Do you have some extra cash? If yes, then you may want to invest it into something that will help make you money. It might sound like a complete paradox, but there are so many things to buy to make money, and it’s a pretty practical and profitable move. Generally speaking, you need to spend money to make money. That especially holds true with real hard assets.
In this article, we’ve listed down and discussed some things to buy to make money, some that appreciate quickly, and others that need some patience.
They’re spread all over the spectrum – from buying stuff worth thousands and thousands to things that cost under 100 bucks.
What To Buy To Make Money
Here’s a list of a few things that you can choose from, ranging from expensive to pretty affordable:
1. Buy a House
Now, if you have quite a bit of spare money that you think you should be spending on something profitable, then buy a house.
There are a lot of things you can do to make money after buying a house. For instance, you can fix it up, construct it in a way that adds value to the property, and then sell it for a profit. However, make sure you know the area and its price history. Do your research!
You can also rent out the house. As the rent increases every year or so, you can expect good returns from it. You can even buy a multifamily building, rent it out, and sell out units later as the building appreciates.
So which way you choose depends on your finances and what you think you can manage easily.
Wait, don’t have enough money to buy a house? Well, there is still a perfect way to make money from real estate.
Try some of the best real estate crowdfunding platforms we have listed for you.
2. Buy Stocks
A lot of millionaires are millionaires today because they made smart stock investments. Holding on to your stocks for a long time is the key so that when times are good, you get high returns and don’t miss the chance.
Before you go ahead and buy stocks, though, make sure you have done your research about the company.
For instance, the company’s earnings, sales, and equity should be higher than the year before, and the debts should be equal or lesser.
Learn about the stock market, research about it, and invest in high return and low-risk stocks, or whatever seems suitable at that point. With some logic and smart moves, you can get dividends and a good income with stock investments.
3. Buy Art
This might sound like an unusual thing to invest in, but the rarer a piece of art, the more it appreciates as time passes. Hence, it may be a good idea to invest in artwork today. (Imagine, what wouldn’t Bob Ross’s fans pay to own one of his paintings today)
And guess what? There is a huge market for art, as the market expands to USD 67 billion in 2018.
Now, you may not be able to buy a rare piece of art by Van Gogh unless you’re super-rich, but if you have good knowledge about art, you may want to invest in current artists. Look for potential artists who you think will become big in the upcoming years. If you buy their artwork right now, you’ll be able to sell it at a huge profit later on.
4. Buy a Car and Rent it Out
One of the many things to buy to make money is a car. How? Well, rent it out.
For instance, if you buy a classic car from the 1990 or ’80s, but you know you won’t be using it too much, then you can rent it out and make some cash meanwhile.
Many companies, like Turo in the US and Canada, help you make money with your car. Just register yourself, pick the days you want to rent out your car, and you’ll find someone who wants it.
This is a good way to earn money and cover insurance costs for your car while you don’t use it and also earn some extra cash.
5. Invest In Gold
Gold is considered as a safe medium of wealth. During times of economic crises and collapse of currencies, people who own gold have a protected form of wealth, which is, gold, of course, and thrive off of it.
Here is a quick fact. The price of gold was around USD 1300/oz in June 2019, which increased to USD 1570 in February 2020. This is more than a 20% profit in just 8 months.
When returns on bonds, real estate, and equity fall, gold prices go up. This is when you can profit off of the gold you bought a few years ago. You can either buy the metal itself, invest in gold mines, buy gold bullions – there are a lot of ways to invest in gold!
6. Purchase a Good Camera
Got a couple of thousand dollars to spend? Go ahead and get yourself a camera. A good camera is one of the many things to buy to make money and can prove very useful.
If you have a knack for photography, then you can sell your photos, which are one of the easy things to sell to make money. One way to do this is to sell your photos through stock images, and you can earn good money easily if you have a large enough portfolio.
Another way to do this is to create a blog on Instagram. Here, you can get known for your work and get the appreciation you deserve. From here, you may be contacted by newspaper agencies or other companies who want to buy these images from you. You can even contact them yourself and publish your photos for a good price.
If photography isn’t your thing, then you can use your camera to film videos and start a channel on YouTube. Or, you can film videos for other channels using your camera and earn yourself some good money.
7. Buy a Musical Instrument
Can you play a musical instrument? Go ahead and buy yourself one, practice, and you’ll be surprised at how quickly you’ll be making money.
Good music and gifted vocals are highly appreciated. You can put up videos on YouTube of yourself playing that instrument or singing along with it, grow your channel, get your videos monetized, and get recognized for your talent.
Posting such videos on YouTube is a good way to earn a steady income. Plus, you get known for your talent and get further opportunities in your industry.
8. Purchase Good Quality Paints (Yes, really!)
If you have a couple of hundred dollars to spend, don’t go ahead and spend it on food and clothes! You can still buy something that can help make you money. For instance, if you have the potential to paint the next Mona Lisa, don’t wait!
Invest in some good quality paints and painting equipment (Good paints aren’t very cheap, especially oil paints).
Even if you’re not the next Da Vinci, you can still earn good money through your art. Find your unique skill and style, and practice.
Once you get better, you can earn money in several ways. For example, you can teach painting on YouTube, which is very profitable. A good example is The Art Assignment, a YouTube channel with almost half a million subscribers.
Whether you have thousands of dollars or just a hundred dollar bill to spare, you can always find things to buy that can help you earn money, in both the short and long term. Simply put, it depends on how you plan your investments.
For those who want to buy and hold, gold, art, and vintage cars can be good options. On the other hand, for passive income, buying real estate and cars for rental income might make more sense.
Author Bio: Financial Wolves is a blog focused on helping you make more money to achieve financial freedom. After repaying student loans, I’ve shifted my focus to make more money from side hustles, real estate, freelancing, and the online economy. Follow us on Pinterest, YouTube, Twitter, and Facebook.