Hands up if you’d like to double the money in your savings account in a year.
Clearly, it’s everyone’s desire to increase the money by great margins. Unfortunately, this is easier said than done. In fact, it can be downright impossible for most people. Unless you’re a very lucky gambler, doubling your savings, especially in a short time, is hardly doable.
But, did you know you can invest your money and get high returns? You can more than double your money, as long as you’re patient enough and investing in the right markets.
If you’re wondering where you can invest your money and get the highest returns, you’ve come to the right place. Read on to learn more!
High-Yield Savings Accounts
Putting your money in a savings account isn’t the first thing that comes to mind when you’re looking to make high-yield investments. With the average APR for typical savings accounts in the U.S. at a measly 0.06 percent, there’s no incentive to save your money in a bank savings account.
Before you give up on savings accounts entirely, you need to know that there are high-yield savings accounts. These accounts are offered at several online and brick-and-mortar banks and other financial institutions. The APR can range from 0.2 percent to 0.6 percent, depending on the institution.
0.6 percent might not sound like much, but if you’ve got some money lying around without any use, it’s much better in a high-yield savings account than in a typical savings account. The risk is also super low, so you won’t be going to bed worrying about losing your money.
Besides savings accounts, there are other high interest rate investment opportunities you can explore.
Do cryptocurrencies need any introduction?
Unless you’ve been living under a rock, you’ve heard stories of people who have become overnight millionaires after investing in bitcoin and other cryptos through exchanges like Bitcoin Up. Since many 2020, for instance, the price of bitcoin (to the USD) has seen a 300 percent increase!
If you bought one unit of bitcoin then (about $40,000), you’d be having more than $60,000 over a year later.
Of course, with the potential for high reward comes high risk. People have lost a lot of money trading cryptocurrency. But whether this market is a bubble waiting to burst or not, there’s no doubt it’s attractive for people who are after high-yield investments.
High Yield Stocks
The stock market isn’t particularly known for quick returns, but the yield can be high if you’re investing in the right stocks and have plenty of patience.
Case in point:
If you invested $10,000 in Amazon when it launched its IPO in 1997, your shareholding would be worth over $1.7 million in 2021. 20 years later, sure, but the return on investment is sky-high.
If you’re not the patient kind, there are quick-moving stocks like Tesla and GameStop. Be careful, though. You can lose your capital if the stocks move against your position.
Be Smart When Making Investments for High Returns
When you invest, you want high returns. While this is not often the outcome, there are investments that indeed deliver great returns. High-yield savings account, high return stocks, and cryptocurrencies are some excellent examples.
Invest wisely and keep tabs on our blog for more advice.