It’s always nice to be in a position where you earn more than you need to. The feeling of security it can give you is exquisite, yet there is an argument to suggest that there’s only so much money one person needs in the bank.
So what can you do with your excess income if it’s piling up and you would prefer to use it? You can save it, of course, and that’s not a bad idea, but it might also be smart for you to spend a little. If you’re in need of inspiration, here are a few ideas that you might want to try…
#1: Invest in a Business
Whether you’ve made your money working for someone else or running your own enterprise, it’s always useful to be able to add another string to your bow, so why not consider investing in somebody else’s business? Whether it’s a family member who could do with a helping hand, a friend you have faith in, or simply an idea you’re interested in, choosing a good business investment can help to not only boost your bank balance, but also to give somebody else the same opportunities you yourself have enjoyed.
#2: Join a Racehorse Syndicate
If you’d like to try something a little more off the wall, you might want to consider joining a racehorse syndicate. Even high net worth individuals will often choose to do this rather than invest alone, in order to spread their bets and give themselves the best chance of success. Not only a great way to get involved in a fascinating sport, it could also help you to earn an impressive amount of money if you pick the right horse.
#3: Try Your Hand at Trading
Those who wish to use their excess income will often be coming from a point where they want to make their money go further, as opposed to having it sat in the bank earning a paltry interest rate. Trading could be the perfect solution. As high risk as it can be high reward, it is not only intellectually challenging and mentally stimulating, but can prove to be incredibly lucrative for those who show an aptitude for it. Whether it’s stocks and shares, forex trading, or futures that tickles your fancy, it could be well worth giving it a try.
#4: Focus on Your Favourite Hobby
If you have excess money to spare and you don’t want it to just sit and collect dust in your bank account, why not invest it in something you really love, like your favourite hobby? Whether you’re an avid antiques collector or a dressage diva, don’t feel guilty buying the best of the best. There are many who carve out successful amateur competitive careers in their chosen field whilst still working a full-time job on the side, so if it’s something you’re truly passionate about, why not try approaching it from a more serious perspective and seeing how far you can go?
How will you choose to use your excess income?