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Multiple revenue streams can help increase your income over time. Fortunately, there are many long-term investment strategies to help diversify and expand your finances. Statistics show that individuals that invest in longer-term strategies of 10 years or more have a 45% greater chance of yielding a positive return on their investment. This article will look at four long-term plans to increase your income.
Investing In Art
Do you have an eye for art? You might want to consider investing. It is a high-risk, high-reward investment type, which means there may be some time before you see a return on your initial financial input. You will also need some initial money to put behind your first forays into bidding for art.
Investors like Brian Thuer have seen a huge investment return from buying art from initially little-known artists like Basquiat. Over time, Basquiat has become one of the highest-grossing artists in the Western World, resulting in a high profit for Thuer.
Start A Side Hustle
A side hustle can be a hobby or a long-term investment plan. Transforming a skill you have, like writing, into a longer-term business can involve some upfront costs but could be a great way of diversifying your revenue streams over time. Certain businesses, like eCommerce sites or freelance writing, also have low overhead costs, which means you’ll have fewer costs eating away at your profit margins.
Consider Investment Funds
Investment funds are a long-term strategy as they are designed to build up over time. As markets fluctuate, so will your funds, so you should only invest what you can realistically afford. A diverse investment fund will help increase your chances of a positive return. This is because they help mitigate risk as your finances are split between more than one investment. You can build an investment portfolio by investing in diverse shares. Alternatively, you may want to talk to a financial advisor or bank about setting up an investment fund to increase your income.
Invest In Property
Property is a long-term investment as the value will fluctuate over time, like art. You will need an initial upfront cost before investing in property and might want to consider letting out or flipping properties to increase your revenue stream. As always, you should only invest what you can afford. Alternatively, you might want to invest in a property fund, where you can put in a smaller investment and share the income with other investors. Property funds are a great way to get a stake in a property while mitigating the risk or upfront costs of being the sole investor.
Final Thoughts
All investments come with a certain level of risk. Whether you try to start your own business or invest in funds, art, or property, there will always be some financial costs to consider. With these long-term investment strategies, you should see a return on your investment several years down the line. Longer-term investments are generally more worthwhile than shorter-term investments, as they have a higher chance of yielding a positive return.
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