Do you feel secure in your finances? Do you have adequate savings put aside for your retirement or in case of an emergency? If not, you may understandably want to build up your finances through smart investment opportunities. Unfortunately, there are a lot of hurdles to financial stability and not taking charge of your current status is one of them.

Financial stagnation is one of the pitfalls people can face where they don’t take risks with their money. So they don’t have substantial savings or investments to show for it.

Below are some ways you can explore growing your finances to feel secure in your fiscal future.

According to a recent survey, as many as over 7 million households in the United States had no bank accounts in 2019. Not having a bank account can be because you are living paycheck to paycheck or because you haven’t found a banking organization you trust. However, bank accounts don’t just exist to store your money, they exist to help your finances grow.

But don’t just put your money in a single bank account, it’s highly encouraged that you open more than one account for different purposes. You can have an account that slowly accrues interest specifically to help grow your retirement fund. And you can have a separate bank account for day-to-day expenses.

Explore your options with a bank you trust and see how their interest rates and requirements differ. You may find that your bank has account options suitable for different types of purposes.

Some of the best ways to grow your finances is through investing in new technology. There are always advances in banking, finances and commerce you can explore. But you have to be careful and judge each one with research before you commit your resources to them. For example, you may find it tempting to invest a majority of your savings in centralized banking for digital currency. However, you should do a lot of in-depth research about the subject before you do so.

Attend a CBDC workshop, read as much research as you can on its feasibility and how you can invest safely in it. Not all technology that’s developed will catch on and become a gold mine, so be very discerning.

If putting your money in an abstract concept such as an emerging technology seems a little to complex or unrewarding, you could put your money in a franchise instead. Franchise businesses are licensed branches of a business people can purchase. Unlike startups, which are entirely new businesses that have a frighteningly high failure rate, franchises use established branding and appeal to get a head start.

Many people can’t afford the initial cost of a franchise on their own and have to take out sizable loans to make the purchase. You can step in and help someone who wants to buy a franchise as an investor. Even a mildly successful one, such as a Waffle House franchise, can end up becoming a great source of alternate revenue stream. You must decide with whoever you’re partnering with what kind of duty you fill fulfill. Will you be a silent partner who only gets a portion of the profits or an active investor with a say in how the franchise is run?

On the other hand, you may want to rely on real estate as a means of supplementing your income and growing your finances. One of the best ways a person can make a significant profit from the real estate market, without the complications of becoming a landlord, is through house flipping.

According to real estate experts, the average price of a house in the United States is a little over $370,000. However, you can make a lot more if you improve a property. You will need to spot low-priced homes in up and coming areas. Once you acquire the property, you will need to restore or improve the house. Once you find a buyer, you could get a large return of investment on the sale.

Flipping houses requires lots of skills from great real estate acumen and construction savvy. So you must explore finding partners if you wish to try your hand in it.

Building up your finances can be a grueling task, especially with so many variables seemingly out of control. But with good advice and a trained eye, establishing the foundations for a financially secure future is not impossible. Put in the work, do your research and use your best judgment if you want your finances to grow instead of stagnating.