“Make your money work for you” is a sentiment we’ve all likely heard a few times throughout our lives. And while making your money work for you is important, this saying isn’t exactly informative. More often than not, it is used in the context of investing, which allows you to get the most out of your money by earning interest or dividends.

There are many ways you can invest your money to capitalize on investment earnings in a way that you’re comfortable with. There are options for every type of investor out there, from those willing to take on high-risk, high-reward opportunities to those who prefer low-risk, guaranteed reward options.

Below is a brief overview of some of the best investment options available.

High-Yield Savings Account (HYSA)

A high-yield savings account gives you quick and easy access to your money while earning you more interest than a traditional savings account. These qualities make HYSAs incredibly useful for holding savings dedicated to things like an emergency fund, which, if you don’t already have one, should be one of your top financial priorities. These accounts also help make your money work better for you if you’re unsure or wary of investing since they reliably earn you interest.

401(k)

A 401(k) is an employer-provided retirement savings account. Contributing to a traditional 401(k) offers you tax deductions, though you will be taxed in retirement when you withdraw funds. A Roth 401(k) doesn’t deliver tax deductions, but because of this, you won’t be taxed for withdrawing funds during retirement.

Through your 401(k), you can invest in options such as certificates of deposits (CD), government bonds, or low-risk mutual funds. Your investment options will depend on your employer’s plan.

Contributing to your 401(k) is a particularly good investment option if you have an employer who matches your contributions, as it’s essentially free money to add to your retirement savings. It’s important to note that there are contribution limits for these accounts that vary depending on your age.

Certificates of Deposits & Bonds

These two investment options are both low-risk and work similarly. Both involve investing or depositing your money for a fixed term in return for a fixed interest rate. CDs tend to offer short-term options, while bonds can be as long as thirty years.

Mutual Funds

Purchasing a mutual fund allows you to develop a diversified investment portfolio, which is ideal since a diverse portfolio reduces risks around your investment. With a mutual fund, your investment alongside other investors’ funds will be pooled by an investment manager to purchase an array of stocks and bonds, giving you a share of the interest and dividends earned, or in other words, a share of the profits.

Mutual funds may sound like you don’t have much control over where your investment is going, but there are many different types that allow you to be selective about the investment options before you buy one. For instance, these different types can allow you to focus on minimizing a portfolio’s risk or maximizing gains (by taking on more risk). These mutual fund options can also allow you to invest based on your specific values or interests, such as a mutual fund made up primarily of assets from ethical or sustainable organizations or one focused on tech development organizations.

Regardless of the type of mutual fund you select, they’re usually better for long-term investment plans than short-term ones.

Index Funds

Index funds operate very similarly to mutual funds by diversifying your portfolio and being suited for long-term investments. Instead of being made up of a mixture of things like stocks and bonds the way a mutual fund is, index funds spread your investment across different stock options. These stock options are chosen to mirror or copy the performance of a stock market index like the Dow Jones or S&P 500.

Exchange-traded Funds (ETFs)

Exchange-traded funds have similarities to mutual funds by allowing you to invest in diversified assets, the difference being that they can be sold the same way a stock would be. They also tend to have lower buy-in rates than mutual funds, so for those with a minimal amount to invest, they represent a lot of investment opportunities.

Stocks

While many of the investment options have mentioned stocks, they’ve all been broad, diversified options that involve the purchase of multiple stocks to reduce investment risks. However, if you’re comfortable with high risks and the potential high payout, you can always purchase a share from an individual company.

But just as you would want the slot RTP to be over 96.5% before placing a bet at a casino, you’ll want to assess the odds of getting a return on your stock investment before purchasing a share.

Real Estate

When it comes to investing in real estate, there are several options available. The most common is purchasing real estate to earn a rental income or sell later, but you can also become involved in real estate investment through REITs (real estate investment trusts).

REITs allow you to essentially buy a share of property (or properties) so that you can get a portion of the profits earned. REITs are usually available for commercial properties like malls, warehouses, or hotels. They can be invested in individual companies or through REIT mutual funds.

Cryptocurrency

When it comes to investing in cryptocurrencies, there is a great deal of overlap with trading stocks. However, cryptocurrencies are typically considered to be a riskier investment type and can be invested in through crypto ETFs or by purchasing tokens (though be wary of scams before making purchases).

There is No One-Size-Fits-All Approach

Before making decisions about investment options, it’s important to explore your current financial situation, financial goals and timelines, and your comfort with risk. These different personal aspects will impact which of these types of investments are best suited to you.