We all want more money, and if we don’t have to work a full-time job to get it, even better! The average national salary across all industries and jobs is $59,428, according to Forbes. Imagine if you could earn more money than that just through investments.
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While there aren’t really any true get-rich-quick schemes, financial experts explain how these eight investment strategies can have you rolling in the dough over time, especially if you invest in multiple.
Rental Real Estate
Andrew Lokenauth, financial investor and blogger at Fluent in Finance, recommends investing in properties you can rent out for ongoing income.
“[You] can start small with a single rental unit, then expand over time,” he said. This requires a sizable amount of cash for the down payment, but if your credit is good you can finance the remainder.
Invest In High-Growth Companies
Putting your money into companies that are on the rise can be a great investment. While this kind of investing does take some education and savvy, Lokenauth said that you want to “invest early in companies with exponential growth potential.” He recommends looking to tech, biotech and other innovative industries. This will most likely, however, require a large upfront investment and “risk appetite,” he said.
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Launch a Business
“Build a scalable business with the goal of eventual exit,” Lokenauth suggested. This is a high-risk endeavor, but it can promise a high reward if successful. It will also require significant capital investment upfront, but if your business idea is strong enough, it may not be hard to attract investors.
Real Estate Syndications
If you’re ambitious and can make the time, Brian Davis, real estate investor and founder at Spark Rental, recommended real estate syndications. “Real estate syndications typically pay 15%-30% returns, and sometimes much more,” he said. “For example, one syndicator who we’ve invested with a few times in our real estate investment club has delivered average annualized returns of 70.5%.”
Better yet, he pointed out, “These group real estate investments come with all the benefits of owning properties (cash flow, appreciation, tax benefits) and none of the headaches of landlording.”
While returns like that enable you to build wealth quickly and replace your salary, “[they] come with their own downsides as well, from high minimum investments ($25,000-$100,000) to lack of liquidity to the difficulty of finding syndicators,” Davis concluded.