I Don’t Have Time to Wait to Get Rich! Short Term Investment Options for Impatient People

short term investment optionsPatience may be a virtue, but impatience makes things happen.

Sure, you could put your money in a 401k and wait 30 years for it to mature so you can get your money. You could even buy up some conservative bonds and let the market do its thing. But how long are you willing to wait?  It’s going to be decades before you see a decent return on your investments.

So if you want money now, then you need to consider some relatively short term investment options that pay off more quickly.

But what are they?


Short Term Investment Options Do Not Have to be Risky:

If you read any traditional investing materials they will tell you that investing in the short term is full of huge risks. You are more likely to lose your money than make money. This is not always the case, though, especially if you’re careful about where you put your cash. If you’re looking for low-risk methods of making money quickly, here are some of the methods available to you.

  • Checking and Savings Accounts. These accounts are where your money will be most easily accessible to you when you need it. However, their interest rates are very low. These accounts are designed for temporary money storage and to manage personal finances. You aren’t going to become a millionaire off of the interest in these accounts. Unless of course, you’re already a millionaire.
  • Money Market Accounts. These are accounts offered by banks and credit unions. You have to make a minimum deposit, but the interest that these accounts pay is significantly higher than interest-bearing checking and savings accounts. You are able to write three checks each month out of this account, so you can still get to your money when you need it, but if your balance goes below the minimum level, you will incur a fee.
  • Money Market Funds. No, I did not just repeat myself. This is a different kind of short term investment option that is very liquid but offers a higher return than any of the above-mentioned options. The reason it has a higher interest rate is because it is not FDIC insured; however, it is still considered low risk. They are used to keep money that is not currently being invested by a broker.
  • Certificates of Deposit. These are investments that you cannot get your money out of until the certificate matures. If you do decide to remove your money early from a COD, you will have to pay a penalty. CODs typically have terms that vary between three months and five years. The longer you leave your money in one of these accounts, the higher your interest rate will be.


Unconventional Short Term Investments:

invest in coinsIf typical investments aren’t for you, there are still some short term investment options that can give you some positive returns. Keep in mind though, that even these short term options would make you more money if you turned them into long term investments, but you would be taking a chance that these items would go down in value over time.

  • Coin collecting. Now, you’re probably wondering how coin collecting can be considered a short-term investment when it takes years for coins to become rare. For the most part, this is true. However, you can buy specific coins and sets from brokers that can increase in value almost immediately. These are usually limited edition coins that are produced in very limited quantities for a short amount of time. Once they are no longer available to the general public, you can flip them for a small profit.
  • Electronics. There is always a huge demand for electronics, especially if they are fairly current. Keep your eyes out for sales on electronics that are soon-to-be last year’s model. They are still perfectly operational, but they aren’t the most up-to-date thing out there. Even if you have to have the top-of-the-line products, most people don’t. You can buy these electronics at a discount, hold on to them for a few months and resell them on the secondary market for a profit.

In fact, you can do this with most things that people want. However, electronics is the one niche where depreciation is least noticeable. You are taking less risk by holding back some older electronics and reselling them than you would be with items like toys, kitchen appliances and other items that quickly go out of style.

  • Vehicles. If you know how to fix up cars, you can turn them around for a quick profit. Buy cars that are inherently collectible (meaning OLD) and take the time to restore them. You are going to have to put in money to get the car looking good and running well, but if you can afford it, the profits you earn when you sell it will be worth it. Just remember: you’re looking for cars people want. Don’t just buy that junker down the road thinking you’ll be able to flip it for a huge profit later. There must be a demand for what you sell.

Don’t Discount Long Term Investments:

Nothing beats making money quickly. This is why short term investment options are so popular, despite the risks involved. However, if you can learn to be a little more patient, investing on a long-term basis can turn out to be much more lucrative, particularly during times of economic upheaval.  Leave your options open and you will find the best method for you.


Related Posts:

1) What Happens When You Don’t Reach the Max 401k Contribution – You Don’t Want to Know!

2) Good Car insurance Does Exist – And for Cheap! I’m $600 Richer Now

3) I Need Help Paying My Bills – What Can I Do to Bail Myself Out?

Images courtesy of FreeDigitalPhotos.net


  1. says

    Yes all good ideas for short term savings, buying cars and electronics negates the savings point, but it can be a profitable venture if done right. The person must have capital to fix the car and a network to sell it quickly. I like the short term money market accounts with a small yield, thats where I have my emergency money.

  2. says

    I liked a lot of your ideas but some like coins and cars require a lot of knowledge and expertise.

    With interest rates to low, CDs may offer some higher rates but then your money is tied up.

    To me, It depends on what you are after here. A long range investment perspective usually generates a balanced investment portfolio of no-load and index mutual funds investing in large, medium or small cap stocks and some international funds. In the long run this is an easier and safer course of action.


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