These investments won’t make you as rich as Scrooge McDuck, but they will double (or triple) your money in a year or less. Not bad for 20-30 minutes of work. Here’s how you do it:
Investment #1 – Switch to CFL Lightbulbs
If you are still using incandescent bulbs, then read on. Already have CFL bulbs? Congratulations! Go to investment #2.
A new CFL bulb costs about $5 – 8-10 times more expensive than an incandescent bulb, but they also last 8-10 times longer, so you won’t spend more money on bulbs, even if it feels like it when you make that first purchase. Replace your most used light bulbs first. For every bulb you replace that’s on for an average of 4 hours a day (I have at least 10 in my studio that are on this often), you’ll knock off an average of $12.70 from your electric bill a year per bulb (this will vary from about $9.40 to $21.80, depending on what state you live in). That means in the worst case scenario, you’ll nearly double your money.
Investment #2 – Change Your Showerhead
Most modern showerheads use about 2.5 gallons per minute of water (older showerheads will often use more). Changing to a showerhead that uses only 1.5 gallons a minute, will cost anywhere from $5-50 and take 10 minutes and a wrench or locking pliers. For such a small investment, you will earn anywhere from $40 (Salt Lake City) to $80 (Atlanta) per person in your home. Of course, that assumes that you shower 6 times a day for 8 minutes on average. If you don’t shower that much (or shower more), it will effect how much the investment saves you.
It’s as easy as that. Whether you’re a homeowner or renter, investing in these and other home improvements should be the first place you put your money, as they will offer a much higher and safer return than traditional investments.