Our 30s are a great time to be alive. Our student debt is most likely paid off, we have learned and recovered from the mistakes we made in our 20s, we’re probably in a good spot at work and if we’re lucky we have some money in the bank.
If that sounds like you then the next step towards financial freedom in the world of being an adult is to learn how to invest your money. The truth is there are several different investment options for 30-somethings and they don’t all include investing in the stock market.
If you’re looking for ways to invest your hard earned cash, think outside the box. Here are five investment options for 30-somethings:
Start a business
With the internet and invention of Wi-Fi there’s no time like the present to start a business. This is a great way to invest your money because you’re investing in the future – the future of you. Having something to call your own is very comforting and growing it to a place where it provides a sustainable full time income can be very rewarding.
Anyone nowadays can be an online entrepreneur from writing a book to creating an app, the world is yours. All you need is an idea and the drive to make it happen. Check out our How to Make Money Online series which features smart women who all make a living from starting their own business.
Buy a house
If you’re tired of dealing with landlords and nosey neighbors now may be the perfect time to invest in real estate. Owning a home is no joke, it takes money and time and it’s a big financial commitment, but at the end of the day it’s yours.
You can decorate however you want, you can renovate and paint. If in a few years you decide you want a change of scenery you can sell it and hopefully end up with a nice big chunk of change in your pocket. That doesn’t happen when you rent.
Go back to school
Investing in yourself is always a good option. If you want to advance your career or make a career change then think about going back to school. The price of tuition and books can be expensive, but if you choose a program wisely having a degree can be financially rewarding. A college degree may be just what you need to get a promotion and that comes with a big fat raise. You’ll be spending some money now to make more later, and that’s always a good investment.
Learn about the stock market
This is the most traditional way to invest your money – well, other than keeping stacks of cash under your mattress. If you want your money to grow overtime then now is the time to learn about the stock market. This is how to invest your money.
If you haven’t starting investing yet, don’t’ worry neither have your friends – but that’s no excuse. You don’t want your $5,000 of savings to still be worth $5,000 in 5 years do you? No you don’t. So start investing and watch your money grow. According to a recent survey conducted by Bankrate only 26% of young people under the age of 30 are investing in stocks. That’s extremely low when you compare it with their (older and wiser) parents because 58% of Baby Boomers are investing in the market.
Save for retirement
You want to stop working someday don’t you? I’m almost positive the answer is yes. If that’s the case then you need to start saving for retirement because retirement doesn’t happen magically. If you want to say bye-bye to the workforce when you’re 65 (or maybe sooner) then go to your bank, talk to a professional and open a retirement savings account.
You’ll want to find an investment option that aligns with your needs and goals as well as with your risk tolerance and time horizon.
Don’t worry if you haven’t started saving yet, because it’s never too late to start investing in your future.
Great ideas. People are always shocked when I tell them I run my own blog on the side. It takes a lot of time and hard work, but I’m really not sure what I would do with the extra time otherwise! Even with running my own business, I still find time for hobbies, a social life, and planning a wedding. Time management is key 🙂
Completely agree Rachel! I think everyone should start their own business of some sort, even if it’s just a side hustle. You never know what it could grow into.
So true DJ. Having a business on the side is great because it’s another source of income and we just never know what’s going to happen with our day jobs. It can be as big as we want it to and that’s pretty cool to know.
Hi Rachel, that’s amazing. I agree that time management is a big part of being successful. When are you getting married?