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It is never too late to start investing. As we approach the end of another year, you may find yourself wishing that you had much more in the bank than you do today. You should certainly not feel alone, as that is likely the case for millions of people around the country. However, now is the time to do something about it. Spend some time considering various investments that you can begin to take advantage of. The key is to look for something that offers a high yield without the tremendous risk associated with many investments today. Here are three options worthy of your consideration as we approach 2020.
High Yield Certificates of Deposit
Many banks are beginning to offer nice rates on their certificates of deposit. The advantage here is that there are many different options to consider. Most CDs come with various time frames attached to them. You can get a certificate of deposit for as little as three months to as many as five years or more. The choice is up to you. In order to maximize your return, you will only want to invest as much money as you can afford to have tied up in the bank. While it is possible to withdraw money from a CD, it will cost you in the long run. That defeats the point you are trying to accomplish.
Another strong investment opportunity for 2020 is found in the foreign exchange markets. This involves buying other currencies when they are low and then selling when they are high. This is similar to stock investing, with the caveat being that fluctuations can happen much more quickly. If you want to get started in this area, look for a course that specializes in forex trading for beginners in your area or online.
Stocks That Pay Dividends
Historically, investing in stocks has been a great way to get a positive return over time. If you are looking for income, you want to start investing in stocks that pay a dividend. This will provide you with a regular flow of cash that you can depend on. You can also reinvest those dividends to make even more money. Just look for solid stocks that have a reputation for paying regular dividends.
You will want to carefully each of these investments and determine how they come in line with your own financial goals. Now is the time to really ramp up your investment strategy and try to realize big gains in the coming year. With a bit of research and proper planning, it can be done. Just remember to stay active and remain well diversified as you enter into any investment.
Kara Masterson is a freelance writer from Utah. She enjoys Tennis and spending time with her family.
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