You can move your boat via a specialist logistics firm to a permanent mooring, meaning you can enjoy venturing out to sea while your asset increases in value.
Wine
Like boats and classic cars, wine is a low-risk investment that could outperform the interest that you can accrue in a savings account. Many people see wine as a luxury and a tipple to enjoy after a hard day at work. However, many connoisseurs across the globe collect the finest vintages. If you can buy at a good price, you could have a crate of the finest rioja from 1989 stored in your cellar. Hold onto it and wait for it to increase in value as it becomes more niche. Study the market and sell your bottles when you think they have hit a peak price. This is a great investment option if you want something low-risk and hands-off.
Follow this guide and you can still make money investing in a pandemic world.
