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Got some cash you’d like to invest, but don’t want to wait years to see a return? There are lots of strategies for growing cash quickly, such as Cryptocurrencies, that could be excellent if you’re in your retirement years (or nearing your retirement). Below are just some of the best ways to grow your cash fast.
Cryptocurrencies such as Bitcoin and Ethereum are all the rage right now. These digital currencies have only been around for a decade and have already proved to be a great form of high-growth investment. In the last two years alone, Bitcoin has increased 7 times in value (if you’d bought £100 of Bitcoin this time last year in 2018, you’d have roughly £700 now).
There are cryptocurrency exchanges online that you can use to buy and sell crypto. It’s possible to start investing with only a few quid. Once you’ve bought some crypto, it’s worth storing it in a digital wallet to keep it safe from hackers.
Crypto investing does come with its risks. The likes of Bitcoin have had big rises and big falls. It’s arguably more volatile than any other form of investment. As a result, it’s best to buy a range of cryptocurrencies and to keep a close eye on the value of each.
Get into forex trading
Forex trading involves trading real-world currencies (such as British pounds, US dollars, Euros, Japanese Yen). Currencies are always changing in value. As a result, it’s possible to buy a currency that is rising in value, convert it back and make a profit.
You can trade foreign currencies using a forex broker. You can find these online and in the form of apps. When investing in forex, it’s usually a good idea to have at least £100 to invest as many brokers will set this as a minimum deposit.
Real-world currencies generally aren’t as volatile as cryptocurrencies, so you’re less likely to make a big loss. At the same time, returns may not be as huge – however, you can still make a lot of money quickly by buying and selling at the right time. It’s worth learning how to read currency pairs. You should also buy a range of currencies to spread the risk.
Looking into high growth stocks
The stock market can be a good place to grow your money fast too. While some stocks rise gradually in value, there are others that have huge increases. These high-growth stocks can be a means of increasing your money fast.
Nowadays, there are lots of apps that can allow you to trade stocks for free. In some cases, you can invest as little as £1.
High growth stocks can very quickly fall in value so you need to keep an eye on them. It’s worth investing in a range of stocks – including some stable low-risk stocks – to minimize the risk of loss.
Try property flipping
Not everyone likes the idea of putting their money into something that they can’t physically touch. Property is a good investment choice for those that want something tangible. While you can buy a property and rent it out, this could take you a while to make back your investment. Property flipping can make you a much faster and bigger return – it involves buying a property, renovating it, and then selling it at a higher value.
Most people opt for ‘fixer uppers’ – properties in bad condition that are cheap to buy. These can usually be bought at local auctions. You can buy them in cash, or you can use a property development mortgage. At the very least, you’ll probably need £10,000 to £40,000 to buy a property and then improve it.
The key is to spend as little doing up the property as you can while adding as much value. Some people choose to use their DIY skills, while others hire handymen to do it for them. Either way, you can make a profit.