Many people are warned from a young age that they need to start investing their money to save enough money for retirement. If you don’t put enough away while you’re working, you will either have to continue working to supplement your lifestyle long after you should’ve retired, or you will have to make adjustments so that you can live within your fixed income.

While investing your money to save for retirement is important and a great way to save up for the long-term, there are other investment options as well that can bring you a return much sooner. Rather than putting it away where it cannot be used for decades without penalty, you could invest some of your money into a mutual fund and earn back more than you put in over a certain amount of time.

If you have some extra money that you’re looking to invest and aren’t sure whether you want to invest in long-term options, short-term options, or both, here are seven of the best ways, (both long- and short-term), that you can put money away and earn a return:

High-Return Savings Account

Savings accounts aren’t usually thought of as a way to invest. The interest rate you get in return is quite low, and you’ll probably only get pennies for your investment. Some providers do offer high-return savings account options, though, that will give you a much higher rate of return on your investment than traditional savings accounts will and will help you earn some extra money. A savings account isn’t the best investment option if you’re looking to make a lot of money fast, but if there’s something you’re saving up for that will take a little bit of time, putting your money in a high-return savings account can help you earn extra money while you’re in the process of saving up for the thing you want or need.

Roth IRA

Many employers will offer a 401(k) retirement plan, but if you do a little bit of research, you may find that a 401(k) isn’t the best option for you. There are a number of other retirement savings options available, but you may not be as familiar with them as you are the 401(k). One of the other retirement savings options is a Roth IRA.

One of the biggest differences between a 401(k) and Roth IRA is taxes. With a Roth IRA, the money you put into it is taxed before it goes into the account so that when you take it out after you retire, it isn’t taxed again—at least not as heavily. With a 401(k), your money isn’t taxed before it goes it, but when you take it out, you’ll be taxed accordingly. While it may seem like it doesn’t matter one way or another, think about how much money changes over the years and how taxes are typically raised—by the time you retire, will you be taxed the same as now?

Both plans have their benefits, so ultimately you have to decide which one is right for you. If you can’t decide between the two or want the benefits of both, that’s always an option as well. Either way, if you’re looking to invest in your retirement, a Roth IRA is a good way to go.

Cryptocurrency

A lot of people are wary of cryptocurrency because of its volatility and because it is still relatively new. While it’s good to be cautious, cryptocurrency offers a lot of different investment opportunities that can give you a great return. For starters, many believe that cryptocurrency is the future, so exchanging some of your fiat currency for digital coins could be a good way to go. There are also quite a lot of opportunities in the cryptocurrency space to invest in different companies through ICOs or to use your money to start a company built on a foundation of crypto and blockchain.

While cryptocurrency does have a lot of potential, there are a few risks too so if you’re ever unsure about the legitimacy of a company seeking investment, you can check out the ICO reviews. If you’re still unsure or are ever concerned about the legality of any investment, it’s always a good idea to consult an experienced attorney like Aaron Kelly.

Mutual Funds

Mutual funds are a great investment option since they offer a lot of diversity. First of all, mutual funds can be used as a long-term investment strategy that can go towards your retirement, or you can make investments that are shorter-term, getting a return on your money that can be used sooner than age 65. Mutual funds are also quite literally diverse investments since the fund manager will pool your money with other investors and invest it into individual stocks and different bonds which diversifies your portfolio and mitigates the investment risk. There are a lot of benefits to investing in mutual funds.

Final Thoughts

These are just a few of the ways that you can invest your money to save for retirement or get a return on money that will be sitting around. Whether you want to earn a little extra while you save up for a new car, or you want to start building your investment portfolio, even starting small will help.

In what other ways to do you plan to invest your money?