If you have $100,000 burning a hole in your pocket, you can spend lavishly on material goods or travel, try your luck at a casino or do online sports betting. Or you can invest the money.

24/7 Wall St. has created a list of 20 of the most common investment types along with explanations of common successful investment strategies based on the report How to invest $100,000produced by financial technology company SmartAsset.

Before investing, take the time to determine what type of investor you are and what your level of risk tolerance is. This will help determine the types of investments you make and the services or companies you use. It might also be a good idea to engage the services of a financial adviser before you start investing.

There are many options available to you if you are looking to invest $100,000 – mutual funds, exchange traded funds, index funds, to name a few. Investing in real estate and its related funds is also part of the strategies of many investors. To help minimize risk, investors should consider strategies such as cost averaging, in which you invest a fixed amount at regular intervals, or other strategies. (These are cities where investors buy the most real estate.)

Investors should also look into employer-affiliated investment options such as 401(k) plans as well as individual retirement accounts. (Here is what it costs to retire comfortably in each state.)

Those looking for safer havens for their money should keep certificates of deposit, money market savings accounts, and high interest savings accounts in mind.

Click here to see the top 20 ways to invest $100,000.