9 Best Things To Buy To Make Money in 2024
If you happen to have some extra money, you should consider investing it to make even more money. We have found that, generally, you need to spend money to make money. Whether you have a small amount of cash or a large sum, we have some ideas of things to buy that will generate some extra money.
Some of these money-making ideas are appreciated quickly, while others require patience. There are things to buy that are spread all over the spectrum, from stuff worth thousands of dollars to things that cost under 100 bucks.
1. Buy a House
For those with a lot of extra money, consider investing in real estate. You can do many things to make money after buying a house. For example, you can fix it up, renovate it to add value to the property, and then sell it for a profit. Make sure you research the area and its price history before purchasing.
For a steady income stream, you can also rent out the house. As the rent increases yearly, you can expect good returns. You can even buy a multifamily building, rent it out, and sell out units later as the building appreciates.
Your chosen method depends on your finances and what you think you can manage easily.
Even if you don't have enough money to buy a house, you can still make money from real estate. Real estate crowdfunding platforms allow users to pool their money with other investors to purchase property as a group.
2. Purchase Stocks
Many millionaires are millionaires today because they made smart stock investments. Holding on to your stocks for a long time is the key, so when times are good, you get high returns and don't miss the chance.
Before you buy stocks, make sure you have done your research about the company. For instance, the company's earnings, sales, and equity should be higher than the year before, and the debts should be equal or lesser.
Learn about the stock market, research it, and invest in high-return and low-risk stocks or whatever seems suitable. With logic and smart moves, you can get dividends and a good income with stock investments.
3. Buy Art
This might sound like an unusual investment, but the rarer a piece of art, the more it is appreciated as time passes. Hence, it may be a good idea to invest in artwork today. (Imagine what Bob Ross's fans would pay to own one of his paintings today.)
There is a huge art market, which expanded to $67 billion in 2018.
Now, you may not be able to buy a rare piece of art by Van Gogh unless you're super-rich, but if you have good knowledge about art, you may want to invest in current artists. Look for potential artists you think will become prominent in the upcoming years. If you buy their artwork right now, you could sell it to make a lot of money later.
4. Buy a Car and Rent It Out
One thing you can buy to make money is a car. How? Well, rent it out.
Many companies, like Turo in the US and Canada, help you make money with your car. After registering, pick the days you want to rent out your car, and you'll be able to find someone who wants it.
To give you an idea of how much money you can make, Turo estimates a Toyota Highlander with a value of $30,000 and yearly loan payments of $6,600 could generate almost $11,000 in earnings each year.
This income idea can cover insurance costs for your car while you don't use it and make some extra money.
5. Invest in Gold
Gold is considered a safe medium of wealth, having stood the test of time. During economic crises and the collapse of currencies, people who own gold have a protected form of wealth, which is gold (pun intended), and thrive off it.
Here is a quick fact. Gold was around $1400/oz in June 2019, which increased to $2000/oz in January 2024. This is more than a 40% profit in less than five years.
When returns on bonds, real estate, and equity fall, gold prices increase. This is when you can profit from the gold you bought a few years ago. You can either buy the metal itself, invest in gold mines, or buy gold bullion – there are many ways to invest in gold!
6. Purchase a Good Camera
At around a thousand dollars, consider buying a good camera.
If you have a knack for photography, you can sell your photos, which are one of the easy things to sell to make money. Sell your photos through stock images, and you can earn good money easily if you have a large enough portfolio.
Another way to do this is to create an Instagram profile. Here, you can get known for your work and get the appreciation you deserve. You may be contacted by newspaper agencies or other companies who want to buy these images from you. You can even use the photos yourself and publish them for a good price.
If photography isn't your thing, you can use your camera to film videos and start a channel on YouTube. Or you can film videos for other media using your camera to earn cash.
7. Buy a Musical Instrument
Can you play a musical instrument? Buy yourself one, practice, and you'll be surprised at how quickly you'll make extra money.
Good music and gifted vocals are highly appreciated. You can put up videos on YouTube of yourself playing that instrument or singing along with it, grow your channel, get your videos monetized, and get recognized for your talent.
Posting such videos on YouTube is an excellent way to make extra money. Plus, you get known for your talent and get further opportunities in your industry.
8. Purchase Good Quality Paints
If you have a couple hundred dollars, instead of spending it on food and clothes, buy something that can help you make money.
Invest in good-quality paints and painting equipment (good paints aren't cheap, especially oil paints). Even if you're not the next Da Vinci, you can still earn good money through art. Find your unique skill and style, practice, and start selling your works of art.
Once you get better, you can earn money as an artist in several ways. For example, you can teach painting on YouTube, which is very profitable. A good example is The Art Assignment, a YouTube channel with over half a million subscribers.
9. Invest in Yourself
Investing in your self-learning through books, audiobooks, podcasts, and online courses can be a great way to make more money than you ever imagined. These resources provide the tools, know-how, and mindset necessary to help you grow your earning potential.
Books
Reading books that teach you how to manage your money, grow your wealth, and run a business can be one of the most effective ways to turn yourself into a successful financial powerhouse.
Surrounding yourself with knowledge from experts in the money, wealth, and business fields can open up new opportunities for growth and understanding. Even a few hours of reading each week could have significant long-term results for your assets.
Online Courses
Whether you want to make money from designing websites, creating an eCommerce store, or starting your own business, online courses can be the most valuable and efficient way to update your skill set.
With so many courses, it's essential to find the right one – research topics related to your desired interests and what new skills you need to acquire to succeed. Then, find courses that will help give you the knowledge, skills, and tools necessary to reach your goals.
Podcasts
Podcasts provide a portal into the minds of some of the world's most successful business leaders, authors, and experts. You'll get access to their up-to-date advice and strategies for managing your finances and succeeding in business.
Best of all, it's free! My favorites are the money and business podcast shows like So Money with Farnoosh Torabi, Money For The Rest Of Us with David Stein, and Pat Flynn's podcast Smart Passive Income. Tune in for helpful entertainment that could make all the difference for your financial journey!
There are endless opportunities for money-making with purchases. Whether you want to start investing in stocks, buy properties to rent out, or get into the reselling game, there's something for everyone.
Do your research and find what suits you best. Perhaps you want to invest in yourself and become a business owner. Or maybe you want to get into art or photography and sell your works for a profit? The possibilities are endless.
The possibilities are unlimited. Whether you have thousands of dollars or just a hundred-dollar bill to spare, you can always find things to buy to help you make money in the short and long term.
