6 Best Ways to Multiply Your Wealth [2024]

6 Ways to Multiply Your Wealth

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If you want to multiply your wealth…

You need to make your money work for you.

This is something I learned during my 7 years in Wealth Management.

And after working with 453 millionaires…

And spending thousands of hours studying their habits…

I realized they all had one thing in common..

They NEVER let their cash sit idle.

Whether they buy:

  • Stocks
  • Crypto
  • Real estate

They always put their money to work.

Now, I know what you’re thinking…

“Fiona, this sounds great…”

“But how do I make my money work for me?”

Let me show you.

In this article

1. Stocks

What is the main source of wealth creation?

Investing in stocks.

Stocks can provide:

  • High returns
  • Diversification
  • Protection against inflation

Investing in stocks is a proven way to make your money work for you.

Recommended investment platforms:

fiona smith the millennial money woman

Remember:

Always do your research before you invest.

2. Real Estate

90% of millionaires invest in real estate.

Real estate can provide:

  • Tax advantages
  • Passive income from rent
  • Profits from property appreciation

Remember that real estate is highly illiquid and a long-term investment.

Recommended platform: Arrived Homes

3. Crypto

There are over 88,200 crypto millionaires as of September 2023.

Crypto can provide:

  • Global access
  • Diversification
  • Inflation protection

But beware of scams, and always do your research before you invest.

Recommended platform: Kraken

4. Fine Art

The average ROI for fine art is 10.6% per year.

But fine art investments can be:

  • Illiquid
  • Expensive
  • Long-term

So always do your research before you invest.

Recommended platform: Masterworks

5. Alternatives

81% of ultra-high-net-worth individuals invest in alternatives.

Alternatives include:

  • Fine wine
  • Farmland
  • Classic cars
  • Rare whiskey
  • Precious metals
  • Small businesses

Alternatives can be risky, so always do your research first.

Recommended platform: Yieldstreet

6. High-Yield Savings Accounts

Start earning passive income by stashing your cash in a HYSA.

(Aka a high-yield savings account).

HYSAs can provide:

  • Liquidity
  • Passive income
  • Low (or no) fees

A high-yield savings account can earn you over 5% APY.

A 5% rate on $10,000 of cash would earn you $500.

For doing absolutely NOTHING.

Recommended platform: Raisin

Closing Thoughts

Don’t let your cash sit idle.

Instead, use your money to make more money.

And always do your research before you invest.

Your bank account will thank me later.

That’s all for now.

Your friend,

Fiona

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