Here’s how you can improve your extra income with gold, trading and other financial instruments

Needless to say, the world is developing at an incredible rate. Thus, in order to accommodate the changes, it may be necessary to consider different ways of obtaining alternative income other than traditional sources. Investment is booming these days but many opportunities have opened up for people to move reserve funds like gold, trade, real estate, dollar, bonds, etc.

Let’s see how these investment opportunities can help diversify:

  1. Trade: Online trading involves making predictions about the rise or fall of assets such as stocks, indices, and other assets. It’s a user-friendly way to earn extra income from the comfort of their own home. People can choose from different platforms to explore the opportunities, one such platform is Binomo – safe, convenient and widely used. But like any trading platform, there is also a risk
  2. Gold: People often turn to gold when the goal is to diversify their portfolio. They can either invest in physical or digital form. However, the physical investments come with the limitation of manufacturing costs, storage costs, inconvenience of sale if there are impurities and the requirement of purity certificates. The digital path includes gold sovereign bonds, gold ETFs, gold mutual funds and virtual gold. However, it must be remembered that the performance of gold is linked to its price.

Gold sovereign bonds are an option if the investment period is 5 years or more. People will receive interest payments while having the option of making tax-free redemptions after an investment period of at least 5 years. Gold mutual funds or gold ETFs are a suitable option for people who want a short-term investment of around 3 years, as this option has high liquidity and availability.

  1. Immovable: Owning real estate is an investment strategy. With stamp duty going down in some areas, people are eyeing this investment front. However, it should be remembered that liquidity is one of the concerns of real investing. It can take months to find a buyer, and sometimes in a hurry people may not sell the house at a fair price. Real estate has provided around 10% returns in 10 years and is not easy to sell. People also need a large sum of money to venture into this investment and the risk factor is high.
  2. Obligations : These are fixed income instruments. Investing in them is less risky compared to stocks. Bonds can be categorized into government bonds, corporate bonds, tax saving bonds, bank and financial institution bonds. By investing in bonds, one can have a steady stream of income, before maturity, with interest. However, interest rates are low with this financial tool.

These days, generating extra income has become important due to the volatility in the economy and many other factors. With the culture of hustle becoming prevalent, people branched out to explore additional sources of income. Trading on platforms like Binomo goes beyond knowledge, it’s also about skill. And when equipped with both, people can explore how trading can help them get closer to their goals, one step at a time.

Warning: The opinions expressed in this article are those of Binomo and do not represent the views of Economic Times. The Brand is solely responsible for the accuracy, reliability of the content and/or compliance with applicable laws. The above is non-editorial content and Economic Times does not guarantee, endorse or endorse any of the above content, and is not responsible for it in any way. Please take all necessary measures to ensure that the information and content provided is correct, updated and verified. Trading involves financial risks. Please trade responsibly.

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