Some people make money by investing in commodities like gold, others in property and others in shares of businesses.
You can practically invest in anything nowadays – including money itself. Here are just a few ways to make money by trading money.
Trade foreign currencies
Due to constantly changing currency rates, it’s possible to make money by buying a foreign currency and simply waiting for it to go up in value. This is known as forex trading and is popular around the world.
When trading forex, you’re best using software that can help you keep track of currency rates. Predicting changes in currency value can be difficult – everything from economic problems to political changes can affect a currency’s value.
Elections are often popular times for people to invest and you can make a lot of money after these events by predicting these results and subsequent currency value shift.
Buying a foreign currency often results in a transfer fee, which can vary from each forex trader. Certain traders may only allow you to buy a minimum amount, whilst others may offer more freedom.
Invest in cryptocurrency
Cryptocurrencies are the latest investment trend. They are essentially digital currencies that can be traded much like foreign currencies, although they are a lot more volatile as Bitcoin‘s huge rise and fall has shown.
Crytocurrencies were originally created to get around forex transfer fees. You can still use them to buy things in some stores and on some sites (the likes of Paypal now accept Bitcoin), however for many people they’re simply an investment commodity with no practical use.
New cryptocurrencies are constantly being developed and it’s worth shopping around to find the best one.
Sell old coins
Another way to make money out of money is to sell old coins. Many old coins are collectors items and have become very valuable.
For many this is not just an investment strategy but a passionate hobby as it requires a lot of specialised knowledge and interest in the field. You can sell old coins online or you can visit coin shows where many collectors are likely to be gathered.
Many old coins may require hiring an authenticator to ensure that they’re real. Some people are lucky enough to find and inherit old coins to sell rather than having to buy them.
Sell notes with rare serial numbers
You may even be able to make money out of notes in your wallet. Every pound note has a serial number on it – some serial numbers can become sought after by collectors and can sell for hundreds and sometimes thousands of pounds.
Early serial numbers are some of the most valuable although repeating patterns of numbers or serial numbers that spell out brands and celebrity initial/dates can also be very valuable.
Like all other investments, it’s worth doing your research before selling a note so that you value it appropriately.