My mother is also an accountant and is a good investor. She started early into investing, and she has oriented us to the idea of investing even when we were young. At the age of 18, my mother took investment plans for me and my brothers. At age 28, I already received the fruits of the investment she opened for me at age 18.
When I married my husband at age 24, we also started having small investments of our own. I wasn’t really a business person, so I was mainly into stocks and investment funds.
Here are a few types of investments you can consider. I might just make separate articles discussing them in detail, but for now, I’ll just a give a brief overview of these types of investments.
- Real Estate – They are more tangible investment. Real estate can be income producing or not, but they can also generate you income through capital appreciation.
- Business – This is a popular way to gain financial independence, but is also very risky. This can be in the form of product or service meant to earn a profit. In running a business, there are fears that you need to overcome, but once you overcome them, results could be very rewarding.
- Savings Account – A small interest is better than nothing at all. Keeping you hard earned money in the bank will give you interest in your money. Interest rates are very minimal though.
- Time Deposits – Time deposits provide higher interest than savings account without being too risky.
- Treasury bills and bonds – These types of investments are almost risk-free since your investments would be handled by the government.
- Mutual Funds – When investing in mutual funds, you are gaining better returns and better security knowing that your money is being managed by a professional fund manager. A mutual fund is basically a pool of funds from different individuals or companies that are invested in different platforms. You earn from appreciation of value, interest or dividends.
- Unit Investment Trust Funds (UITF) – This type of investment is somewhat similar to a mutual find, but offered mainly by banks. Same with mutual funds, your investment can be in money market funds, bond funds, balanced funds and equity funds.
- Stock Market – When you have already learned to tolerate higher risks, you can start investing directly in the stock market. A stock is an equity or share giving you a stake in a company and its profits.
I have ventured to most of these types of investments. You might not appreciate or get lucky with all of these investment types, but surely, you’ll find something suitable for you and your dreams of a better future.