When it comes to financial investing, there are endless options to consider, from fundamental industries such as the steel industry to cutting-edge developments such as cryptocurrency. Technology in general, while typically not being the tamest of investment categories, has consistently shown itself to be an investment of great potential for both short-term and long-term growth. From under the large umbrella of tech, then, here are five unique and powerful technologies that you should consider investing in starting today.
1. Electric Vehicles
Electric vehicles have great promise to take the transportation industry by storm. Most prominent here is the electric car. Offering a more green way to drive, savings on gas costs and lots of cool new features that will make anyone's life easier, electric cars are the epitome of technological progress.
But electric cars aren't the only electric vehicles being developed. EV technology is also finding its way into the airline industry. Electric planes have been developed that are being used for flight training, and they help to reduce emissions into the air as well as fuel costs. Take advantage of the potential that electric vehicle stocks have for further growth in the coming decades!
Microchips (also called integrated circuits) have revolutionized the way lots of tech is built and functions. Microchips are used in the making of all kinds of computers, from the classic desktop computer to the specially-developed rugged laptop. They are also used in phones, TVs, cancer detection technology and vehicles. Governments have even used them in creating such technological weapons as missiles; they have become a standard and in-demand tech resource for all kinds of industries around the world.
3. Blockchain Technology
Best known for its use in the management of cryptocurrency (such as Bitcoin), blockchain technology is essentially a cryptographic recorder of transactions that helps to protect information from being hacked. As a Distributed Ledger Technology (or DLT), it helps to bring both security and accountability to financial transactions, and its close connection to cryptocurrencies only enhances its explosive growth potential.
4. Artificial Intelligence
Living in such a fast-paced and convenience-minded world, it's not surprising that the development of artificial intelligence has advanced by leaps and bounds. Artificial intelligence (or AI) might make you think of a talking computer or humanoid robot, but its applications are very broad and far-reaching. AI is what powers things like voice-recognition software and search engines, and it's also at the heart of the groundbreaking technology of self-driving vehicles. Needless to say, the sky will be the limit for the growth and expansion of artificial intelligence over the years.
5. Solar Energy
Solar energy has positively impacted the way we power our homes, businesses and cities. It reduces pollution, helps fortify energy security for people all over the world and provides a renewable source of energy. As a result of its positive effect on air quality, it can also ultimately help improve people's health. Don't overlook this great opportunity for simultaneously growing your money and supporting something that makes the world a better place!
Investing your money wisely involves what is called "diversifying your portfolio," which simply means spreading your money out into different kinds of investments to avoid the excessive risk of putting all your eggs in one basket. For example, you don't want to go all-in on only one single company's stock, because if that one company unexpectedly fails or loses a lot of value, you can end up losing most or all of your money.