There are many reasons you would love to invest in many other fields apart from your usual one. The most common include securing retirement, gaining financial strength, growing wealth, or diversifying your portfolio. In any case, you must be careful about what area you venture into to ensure it’s rewarding.

Investing can be an excellent way of securing your future. You now have various solutions to adopt today, each with unique advantages and disadvantages. You may initially feel overwhelmed, but in a few years, you’ll be proud of yourself for facing those fears.

Here are some investment ideas that have performed well in recent years.

Mortgage Investment Corporation  

A mortgage investment corporation, abbreviated as MIC, is a way for several investors to pool their resources (money) together to purchase shares in a MIC in return for a particular income. The companies act as lenders under the management of provincially registered and licensed real estate agents and mortgage brokers.

This is one of the best ways to get into real estate (indirectly), with incredible returns ranging between 6% and 12%. This option has its vulnerability to fraud and management incompetence.

High-Yield Savings Account(s)

The second idea to consider when investing money is a high-yield savings account(s). These accounts allow investors to deposit large amounts of money and earn interest on their balances.

Furthermore, after evaluating your reputation, they don’t restrict the maximum amount you can deposit (there’s a minimum). This service is offered by many recognized banks across various provinces. Dig deeper into the institution’s requirements, authenticity, and rates.

Index Funds  

Index funds are a broad topic with endless investment opportunities for anyone looking for impressive returns (money-wise). These index funds perform against a particular market index. Real Estate Investment Trusts (REITs) and mutual funds are the most common examples.

Index funds offer affordability, transparency, performance, tax efficiency, and diversification. However, due to market changes, they may not be as flexible as other options. Be sure to research and analyze index funds before purchasing.

Real Estate  

The real estate industry holds many opportunities for you to expand your pockets. Many people opt for rental properties in which they build and rent out spaces for profit. Besides that, you can also dive into house flipping, marketing, listing, and becoming a real estate agent or broker.

Whatever you consider, real estate investments appreciate over time and have tax advantages like interest relief. Economic fluctuations may, however, significantly affect appreciation. It may also take a while to penetrate the industry.

Cryptocurrencies  

You can always go right with cryptocurrency investment in the 21st century. Investment involves buying tokens in exchange for money or other decentralized returns. Cryptocurrencies are digital currencies such as Ethereum and Bitcoin that circulate worldwide through blockchain technology.

There is no connection between cryptocurrency and the Bank of Canada, but you can grow wealth here. The value of the coins increases with time, although it’s not 100% guaranteed. The main risk is that cryptocurrencies are a speculative investment, and investors can lose vast amounts of money when coins depreciate enormously.

Retirement Plans

Yes, you can also make money by focusing on retirement plans. As the term suggests, an investment allows people to contribute a percentage of their monthly income to a particular account. Contributions may be re-invested in exchange-traded funds, mutual funds, bonds, or stocks.

The most common retirement plans include a 401(k) for self-employed persons, a 457(b) for state and local workers, and those of specific tax-exempt companies.

Others are 403(b) for public school employees and savings incentive match plan for employees (SIMPLE) IRAS, whereby workers and employees contribute a percentage. Simplified employee pension (SEP) allows business owners to build employees’ and retirement savings accounts.

Other Investments

When investing, understand what is offered before parting with your hard-earned cash. Your expertise and skills matter. Know the field you are entering to avoid scams and failures due to ignorance.

Capital requirements must match your financial capacity. If not, you will struggle to maintain your investment. Risk tolerance is key, too. Can you handle the risks involved in what you’re considering? Is it worth the sacrifice? If yes, it’s the right option for you.

Return on investment (ROI) is critical. It shows you how much you can get back from your efforts. Look at your chosen idea in the market to see if it meets your earnings expectations.