Published on May 27th, 2016 | by Day Trader
Got Some Money? Don’t Spend It and Invest Instead
Did you win the lottery or a lawsuit? Going to finally sell your annuity? Congratulations! Now, you need to find a smart way to spend your lottery winnings or structured settlement agreement. The best way to do so is by making your money work for you through investments.
Typically, when people think of investments, their mind immediately goes to the stock market, which is a risky business if you aren’t exactly a wolf of Wall Street. However, investments don’t always involve Wall Street; it simply means that you’re going to put your effort or money into something with the expectation that it will grow in size and will yield a higher profit than it did in the first place.
There are many different ways to invest your money other than in a stagnant savings account or the risky and hard-to-understand stock market. Here are three major ways to invest that you should be thinking about:
Have you ever dreamed about starting your own company, bakery, or tech service? Maybe you have, but until now, you never really had the funds to set it up. But now, you can afford the $30,000 average startup business cost. If you have a good idea and a solid plan, you will be able to increase your investment and yield a much higher profit through your business’ sales.
Invest in Your Education
While it may sound cheesy, one of the most lucrative things someone could have in the world is knowledge. After all, we are all just meat sacks with a bunch of bones and loose organs inside of us. It’s incredible that we have a brain to think with in the first place. Put that brain to use or your child’s brain to use and invest in education. From one meat sack to another, it’s a great idea. Trust us.
Pay Off Your Debt
While paying off debt sounds boring and like the opposite of an investment, it actually allows you to save money in the long run. Just think about all of the extra funds that you’ll have once your debt is gone once and for all!
Once you receive that annuity payment or receive your lottery winnings, don’t forget to spend them wisely!