Get rich quick schemes are everywhere you look, however, if you’re serious about building wealth you’ll need to look elsewhere. Using the stock market is obviously a great place to start, but it’s not the only way to amass a fortune to secure your future. There are several other great investment opportunities to help fund your retirement.
The most popular venture outside the market is real estate. This is one of those areas you need to be careful though. Everyone and their brother has written a book and want to sell it to you on how to make money. There are a lot of pros and cons when it comes to investing in real estate. Many people jump in without fully understanding things like market timing, time management, law, or ROI. Typically they’ve read or bought something promising big returns and they end up burned. I know just as many people who have lost money in real estate as those who have made money.
Another alternative is business…think “Shark Tank”. Instead of buying stock in XYZ fishing company, you can actually go out and partner with someone you know that needs your capital to get their business off the ground. Perhaps you can find a young entrepreneur that wants to start up a service business, a widget business, or retail business, etc. You’re basically funding or buying an interest in their business and make your returns on your percentage of the profits. This too can be risky, so make sure you understand what you’re investing in and what your ROI will be.
If you’re still looking for yet another option to invest in, you can turn to various offerings such as REITs, Master Limited Partnerships (MLP), Hedge Funds, etc. Some people use tycooning, that’s where you purchase land to drill in the hopes of finding oil and natural gas wells. One of my personal favorites is collections… collectible things like baseball cards, coins, guitars, vintage cars. I’ve even seen people who invest in ammo and guns.
Each of these has their strengths and weaknesses in helping you turn a dollar. There’s no right or wrong way when it comes to investing your money. It’s merely about finding something you have a good understanding of making a profit with it.