If wealth management were easy, everyone would be marginally richer. It’s just one of those things that schools need to teach kids more, like chemistry. While it’s fun to learn how things boil and change color when mixed together, it’s more fun to have a financial headstart to make life a little bit easier when you’re older.
But they say more money doesn’t really equate to more happiness, and that may be true. But having money will make your life a little bit easier. You’ll get to afford quality things that will last longer than the cheap ones, and you won’t have to worry too much about your impending future. Money gives you the wiggle room you need in life, and more won’t hurt.
Money Trees and Cash Cows
How to get more is often the million dollar question, because cash certainly doesn’t grow from trees or come out of cows, despite the terms. Traditional wisdom dictates that you should save your money in banks or look for a company that offers a full range of wealth management solutions for you and your family so your money could grow.
While it may take a while for your money to see significant interest in banks, mutual funds and other investment opportunities may offer a little bit more aggressive alternatives, often giving you modest returns without you having to risk it all. If you really want to diversify and try new things however, you can try investing in oddities.
Odd man out?
Weird investment are real, and some really pay off. In fact, there have been some laughable investments in the past that are paying dividends now, like the 1990’s stuffed toy Beanie Babies, which sold for a measly few bucks two decades ago, only to fetch hundreds of dollars on auctions today.Beanie Babies? Come on!
If you love the odd opportunity and think collectibles are cool, you may want to give this type of investing a try. But generally, you should invest in a collectible you have at least some interest in, but aren’t too passionate to let go. Remember that you’re in this to make money, not get all clingy with the stuff you buy and sell.
The top collectibles you can invest in are vintage toys, collectible comic books, vintage stamps, old coins and vintage bicycles.
The Real Cash Cow, Loans and Domains
Another crazy investment opportunity involves farm animals. You can invest in a cow and earn money from the milk and cheese it produces. The investment will help subsidize the cost to own a cow. Another investment involves putting your money on lean hogs. Investing in hogs can net you an 11.5% annualized return over three years, according to Bloomberg.
If farm animals aren’t your cup of tea, you can try loaning your money. Sites like lendingclub.com and prosper.com let you connect with people who need small loans and directly fund it yourself for as little as $25. Many loans are offering 10-15% interest, way bigger than what banks give you. Be wary of the risks though, and diversify your funding.
Buying domain names is nothing new and if you want to jump right in, there are sites where you can buy domain names on the cheap. Just make sure that you have an eye for what’s catchy and what will more likely be bought in the future. Try to gobble up catchy names before future owners do, and sell the rights to the domain at a profit.
The Bottom Dollar
Odd and weird investments are nothing new, but they do exist and if you know what to invest in and when to cash out, you can make a killing while laughing at all the people who judged you for being crazy. The bottom line? Betting on weird stuff isn’t weird at all. Try it. Who knows what the next Beanie Babies will be.