As Donna Summer taught us all, we work hard for the money. And the money should work hard for us, too. Whether you’re a new investor or a long-time player in the stock market, keeping an eye on the best opportunities can be a financial game changer. Keep in mind that the most robust portfolio is a diverse one. You’ll want to try multiple investments rather than all in on one.

We’ve researched the best investments to grow your portfolio in 2024.

Certificates of Deposit (CD)

A CD is like a savings account that works extra hard for you. The federally insured account delivers a fixed interest rate over a limited period. A safe investment usually pays more than a traditional savings account. The time frame is usually one, three, or five years. These accounts are outstanding if you’re saving for something specific and know you’ll need the money within five years, for example, a down payment on a house, a wedding, or a bucket list trip. 

Mutual Funds 

These are oldies but goodies when it comes to an investment portfolio. Mutual funds gather funds from numerous investors to purchase various assets such as stocks, bonds, and other investments. This means that your money gets diversified across a broad platform without you having to research individual stocks and play the market independently. Let’s be realistic: Most don’t have time for that. Mutual funds are great long-term investments and the diverse interests the fund invests in providing a layer of safety against market losses.

Bonds

Bonds get a bad rap but can be a safe way to earn interest income. They are essentially loans, either to the government or a corporation. That entity then pays you interest on the loan for a determined period of time, generally anywhere from one to 30 years. These aren’t significant money investments, but they provide a steady, stable stream of reliable interest income, and government bonds are virtually risk-free as they’re backed by the government’s credit. 

Real Estate

Getting involved in real estate is one of the best long-term investments you can make, neck-in-neck with the stock market. The traditional way of doing this is buying properties and renting or re-selling them, although this requires a lot of upfront capital and later hands-on management if you become a landlord. Investing in real estate investment trusts (REITs)is a less intensive alternative. These funds primarily invest in commercial real estate. You’d invest money in a group that owns malls, office parks, or rental units, and they would pay you regular dividends on that money. 

Stocks

If you’re a high-risk (possibly high-reward) investor, stocks can significantly grow your portfolio. You can purchase stock in anything on the market through a brokerage account, from Apple and Microsoft to utility companies. Dividend stocks are a slightly safer bet than individual stocks. Stable, profitable companies usually offer them, and they pay regular dividends to investors, so you’re getting at least some return on that money before you sell. 

For a deeper dive into financial advice, here are some online services that cater to women:

Savvy Ladies – This non-profit organization provides free financial advisors, webinars, articles, and a helpline

Money Geek: This website has a comprehensive “Women’s Guide to Financial Independence” that covers strategies, challenges, and resources to help women achieve financial security

Bankrate: Bankrate lists 8 ways women can get free financial advice online, including from banks, brokers, budgeting apps, and government agencies like the CFPB.