Do you have $60k to invest?
Investing wisely can be the difference between turning your $60,000 into hundreds of thousands of dollars (if not millions) or becoming broke.
There are many different ways to invest your money, and the best way to invest $60,000 will vary depending on your individual circumstances.
In this post, I'll explore the best ways to invest $60k, some tips to maximize your returns, and much more. Let's get started!
Best Ways to Invest $60,000
Below are some of the top ways to invest $60k. Always consult a financial advisor before making any investment.
Invest in Real Estate
Real estate is always a solid investment. You can use your $60,000 to invest in a variety of real estate assets including crowdfunded real estate, commercial real estate, real estate debt, or even rental properties.
Invest in Crowdfunded Real Estate
Crowdfunded real estate is one of the easiest ways to build wealth and turn your money into more money.
If you have $60k to invest, using a platform like Fundrise is one of the best ways to invest for a few reasons.
First, you can get started with as little as $10 on Fundrise. However, by investing more – you'll get exclusive access to premium features and investments.
Second, you can invest in a variety of different types of real estate which can help you to keep your portfolio diversified.
Third, you don't have to be an accredited investor to get started with Fundrise.
Finally, the returns with Fundrise are quite lucrative. It's common to see returns greater than 10% making it one of the best places to invest $60k.
As a bonus, new investors can get $10 completely free to invest with the link below!
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Invest in Commercial Real Estate
Commercial real estate is another strong option when it comes to investing your money.
While you'll need more money to get started with commercial real estate, it can be a great way to generate passive income and build wealth over time.
There are a few different ways to invest in commercial real estate.
My favorite is through a platform like EquityMultiple.
With this platform you can start investing in commercial real estate with as little as $5,000.
The returns on your investment can be quite high with commercial real estate, often in the double digits.
Invest in Real Estate Debt
One of the least known real estate investment options is real estate debt.
This is where you're essentially lending money to real estate developers who use it to finance their projects.
The great thing about this investment is that it's relatively low risk and the returns can be quite high.
I've seen returns as high as 12% with real estate debt investments!
If you have $60,000 to invest, I would recommend checking out a platform like Groundfloor.
Invest in Rental Properties
Finally, rental properties can be among the most profitable investments you can make.
While they do require more work than some of the other options on this list, the returns can be incredible.
There are a few different ways to get started with rental properties but the most common is purchasing a rental property outright.
To do this, you'll need to have 20% for a down payment as well as the income to cover the mortgage payments.
This can be one of the best ways to make passive income and build long-term wealth because of the amount of ways you can make money.
For example, not only will you earn rental income from your tenants but you'll also benefit from appreciation if you purchase in the right market.
Rental properties can be an excellent way to invest $60,000.
Invest in the Stock Market
The stock market is another great option for those looking to invest their money and earn passive income.
While there is more risk involved with investing in stocks, the potential rewards are much higher.
One of the best things about the stock market is that you can start with a very small amount of money.
For example, you can get started with as little as $5 on platforms like Acorns. As a bonus, you'll get $10 completely free.
There are numerous options to invest in the stock market, but some of the best include:
- Index funds
- Exchange traded funds (ETFs)
- Mutual funds
- Dividend stocks
The average returns of the stock market are around 7% but it's not uncommon to see returns in the double digits with a well-diversified portfolio.
When it comes to the stock market, it's important to keep your money growing for the long term.
Because the market fluctuates so much in the short term, it's important to hold onto your investments for at least five years to see the best results and take advantage of the power of compounding returns.
Invest in Small Businesses
Small businesses can be extremely profitable and a great option for investors looking to diversify your portfolio and increase their returns.
By using a platform like Mainvest you can start investing in small businesses with as little as $100.
There are a number of different types of small businesses you can invest in across the country from breweries to restaurants and many other types of businesses.
The returns for Mainvest range but it's possible to earn over 20% in some cases.
While there is more risk involved with investing in small businesses, the potential rewards are much higher which makes it a great option for those looking to invest their $60,000.
Invest in Cryptocurrency
Cryptocurrency is one of the hottest investments in the past few years and for good reason.
While there is still a lot of uncertainty surrounding cryptocurrency, the potential rewards are incredible.
I've personally seen people make a fortune investing in cryptocurrency and it's one of the best investments I've ever made.
However, I've also seen the other side, where some investors lose massive amounts of money.
This is why it's important to only invest what you're willing to lose and to be very careful with your investment.
By investing in digital real estate like Bitcoin and Ethereum you can potentially see massive returns.
Retirement accounts can be tremendous options for those looking for a place to invest their $60,000.
There are a number of different types of retirement accounts but some of the most popular include:
- Roth IRA
- SEP IRA
Each account has different rules and benefits but they're all great options for long-term investing.
One of the best things about retirement accounts is that they offer tax benefits that can help you grow your money even faster.
For example, with a 401k you'll get to contribute pre-tax which means your money will grow even faster.
With a Roth IRA, you'll pay taxes on the money you contribute now but all future withdrawals will be tax-free.
There are a number of different options when it comes to retirement accounts so it's important to do your research and find the best one for you.
High Yield Savings Accounts
If you're looking for safer ways to grow your money, opening a high yield savings account is an excellent place to store your cash and earn a little money while you're at it.
There are many different high yield savings accounts but my favorite is through CIT Bank.
They offer one of the highest interest rates in the industry and there are no fees whatsoever.
Another great thing about CIT Bank is that you can open an account with as little as $100.
While the interest rate isn't going to make you rich, it's a great way to grow your money while keeping it safe.
Open your free account below to get started!
Another safe way to invest $60k is through bonds.
There are many different types of bonds but they're all essentially loans that you make to a company or government.
In exchange for lending your money, you'll earn interest payments every year.
The interest payments will depend on the type of bond you invest in but they're typically between 2% to 6%.
The amount you can earn in interest will depend on the level of risk you're willing to take.
For example, government bonds are going to be much safer than corporate bonds but they also offer lower interest rates.
Investing in bonds is a great way to earn a consistent return on your investment and it's a very safe way to build wealth.
There are many different alternative investments that you can consider if you're looking to invest $60k.
Some of the most popular alternative investments include:
- Fine wines
Investing in alternative assets is a great way to diversify your portfolio and potentially earn a higher return on your investment.
How to Invest $60k in Real Estate
If you want to invest $60k strictly in real estate, some of the best methods include:
- Crowdfunded real estate with Fundrise
- Commercial real estate with EquityMultiple
- Real estate debt with Groundfloor
- Rental properties
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Things to Keep in Mind When Investing
Before you invest all of your $60,000 – it's important to consider a few things.
How much risk are you willing to take?
Those who are younger and aren't going to need the money for a while can afford to take on more risk.
On the other hand, if you're nearing retirement or need the money soon – you'll want to be more conservative with your investments.
For those who don't want to take much risk, it's better to stick to more conservative investments like bonds and high yield savings accounts.
If you're willing to take more risk, investing in small businesses with Mainvest could be a perfect way to maximize your returns.
What are your goals?
Are you trying to turn $10k into $100k? Or $60k into $1 million?
Depending on your goals, your investing strategy will need to adapt.
Those seeking larger returns will need to be willing to take on more risk.
Do you have debt?
Debt like credit card debt, student loans, and some personal loans can cost you a fortune in interest payments.
Before you start investing, it's important to get rid of high-interest debt first.
Not only will this free up more money to invest, but it will also allow you to invest with less risk.
Final Thoughts on How to Invest $60k
There are many different investment opportunities if you have $60,000 to invest and you need to be careful to avoid losing money.
The best way to grow your wealth is to invest in a diversified mix of assets that have the potential to generate high returns.
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