Investment Ideas in 2024: Who does not want to make best of his spare money? All of us want so, especially because of the rising inflation and the advent of course changing technologies.
If you want to know how you can make best use of money and grow it exponentially, then you are at the right place.
We will inform you about 5 such areas where you should invest your money in 2024 to allow it to witness an unprecedented growth.
If you are working as a salaried employee, a business man, or are employed in any such profession, that provides you enough monthly income that you manage to save some money at the end of a month, then you must be wondering what you should do with that amount.
Should you keep it in a bank in fixed deposit or spend it on luxuries?
Or should you park it somewhere else, where it can generate a decent return?
If you are planning to go for second option, then you must know where you should invest your money. And if you going for the first option, then we urge you to change your opinion.
Investing is a very important life changing step and it can help you secure your future financially.
It will help you keep your money safely parked and in getting a passive income stream.
In addition, it will help you beat inflation and appreciate your wealth. Moreover, you live comfortably, when your all other income sources might stop getting you money.
Here are few options, where you should invest your money in 2022.
1. Invest In Stocks
This is among the well known investment ideas in 2024.
Stock market investment is a long term and highly profitable (of course if done wisely) way of managing your finances.
The process might seem overwhelmingly hard at first, but it is not.
Investment in stocks basically means buying some part of a public company. A company gives value to itself and then splits that value into small parts called shares or stock.
When a person invests in a company, it is all done with a hope that the company will grow over time and hence the shares will become more valuable.
If it happens, you can walk away from the company by selling its shares and book a profit.
If you are a beginner, you should first of all learn the basics of stock investment.
To make an investment in stocks in India, you will require a PAN Card and an AADHAR Card and a linked Bank Account.
Since, you can’t buy or sell the stocks directly, you will require a broker or stock brokerage companies that will allow you to invest in stocks using their platform.
To go for Stock investment, you will require to open a Demat account and a Trading account.
The Demat account acts as a store house of your shares and the Trading account helps you in buying and selling of shares.
Once, all this is done, you will be required to login into your trading account and start buying the stocks that you see promising.
After putting your money into some stocks, you can either park that amount for long term or short term.
In long term, you keep your money parked for a pretty long time as market in general always goes up in this case. In short term, called as Stock Trading, you make use of stock price fluctuations to earn profits.
While the former one is secure, the latter one is usually risky in nature.
2. Invest In Startups
What is a startup? There is no clear cut definition of a startup.
In very lucid terms, it can be defined as a company or a venture, that seeks to overcome an ongoing problem by making a product or delivering a service in a modified and an improvised way.
Startups always aspire for a quick growth and hence always need a large amount of investment.
So, they are always desirous of inviting investors to provide them some shares in exchange of money, which can come either in terms of investment or loans.
If you have some money reserved with you, and have good knowledge of assessing the business ideas, it is highly profitable to invest in startups.
You can invest in startups either directly or indirectly.
In direct investment, you on your own put your money into a startup without the involvement of any intermediate party, while in an indirect investment, you park your money with the intermediate parties, who invest that in the startups.
Before you plan to invest in any startup, make sure you assess it on the basis of factors like, “nature of idea”, “feasibility of idea”, “reliability of founders”, “market size”, “competition in the market” etc.
Once, you get satisfied, don’t hesitate in putting your money into it.
Investing in startups can be a very profitable and trend setting business, which can make lifelong money for you.
But, at the same time, it can be very risky and volatile in nature. In addition, you don’t know how long will it take you to reap benefits.
A pro tip would be to diversify your investment and invest in such companies that are working in domains like Metaverse, NFTs, Blockchain, Artificial Intelligence and Internet of Things.
Even if majority of the startups wind up their business, the rest will appreciate your investment beyond your imagination.
Invest In NFTs
NFTs are a very recent phenomenon and in fact the buzziest word of last quarter of 2023.
It is so new a concept that only a handful of people across the world understand this concept completely.
NFT is an acronym of Non Fungible Token and it represents any such digital entity that is highly valuable and irreplaceable in nature.
They have attracted the attention of the entire world, as few of them have sold for millions of dollars.
Example, the first tweet of Jack Dorsey, Twitter’s CEO , was sold as an NFT for a whopping amount of 2,915,835.47 dollars.
Launching,Buying and selling of NFTs is a new trend and everyone is jumping into the fray, from superstar Amitabh Bachan to Kamal Hassan.
People are buying NFTs as a potent investment, or for emotional reasons or as a status symbol in the digital world. This is where you can jump and make huge profits.
To invest in NFTs, you will require to buy some cryptocurrencies especially Ether and a Crypto Wallet.
Once, these things are done, next comes the market place to buy and sell NFTs. The two famous NFT market places are Opensea and Rarible.
Before investing in NFTs, you will require to bear in mind that it is a very speculative market driven by FOMO ( Fear Of Missing Out), Sacrcity and Public Opinion.
There are no set criteria, by which you can gauge whether a particular NFT will appreciate over time or not.
If you are having a good risk appetite, then you should buy some NFTs, make a library of collectibles. Who knows, they might turn into a treasure one day.
Invest In Cryptocurrencies
Imagine investing just few dollars in Bitcoin in 2010, and today being a billioniare. This has happened and such is the power of investing in cryptocurrencies.
Cryptocurrencies have taken the whole world by storm, especially because of the high returns that they have brought for the investors.
They have been the hot topic for last few years and its underlying blockchain technology is claimed to revolutionise the world.
This virtual currency world is becoming popular with every passing day. It is seen as an investor’s paradise with the best investors always glued to look for an opportunity that can reap them fortunes. So, why should you stay away from it.
The point of caution here is that investing here is a very risky job, and you should invest only as much that won’t give you sleepless nights.
You should not invest because of FOMO. Before you set out to invest in cryptocurrencies, make sure that you do a good research.
Some of the important parametres that you should look at before investing are “total supply“, “circulating supply“, “news“, “public opinion“, “source code” and “white paper“, “number of holders” of a particular cryptocurrency.
In addition, you should use a user friendly platform for investing. Starting small, diversifying the portfolio and preferring the blue chips are other canons of sound cryptocurrency investment.
To read a detailed guide for cryptocurrency investment, click here.
Invest In Domain Names
This is among my favourite investment ideas in 2024.
Investing cleverly in domains is a high profit, low risk and get rich quicker type of an investment idea.
Imagine investing just 500 Rupees and getting Lakhs in return in a matter of just few months.
You heard it right and this is the potential of clever investment in domains.
What if Google Inc forgets to renew its domain, and you buy it. You can demand lakhs of dollars from them in lieu of returning them their domain name.
Recently, Facebook announced that it is changing to Meta, and soon Metaverse became a hot topic, with it being labelled as the future of internet.
If you had managed to buy Meta and Metaverse related good domain names, you could sell them at any cost, that you wanted.
If you are planning to invest in domains, make sure that you remain updated about the upcoming events and book all the related good domain names in advance.
You can list them for sale either on your own website or on any registar’s website which in most of the cases is totally free.
As soon as the event occurs, or becomes a trend, people will approach you for them with very decent deals.
You might, in your early stage, buy some illogical and stupid domains as well, but with time, you will develop the acumen of differentiating between a good and a bad domain name.
These were some areas, where you can invest money in 2024. While some of them are risky, but can be very high yielding at the same time. You are required to do a proper research and start with small amounts, untill you get a know how of how things in these areas work.
Kindly don’t consider it as an investment advice,