Have Extra Cash? Here are 10 $10k Investment Ideas.
Do you happen to have $10,000 “laying around”? Not everyone has that problem, but there may be some time that you do come into some extra cash and want to be wise with it. Maybe you have dreams of quitting your job, retiring early or traveling the world – it could all start with only $10,000 if you invest it wisely. Your “small” investment could turn into millions of dollars with the right investment.
So sit back, read, and dream about this top 10 list of ideas of what you can do with $10,000.
1. Invest in a High Yield Savings Account or Certificate of Deposit (CD)
This option is the “safe” option. You can put your money away in high-yield CDs or a high interest savings account to start earning money. The best rates are typically found at online banks so you will want to shop around to find out which bank currently has the highest rates. You can find a bank that provides checking accounts, savings accounts, and even CDs with higher rates than traditional banks you will find in your area.
2. Try Your Hand at the Stock Market
You will want to do your research before becoming involved with the stock market, but this could be a way to really make your money grow. Check out online discount brokerage accounts through companies like ETrade or Acorns. They can help you become a successful investor and navigate the stock market’s volatility.
3. Buy Real Estate
Real estate is one of the best investments you can make. However, $10,000 may not be enough for a down payment to purchase an investment property – but that does not mean you can not invest in real estate. So how do you invest in real estate without the usual 5% down? One way is through Real Estate Investment Trusts (REITs). There are some real advantages to investing in REITs such has high liquidity, high income, and even some tax advantages. Just do your research or contact us to help you navigate the market, and make sure you are using a company that will work for you.
4. Join a Coaching Program
If you want a solid return on your investment, than a coaching program is a great way to go. This would invest in you and improve your knowledge and skills. Building your knowledge and skills will give you the opportunity to earn even more money. That is a real investment! Think about what you may want to do or be part of. More often than not there is a coaching program from someone who is already doing it and that may be beneficial for you.
5. Go Back to School
Another investment in yourself may be for you to go back to school. Heading back to school for a higher education could help you get an Associates Degree, your Masters or a certificate in the field you’d like to move into. This could give you some new opportunities and maybe even a new career.
6. Start Your Own Business
This is a great way to put all of your knowledge, skills, and abilities into action and to do something you love. You would be your own boss and in control of how much you make in your business. Make sure you study the business field you want to go into, figure out how you will market your business, and then come up with your business plan. Nowadays $10,000 should be enough to start your very own business!
7. Start A Blog
If you have an idea or something you want to share, or maybe you have found a niche in the marketplace that is missing – this may be the perfect opportunity for you to start a blog! You could also make money with it! You can build a blog around just about anything. You want to create a homepage of your blog that has valuable content and will instantly draw visitors into it. As it grows, you will have the chance to monetize it through advertising, affiliate arrangements, or be able to even sell your own products.
8. Launch A Podcast
Similar to starting a blog, you can pretty much talk about anything you want, that adds value to others, if you start a podcast. Podcasts are basically blog articles set to audio. The difference is, you can actually place a podcast on other websites to increase it’s exposure. Once it becomes a must-listen, you can monetize it with advertisers. Many podcasts also solicit listener donations and do very well with going this route.
9. Re-Sell Products Online
One website you can sell with is Amazon’s FBA or Fulfillment by Amazon. Essentially if you have items you want to sell, you deliver them to Amazon and they market them on the site. Once they have sold Amazon handles the shipping for you. Selling products with already established online companies is one of the easiest ways to run an online business as they handle most of it for you.
10. Pay Off Debt
Paying off debt with your $10,000 is the most risk free way of investing. It also provides a guaranteed rate of return. Think about those high interest credit cards that you are paying on and paying on and paying on. It seems to never end. If you pay off that card you will not be charged that interest anymore and the monthly payments are now yours to keep, save, and invest elsewhere!
Let us know what YOU would do with an extra $10,000.