In as much as an investment is important, you could lose tons of cash if you don’t know how to go about it or don’t have the requisite information and knowledge in your armory while launching into the deep. Investment has been identified as one of the key ways to build wealth known as the savers-investors path. It does not just require principles, diligence, and consistency but also knowledge. There are diverse industries one can invest in ranging from finance, health, agriculture, tech, construction.
Having said that it is important to note that there ought to be a strategy behind your investment, and also that the reason behind your investment would greatly impact your choice of instrument. Overall, it is best to focus on long-term growth and build a solid asset base rather than looking for the next milking machine. Also, while investing in industries lookout for sector funds as they help give you a kind of analytics that help you monitor the performance of the investment. Also, the importance of picking the right industry to invest in cannot be overemphasized as this would go a long way in determining your success.
We will be highlighting a couple of industries that are great to give a look in. This is also because they have a good long-term prospect and once you find the one that suits you could be the start of something magical.
Tech Industry
Without any iota of doubt and I’m sure you would largely agree that the tech industry has been one of the fastest-growing industries and has been only beaten in recent times by another industry that we would also consider later on in this post. The tech industries are poised to even do better as it is becoming a part and parcel of human’s daily existence and hence would keep having a thriving market. With so many tech giants turning out great products and services the trend can only but continue.
The global tech industry is worth $5 trillion and with such huge financial capabilities, you know that there would be backing for more innovations. Tech giants such as Amazon, Google, Facebook, Microsoft, and Apple are some of the most bankable names if you’re looking to invest. But as pointed out earlier with a deeper search and study you would find smaller companies with great prospects as finding shares of these tech giants could be a herculean task. Albeit, always almost a safe bet as it offered the best return of 34.27% of all ranked industries in 2017.
Health Industry
This one industry to consider for consistency, the profit margin might not be as high as the tech industry but sure offers less risk which is the fundamental every investor should pay attention to. As it doesn’t rely on the economy or market. This sector would keep experiencing growth and has good reliability as people cannot do without health care. Plus, coupled with the fact that there is always a look in by the government and agencies to look to invest in this industry as health they say is wealth.
Population growth is expanding as well as the number of aged in the society, this means that there is actually a real opportunity for the health sector to also be highly profitable. Statistics show that health care is responsible for 22% of household spending in the U.S. seeing a huge surge compared to the last 30 years.
Cryptocurrency Industry
This is another industry that is booming and is expected to experience more growth. It has been proposed as a great way to insure against the alternating frequency of physical currencies. It also has a good liquidity rate. With the world’s reliance and usage of the internet, cryptocurrency is fast becoming a booming industry and is becoming accepted worldwide. Another reason for the huge demand in cryptocurrency is the supposed premium attached to it seeing that there is a maximum number of coins that can be mined, especially bitcoin.
This gives it exclusivity and has made it highly sort after. It can be sent and received in any part of the world without regulations from physical authorities. Investing in cryptocurrency itself takes some level of mastery and study of the market. Knowing when to buy by anticipating a dip in prices and taking advantage. To invest you need to have e-wallets that are designed for this purpose. Connect your e-wallet to your bank account, join a cryptocurrency exchange forum, and then purchase when available.
Cannabis Industry
I mentioned earlier that industry has a faster growth rate than the tech industry, this industry is the cannabis industry. With a current growth rate of 21% and a cumulative growth rate of 110% in the past 3 years, it is way higher than the tech industry in terms of job opportunities. Cannabis has proven to be one of the most versatile plants with uses that cut across the health, fashion, and manufacturing industries. One pointer to the astronomical growth of the cannabis industry is the recent discovery of its medicinal benefits. Cannabis has been identified as a treatment for a range of illnesses that include epilepsy, chronic pain, arthritis, glaucoma, Crohn’s disease and many more.
The U.S. specifically has seen the opportunity and has taken full advantage. As many of its states at the least have a medical marijuana program that uses marijuana to help its patients. This development has drastically reduced the stigma of people associated with cannabis usage. As more and more patients saw the benefits they subscribed to. This stigma has also reduced as some physicians didn’t really believe in the efficacy of cannabis, but after seeing results the story is now different. More and more doctors are now associated with the medical marijuana program and with the accessibility of cannabis doctors to patients. Globally, the industry made well over $15 billion last year and is still growing.