Whether you’re from a small town or a big city, once you’ve accumulated some money, it’s time to think about the best way to get your funds to make more funds. You may be thinking that investing is for adults, and that’s true. The thing is, though, you’re an adult now, and investing is the single best way to take your life to the next level.
Do you have a business idea you’ve been trying to get off the ground? Are you trying to level up when it comes to online dating? Have you been wondering about how to pay for medication for your back pain? All of these can be helped by looking towards the wild, beautiful world of investments.
Don’t be alarmed—investing can take many shapes. It may mean looking at how to get your start in real estate, buying up properties in rural areas, and renting them out on Airbnb. It may mean learning about the stock market from a broker worth their salt or putting some money into Bitcoin or Ethereum. It may even mean buying collectibles, like fine art or classic cars. If you’re thinking about the best way to go about growing your wealth, read on for some tips and ideas.
Think outside the box—go for an alternative investment.
If you’ve already been investing for a while, and know a thing or two about the stock market from your broker pals, this might be the thing for you. Alternative investments are kind of the next level when it comes to investment opportunities. These are the investment opportunities that a lot of people wouldn’t have the guts to go for—a little quirkier, more fun, but also not as conservative.
For example, take collectibles. When buying up classic cars, baseball cards, or fine art, you don’t really know that these asset classes will appreciate. You might be buying a Mustang that crashes or is otherwise destroyed. What you do know is that these asset classes bear little to no reliance on the indices that govern Wall Street. Therefore, by going for an alternative investment, you’re diversifying your portfolio. Any broker from a respectable brokerage will tell you that diversification is king when it comes to smart investing.
If this form of investing speaks to you, it’s a good idea to get some advice on the various alternative asset classes out there from a financial advisor who knows what’s what. One platform that a lot of people rely on is Yieldstreet, and if you read the various Yieldstreet review postings, you’ll see why. Art collection isn’t for the faint of heart, so having a platform like Yieldstreet around, to provide you with a pro financial advisor to help you learn the ropes, is good news for any alternative investor getting started.
Partner with a local small business.
Another way to earn dividends is by supporting a small business idea that you believe can go all the way. Startups are risky, yes, but if someone comes to you with what you believe to be the best business to start in a small town, you should probably go for it. Trust your gut with this one. After all, with a minimum investment, you could be earning a percentage of the small business’ earnings without going through the trouble of being a busy owner of your own new business.
Rural areas and small towns provide plenty of opportunities for a great business idea to take off. An ice cream shop, a bakery, a hair salon, a coffee shop, a food truck, or even a pharmacy may be just the niche market that the small town you’re looking at needs. Plus, the local community of a small town is full of potential clients and buyers who need specific services and products. If you’re supporting the only bakery or coffee shop around, guess where people will be buying lattes and ice cream? At your small town business, that’s where. The same can be said of a food truck with cuisine that can’t be found anywhere else, or a boutique salon with a specialty for preparing locals for their weddings. Find the missing element that the local community wants, and put money into that business idea. Without running your own business, you’ll be depositing passive income into your bank account.
Medical marijuana, anyone?
You can also think about this investment quandary by considering new markets that are just opening up. For example, it hasn’t been that long since the Federal Government decriminalized medical marijuana for specific pain and nausea care management. That means that medical marijuana is a niche market that a savvy investor could get a slice of. You could support a local dispensary, similar to how you could back a local business like an ice cream shop. Alternatively, you could consult people around the U.S. who are looking to understand the various details of the medical marijuana industry.
Does Medicare cover medical marijuana? How about Medicaid? What’s the difference between medical marijuana and CBD oil? All of these are questions that are cropping up as people around the U.S. are taking the first step towards accepting medical marijuana as a legitimate pain and nausea management option. Potential medical marijuana clients from small towns don’t need to call 1-800-Medicare; they can call you! Backing a small town business that’s bringing CBD to rural areas of the U.S. or advising people on how to get a prescription that’s covered by Medicaid or by Medicare advantage is a great way to enjoy the benefits of a niche, up and coming local market.
The classic route is still the stock market.
Maybe these ideas seem a little bit out there or a long way off from where you’re at when it comes to investing. That’s fine. There’s still a lot of money to be made by stock market trading, especially with an eye on the long term. If you do your due diligence when it comes to brokers and brokerages, you can make a lot of money with a short term investment as well. That way, you can make sure that you’ve got the five things every guy should own by the time they hit 30. If you’re new to investing, the ETFs and REITs that characterize stock market trading are a great place to start.
Don’t feel pressured to spend past your limit on investments you don’t understand. Remember, you have a lot of time to dip your toes into various markets, whether it’s bankrolling a local barbershop or salon or getting into the real estate industry. Whatever you choose, there’s an investment out there that will be a good fit. Think about your options, and get started making a lot of money with your existing bank account.