Everyone is always looking for the best investment. But the reality is that the “best” or “smartest” investment is constantly changing. It fluctuates just like the market. Therefore, investors need to constantly assess the market conditions to understand where the wisest investment decisions lie. Below, we’ve compiled a list of some of the top investment options for 2024.
Value Stock Funds
Value stock funds are a great option in 2024. What are they, you might be wondering? Value stock funds are funds comprising fairly priced stocks. Therefore, they are safer options than traditional stocks or ETFs made up of stocks that may be overvalued. They also tend to perform better as interest rates go up. As an added bonus, many value stock funds pay dividends, which means you can earn money on your investment long-term while receiving cash in the form of dividend payouts in the short term.
Rental Housing
Real estate is almost always a great investment. But in 2024, we’re looking at rental housing specifically. If you are willing to put in the effort of managing a property (or have the money to hire someone to do it), purchasing a rental property could be a fantastic investment. If you choose to go this route, you’ll have to find the right property, come up with the cash or figure out how you’re going to finance it (we always recommend getting pre-approved for a mortgage before you start shopping), secure a tenant(s), and learn how to become a landlord. If you can manage all of that and hold onto your rental property for at least a few years, you’ll likely develop a strong cash flow.
Guaranteed Investment Certificates
One final type of investment we recommend for 2024 is guaranteed investment certificates. Guaranteed investment certificates, or GICs, are a smart option for risk-averse investors looking to forward their financial goals during these uncertain times. As you may know, GICs are safe and low-risk. They function as a cross between an investment and a high-yield savings account, which makes them well-suited to investors with a range of financial goals. Whether short-term or long-term, there are GICs of all lengths and terms, so you’re guaranteed to find something that fits. For example, GICs range in term length from a matter of months to ten years. There are also several kinds of GICs, including fixed-rate GICs, variable-rate GICs, market-linked GICs, cashable GICs, and redeemable GICs. Of course, the more money you invest and the longer you invest it for, the more advantageous the interest rate.
