With all the investment advice out there, it’s hard to know what sorts of investments aren’t worth your money. If you want to make the most of your savings, and have your money work for you, here are a couple of things to consider when saving and making investments that will yield the best turnaround for you. Avoid these three types of investments, and you won’t have to worry about your money not going to work for you.
Don’t Invest In Cars
Cars might seem like a great investment choice, especially if you only seek out luxury brands. Cars run into a lot of problems though-including more than simply changing a flat tire from time to time. Cars depreciate after they have been driven off the lot. The value goes down a couple of thousand dollars or more-even if no damage has incurred. Because of this, individuals should seek to invest money elsewhere rather than putting it into something that will go down in value as time goes on. Even if you sell the car later, it’s highly doubtful you’ll be able to get the full asking price your originally intended.
Don’t Bank On Boats
While boats sound like something fun to have, and easy enough to get rid of, they are like cars in how they depreciate. In fact, you may experience additional problems trying to get rid of a party of luxury boat because it’s not as practical. Depending on where you live, you can make more on certain boats rather than others, especially if you live in a vacation area where boating is a common pastime. However, unless your boat is used for a type of business, the return that you are looking for won’t be as large as one would typically think.
Jewelry Doesn’t Age Well
Many people believe that jewelry, precious stones, and other valuables are worth a lot of money. As the weight and cut of stones changes with the times, so does their worth. Certain cuts of diamond rings aren’t worth as much as others. Gold in jewelry does have some return, but not as much unless it’s in the form of gold bars. That’s because the bars can be melted down easily, allowing you to get more. Jewelry doesn’t have as much gold in it as a bar, simply because most jewelry pieces are much smaller than a gold bar.
When looking for investments to make, consider Bitcoins or even Ethereum. These provide better returns for your money, allowing you to have a sizeable nest egg. Traditional investments, such as jewelry, and those that are used for transportation, like cars and boats either don’t hold the same amount of value they once did, or they depreciate quickly the more they are used. If you are looking for modern investment options that translate well into a decent return for you later on, take stock of the newest options with Bitcoin and Ethereum, and see how they can help you save.