Top Strategies for Growing Your Money This Year

Have you noticed that the costs of various goods and services have gone up quite a bit lately? Perhaps you’ve gone to the grocery store and noticed that the amount you needed to spend was much more than it was even just a year ago for the same amount of food. Or maybe you have noticed that the money sitting in your bank account, earning hardly any interest, has remained stagnant rather than grown. This is extremely frustrating, but you can take action to change things. 

When you are ready to invest your money wisely to watch it grow more quickly, there are many different investment strategies that you can use. This handy infographic from HotForex showcases a few of the top strategies that you can use this year to grow your wealth and help hedge against the inflation that you’ve been seeing. Keep reading to learn more about what these strategies are and how they can benefit you. 

Buy Gold and Commodities

You have likely heard that owning hard assets, such as real estate, is a great way to protect yourself against the rising cost of living. Basically, you want to invest in assets that tend to appreciate, rather than depreciate, over time. That way, no matter what happens to the value of your currency, you will be the owner of some valuable assets that will be worth a lot of money. 

HotForex recommends looking into gold and commodities when you want to invest in assets that will help you grow your wealth. First off, gold is a reliable choice and there are many great reasons to invest in gold. This is a safe haven asset, it’s great for hedging against inflation, and in 2020, it generated more than 24% in returns, according to HotForex. 

Also, when it comes to commodities, options like silver, palladium, and copper may be a good way to go because these materials are in demand in industries that include “green” industries that produce products like hybrid cars and solar panels. By investing in these materials now, you might be able to take advantage of their increasing value over time. 

Invest in the Forex Market

Another way to grow your money this year is by getting into the forex market, in which you trade currency pairs. With the right strategies in place, you can track the behaviors of currencies from around the world. And you might be surprised by how large the returns on your investments in this market can be if you make the right moves. 

Plus, you don’t need to necessarily invest a lot of money when you are first getting started, and if you download the MetaTrader 4 platform, you might find it easier to learn the ropes when you’re a beginner as well. 

Invest in the Stock Market

Another market that you can invest in is the one that you hear about every day: the stock market. Depending on which stocks you choose to go with, you might be able to get really high returns on your investments, thereby growing your money surprisingly quickly. 

According to HotForex, for example, Amazon and Tesla have done very well recently. Just bear in mind that this can be a risky way to invest your hard-earned funds, so do plenty of research if you are totally new to it. 

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