If there’s one constant in most every life, it is the constant pursuit of income. If you are over the age of 18, chances are one of your main goals is to make ends meet. Of course, the obvious answer here would be to get a job. However, for the person willing to take some risks and add a little extra hustle to the day, there are investments you can make outside of working your 9-5 that may pad your wallet nicely. Here are a few of those risky, but profitable options.
Rental Property
Everyone needs a place to live and rental properties tend to be the go to option for people with no credit, bad credit, or just good ole fashioned lower income. Let’s face it. Not all of us make $100,000 a year.Going out and buying a home is just not an option some of us are ready to consider.
Enter the rental property owner. Whether you rent out your garage or the apartment building down the street, you are almost assured a profit and a generous one at that. Of course, it will take a little work. For example, if you choose to rent your property out to a group of college students who have no respect for their own belongings, it won’t be long until you are shelling out money for repairs and evicting potential income.
The Stock Market
The stock market, in general, can be the entrepreneur’s playground, if you know how to navigate it. Keep some things in mind as you frolic. Research the vocabulary. If you don’t understand the options in your portfolio or the rules of the game, you’re liable to find yourself very poor very quickly. Also, don’t be in such a rush to invest in hot commodities. The slower growing companies are usually the more stable and will produce the long term gains.
An Emerging Business
This investment is probably the most tricky, because you don’t have much, usually, to base your decision on. It’s a true game of chance, but like all games of chance, there are certain things you can gauge. Do you know who is responsible for the ideas behind the company? What are their credentials and past successes or failures in business? What is the demand for the product or service sold?
If no one is interested, it’s probably not a good option. How long has the idea been incubating? Meaning, how long have the owners put into the presentation of the idea and then the business? Knowing all these things could be the difference between investing in a company like Coca Cola or spending next Christmas giving everyone socks.
Making money is not the end all be all of existence, but it sure helps life move a little smoother. Make sure to take these ideas into account when considering ways to make some extra cash.
