This year has only just begun, but so many things already happened worldwide. Big companies have lost billions of dollars recently. Besides, medical costs are rising, and the tourism industry is experiencing a lot of setbacks. People can even see the future of investment by watching the news.
During the first three months of 2024, the following large-scale incidents have occurred: the devastating forest fires in Australia, the accidental shotting of a Ukrainian aircraft in Iran, and now the biggest problem of the planet — the Coronavirus (COVID-19). News emerged about currency dropping right after the outbreak. Schools, hotels, and borders are closing. All these incidents have affected the global economy and investments. Let’s have a look at the ideas for investment in 2024, taking into account all that’s happened. If you need to write an essay on this topic with detailed statistics, here you can order it online.
1. The golden rules of investing
To be profitable and successful in making money this way, you need to follow certain rules that always work.
- Invest only pocket money. Do not expect this to become your main income. If you do not have extra cash, you should not get a loan, borrow it from friends instead, or take it from the turnover of another successful trade of your own. After all, even professional projections can not be one hundred percent accurate. Worldwide incidents have developed rapidly and unexpectedly, so there is a chance you might lose all of your investments.
- Create an investment plan. As experienced experts suggest, it should never be limited to a single option. If you select multiple directions, it will be more likely you will work with one of them.
- Do not waste your first salary right away. Above all, currency decline can occur. You should invest once again to continue increasing your profits.
Investments can be both short-term and long-term. If you plan to make a long-term one, the global 2024 events will have less impact. But if you are interested in a short investment, then you should explore and examine all the relevant information, including the position in today’s market, before making a decision.
2. Long-term investments
Despite the recent incidents, investing in real estate remains as relevant in 2024 as in the years before. Nowadays, there are peaks and declines in property prices. Here are two ways of earning this way: you can buy property at a reduced price, then sell it in a couple of years for a high profit. The advantage of investing in real estate is that you will not waste your time waiting for the sale after purchasing. You can profit by renting, for instance. This is a win-win situation. However, it also has some disadvantages that you should be aware of:
- The capital should not be small. You should only invest in property once you have already saved up a decent amount of money.
- You will also need funds to keep the apartment or the house afloat.
- Property demands might fall as well. In that case, you will only gain a small percentage from the sale. In the worst-case scenario, you will just get back your money without a profit.
3. Investment in precious metals
Precious metals are another option for a long-term investment. You can never lose this way because gold always has good value on the market. For stability, you should invest in different precious metals at the same time, like gold, palladium, and silver, for instance. Even though there’s a chance you lose with one — the others can help you cover the cost. Economists from European countries have reported that global gold demand has started to rise this year. You should wait for the price to drop down a little and then make a deal. Gold is expected to grow in 2024 because it is more sustainable than monetary units. You do not need to save a large amount of money to buy gold in contrast to the property investments.
4. Bank deposits as an investment
The third option is a bank deposit. This is the most affordable method, and the profit depends directly on the amount of money invested. It does not cost you anything. Besides, it is smart to keep your money in a safe place and gradually multiply it. You should insure yourself against bankruptcy as well. Banks have started to offer insurance funds. With this type of service, you can always get your money back either in case of bankruptcy or bank closures.
This option is suitable for a long-term investment because the profit increases over time. However, the disadvantage of this is that banks can initially offer you a minimal percentage. If you consider this type of investment, enquire about each of the bank’s policies and terms so that you can compare and choose the best, and read the bank reviews as well to understand how much you can entrust your money to another party.
5. Short-term and other effective ideas for investing
If you want to gain a profit within a month or even a couple of days, you should become a trader on the exchange. You’ve probably heard about Forex Trading. In simple terms, it is a global market where all the world’s currencies are traded. You can earn money on speculative transactions. For instance, you see a rapid rise of the dollar. Next, you wait for a slight fall, then you acquire that currency, and, finally, you resell it at a higher price. Thus, you profit from the difference. The main principle is quite understandable and does not require any special knowledge. Nonetheless, the disadvantages of this short-term investment are:
- It’s time-consuming.
- The profit is modest.
- You might lose if the currency’s growth and fall is unpredictable.
However, if you have free time, this option will be perfect for you.
Invest in yourself
In these uncertain times, investing in yourself is one of the best options you have. What does investing in yourself mean? Spend money on your education, like mastering a new profession. Modern technology allows you to study remotely at the best universities around the world. It is difficult to predict which jobs will remain in demand, and which ones will no longer be lucrative. If you have a chance to learn something new, take it. In this way, you will be assured that you will always be able to earn money.
Attend events and travel. Such an investment will not only be pleasant but will also help you to create a strong network that will always lead to success. Perhaps you will meet a person who wants to invest in your startup while visiting the Louvre Museum. Who knows?
So, the top five ideas for investment in 2024 are: buying property, purchasing precious metals, making a bank deposit, conducting transactions on exchanges, and, last but not least, investing in yourself.
