If you are lucky, then you’ve got a couple dollars left over at the end of the month. That means you can save it somehow. Some like to save money, other people like to invest it, and there are a few risk takers out there who like to gamble with it. Depending on your temperament, you can find the right place for you money so it doesn’t just sit there and collect dust.
Years ago, before banks became socially acceptable, people would hide their cash in their homes. In many places in the world, where banks haven’t yet become trusted, people still do this. While this may be a safe way to save money, you will certainly lose out to inflation over time.
If you want your money to stay safe and grow along with inflation, then you could put it into an interest bearing account. Savings and checking accounts will pay an interest rate that is pretty close to inflation, so you can watch your money keep pace with inflation over time.
One way people like to invest is in precious metals. These tend to hold their value well over time, and sometimes even outpace inflation, as gold and silver have done in recent years. You can either buy the actual metal itself, and keep it in a safe deposit box, or you can buy certificates.
Many people invest in real estate. You can either buy undeveloped property, or you can buy houses, fix them up, and then sell them. Lots of people make some good money doing things like this. However, this takes quite a bit of time, effort and risk, as you never know if you’ll be able to sell the property.
If you want a sure way to create wealth over time, consider buying a whole life insurance policy. This is where you commit to paying a certain premium every month. At the end of the term, you’ll have quite a lot of cash value built up. This can be a nice safe way to build a good nest egg.
Whatever you do with your money, it’s important that you put it to work for you. That way you’ll have something nice waiting for you when you retire.
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