You actually don’t have to have a lot of money to make money, especially not now, with the democratisation of investment. These days, you can open an online trading account for as little as $100, or for just $25 you can get into peer-to-peer lending in order to make a profit.
If you’re looking for ways to invest any spare cash you might have that don’t involve sticking it into your sluggish savings account, then read right on because you may be a magnate by this time next year…
Use an online investment platform
You can find several of these platforms now and they’re broadly as good as each other, it just depends what the minimum deposits are and how much you’re prepared to part with each month. They’re so-called robo-advisors, although there are also real people you can contact, and you’ll need to do a questionnaire before you start to work out how much risk you can handle. Once this is pinned down, your portfolio manager will create a portfolio for you. There’s a management fee, but it’s usually a small percentage of your actual profits, so that’s all good.
Buy silver bullion
That’s right, buy bullion! You may be surprised to know that you can buy silver ingots and bullion coins from as little as $10 or even less. If you watch out for dealers like Golden Eagle Coin holding sales, you can pick up what may turn out to be your bullion starter pack and you’ll never look back!
Join a lending club
You can join one of these peer-to-peer lending clubs as a lender and make some money with as little as $25 to start with. Think of yourself as an investor rather than a lender if it helps – you’re investing in someone’s brilliant business idea rather than just doling out a loan. It’s not unheard of for investors to see double-digit rates of return on these P2P lending platforms, although you’re less protected against non-payers than traditional banks.
Investing in yourself
You can do this with as little or as much money as you feel you have. Learn a new computer code, refresh your typing speed, brush up on an old and rusty foreign language or take an advanced driving course. Whatever it is you can do, if it increases your job prospects or just gives you something else to put on your resume, then it’s well worth it.
Use a low minimum investment fund or ETF
Some investment funds let you start off with as little as $100, although realistically you need a few hundred dollars to make a serious go of it. However, there’s nothing wrong with starting out small and adding, say, $10 or $20 to your fund each month until you have a worthwhile amount to play with. No matter the size of your fund, you should use an index fund as you’ll get a good spread of tech, commodities and companies to choose from – as you should know, diversification is vital.