Investing Tips for Apartment Tenants

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Investing Tips for Apartment Tenants

Staff Writer · Apr 13, 2010

Apartment tenants have an opportunity to build wealth, if they use their money wisely. Before thinking about investing, you have to learn how to live a frugal life and save money. You should also pay off debts as quickly as possible. Investing should be a part of your personal financial planning, and there are non-traditional “investment” strategies that renters should take advantage of.

Emergency or Rainy Day Cash

Save three months worth of living expenses as cash, as an investment against future cash emergencies. Use it only for true emergencies, such as car repairs or temporary loss of wages if you don’t have disability or are able to get unemployment insurance. It may be difficult to save that much money if you have debts to pay and your current bills are high. One way to solve this is to reduce your living expenses. As an apartment tenant, do you need the highest broadband Internet access with all the bells and whistles? Can you do without cable television? Are you willing to learn how to cook and freeze meals instead of eating out three or more times per week? Look for expenses to get rid of, and try to find at least $200 per month to allocate towards saving for emergencies. Your tax refund, if you have one, will also help to store up cash that much faster. Once you save money for emergencies, you can move on to other investing tips.

Food

An important investing tip that gets left out of major financial articles is a simple one: invest in food. Congress is considering a “value added tax” in 2010 to all the foods that you buy, and food will become that much more expensive if it passes. One way to beat inflated food prices as an apartment tenant, is to stock up on it now. If you’re like most tenants, your grocery bill represents a huge percentage of your overall budget. Buy extra canned goods when you go shopping now, and when the prices go up, you’ll have saved money ahead of time. You can also buy canned food storage items that have a long shelf life, sometimes 10 or 20 years. Many emergency preparedness stores sell organic and non-organic foods that you can buy now and keep for a long time, in case of emergencies, such getting laid off from a job or a natural disaster.

Junk Silver

You can now exchange one U.S. dollar with one Canadian dollar. That wasn’t always the case. The sad truth is that the dollar isn’t worth as nearly much as it once was. Many savvy investors buy gold to guard against the devaluation of the dollar, but many apartment tenants can’t afford to buy gold coins. One investing tip is to buy junk silver, which are quarters, nickels and dimes made prior to 1965. The content of pre-1965 coins contains silver, which means these coins have actual value. You can sell them in the near future and earn a small return on your money, or hold on to them longer.

Playing in the stock market, even for retirement savings, is the not the best choice as recent history has proven. Put your money into real goods, such as food and silver, and guard against short-term emergencies with cash.

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