Melissa is a mother of 2, lives in Utah, and writes for a multitude of sites. She is currently the EIC of HarcourtHealth.com and writes about health, wellness, and business topics.

Alternative investments – if done smartly – are a great way to diversify your portfolio. Any investment that isn’t a stock or a bond falls into the alternative category, and some are more lucrative than others.

Here are four common alternative investments every savvy investor should consider.

1. Gold

Gold prices soar in times of distress and during a financial crisis. Considered a safe haven of sorts, this yellow metal has been a valuable commodity for centuries.

Just after the financial crisis of 2008 hit, people were talking about and investing in physical gold and futures contracts.

While gold is certainly a practical and smart alternative investment, you don’t want put too many of your eggs into this basket. According to financial experts, your investment in any commodity shouldn’t equate to more than 3% of your portfolio.

2. Forex

Currencies and cryptocurrencies may be considered as part of a long-short strategy. Many people are intimidated by currencies, but forex trading is actually very similar to stocks. In many cases, you can use the same or similar strategies to make smart trades.

The thing about forex, though, it it’s not a long-term investment in most cases. The markets are open 24 hours, so you can buy or sell at any time. And this is a hands-on investment, which means you will be the one calling the shots on when to buy and sell.

That said, currency trading is easy to get into, and online platforms make it easy to conduct trades.

3. Real Estate

Real estate is a classic alternative investment, but it’s not for the faint of heart. If you have the experience and do it right, real estate investing does have a lot to offer. However, there are many things that need to be considered, such as: maintenance, repairs, taxes, utilities and other factors that may affect the value of your property.

4. Collectibles

Collectibles can be a risky alternative investment, but can add some nice diversity to a portfolio if done the right way. That said, they should not be an investment staple.

Collectibles don’t react in the same way as stocks and bonds. They aren’t traded often, so there may be significant variation in price. There are also things to consider when acquiring rare objects and collectibles. How will you store the item? How will you acquire it?

If you’re keen on collecting things like stamps and rare objects, this may be a route for you and can add some value to your portfolio. Just don’t expect it to make you rich.

These four alternative investments are worth considering if you’re looking to diversify your portfolio. While they shouldn’t account for a large percentage of your investments, they can add some value to your overall portfolio.