Got $50 to spare? Most people would immediately think to spend that amount on their favourite restaurant or fashion retail outlet but the truth is, there are much better ways to use what would seem to most as an insignificant amount.
You can think of your $50 as an investment. Here are five ways how. Keep your eyes peeled because some of them may surprise you.
1. Buy a domain. Website domain names are very cheap—as low as $10 a year—that some people have made it their business to buy high-potential domain names and sell them for a higher price. You can buy domains from sites like GoDaddy.com, Register.com, and Domain.com. Now if you don’t have it in you to think of a domain name that could potentially earn you a good return, you can always use your $50 to start your own website. There are plenty of ways to earn income online such as through affiliate marketing, online ads, and paid blogging. You would have to invest time as much as money for these endeavours though.
2. Stocks. Putting your $50 in savings could earn you interest in 20 years. But if you want more growth potential for your dollar—and are not afraid of risk—you can try to make a wise investment in the stock market. It is possible to buy stocks for $50. You can refer to this MSN article about best stocks that cost under $5 and start buying shares. You could also opt for DRIP (divident reinvestment plans) investment, which requires only a minimum investment of $50.
3. Sports cards. Just this April, a 1909 Honus Wagner baseball card found in an Ohio attic was auctioned off for $2.1 million. Yes, believe it or not, sports cards can earn you thousands, even millions of dollars but with this kind of venture, you have to consider returns for the long term. Sports cards for legendary players increase in value over time. If you are a sports lover, this might just be the perfect investment idea for you.
4. Art. Investing in budding artists could prove lucrative for you in a decade or so, given that you have an eye for spotting trends and seeing potential in art. If art is one of your interests, look for artworks by contemporary artists and who knows, you might be auctioning them for millions of dollars many years from now!
Don’t know where to start? Search for Banksy. One of the most prominent and controversial artists of our time, he recently sold his original artworks for $60 apiece in Central Park. You can bet the lucky buyers would be cashing in on those masterpieces many years from now.
5. FOREX. If you have the stomach and the patience for it, you can certainly try to gamble your way into the foreign exchange market. I say gamble because you have as much to lose as you have to gain but if you think you have what it takes to play the game (i.e. you have some background in finance) you can try to make a career out of playing FOREX. Luck plays a huge part in foreign exchange as you make a bet on whether a currency will rise or fall.
Author’s box
Ian G. Elbanbuena is a blogger and infopreneur who writes on various topics mainly finance, self-improvement, business and marketing. At present he works on behalf of Compare Hero, Malaysia’s leading comparison website. This portal helps individuals in making the best decision by comparing rates from different credit card providers.