Investing is the key to financial freedom. If you have some extra cash set aside and you want to make it grow, consider investing. The question now is, what are the available options?

You can generate returns in either of the four different categories of investments referred to as asset classes. They include:

  • Property
  • Equities
  • Cash
  • Fixed income

These assets vary in performance over time, and those with a greater risk level, in terms of return on investment, regularly perform better over the long term than those with a lower risk level.

Good Investment Ideas For 2024

1. Invest In Small Businesses


Investments in small businesses are usually structured as either a limited partnership or a limited liability company. The latter is the most popular since it combines several attributes of partnership and corporations. The structures also protect personal assets.

You can either invest in small businesses by starting one or buy into an existing firm. Regardless of the route you follow, there are only two positions—you can take debt (lending funds) or equity (exchanging funds for ownership and dividends). Even though there are multiple variations, all types of investment narrow down to these two.

If you don’t have enough funds, you can apply for small cash or payday loans for centrelink customers from the Gday Loans platform. These loans are P2P (person-to-person) investments predominantly used to finance small businesses.

Microlending is usually used to finance entrepreneurs in developing nations where it’s difficult to access other loans.

However, these loans are also acquired by small business owners with a bad credit score in developed nations. They apply for Micro loans if credit unions or banks reject their application. This is what makes the loan appropriate for traders receiving Centrelink.

Microlending can help you launch a small business and even help in funding existing ones at different growth stages.

2. Equities

Purchasing equities like publicly-listed shares can yield high returns or significant losses. Shares are exposed to abrupt fluctuations in price that can lead to substantial profits or losses in your investment value. Therefore, it is a risky asset class.

You should consult an experienced investment adviser to guide you through the process of acquiring shares. Remember that past performance isn’t a reliable determinant of future performance; therefore, you should be cautious when choosing shares to buy.

3. Property Investment


Property investment is the ultimate Australian dream. However, this type of investment can be incredibly challenging when you factor in the property’s location and cost.

When investing in property, you buy an estate with the goal of either renting it to get returns for your investment or selling it at a profit or both. You can choose to invest in a property as an individual or part of a corporation or group of investors.

Property investment can either be short-term or long-term. The latter involves buying property, remodelling it and selling it at a profit after a short time.

Buying assets such as securities, land, art etc., can also be considered property investment.

Of course, the market is ever-changing; therefore, it’s essential to pick the right location at the right time.

4. Fixed Income

Fixed-income assets like corporate and government bonds typically offer a relatively reliable and stable return. Buying a government bond means you are lending funds to the government, which they repay with interest. The government will pay you the interest in regular instalments throughout the bond period.

Though some investors consider fixed-income assets boring, acquiring them in your investment portfolio can help offset any losses you may have incurred from the share market. Therefore, fixed income is categorised under ‘defensive’ assets.

5. Invest In Digital Currency


In recent times, digital currencies have grown to be as valuable as, if not more than, traditional investment wheels. It’s never too late to join in on the cryptocurrency bandwagon.

Even if you’re new to the field, investing in crypto isn’t that difficult. All you have to know is the difference between legitimate and illegitimate assets. You’ll also need to have a firm grasp of the factors that fuel coin adoption and usage.

For instance, if many people hold, that’s a warning sign. It could be a scam if a new coin only has a few holders.

Do thorough research before you invest in crypto. You can start by buying well-known coins such as Ethereum or Bitcoin. After you’ve acquired some knowledge and confidence, you can move to more exotic coins with potentially higher returns before other traders discover them.

6. Cash

Term deposits and savings accounts are the most liquid among all the asset categories. This type of asset is the safest form of investment, but it has the lowest returns. Simply put, these assets can easily be converted to cash—that’s why they are usually referred to as cash assets.

As of 2024, the RBA cut the cash rate to an all-time low, making interest rates very unappealing. However, saving money in a bank account provides safety as you can access the funds at any time.

However, note that some savings account and term deposit providers may reduce the interest rate or charge a fee when you make a withdrawal before the scheduled time.

Bottom Line


Investing is among the best ways to accumulate wealth over time. While it might seem difficult at first glance, many investors manage their own assets.

There are various investment options ranging from risky investments with high returns and safe investments with lower returns. You must understand the advantages and disadvantages of each investment option before making your decision.