Balancing the risks and rewards of high yield investments can be both art and science. In most cases, it takes careful evaluation, prudent planning and excellent implementation to make these investments worthwhile and to not lose your shirt in the process. Still, there are some high yield investments that combine superior yields with excellent security and are convenient to manage.

High yield investments are not hard to find. Finding the right one is significantly more difficult. Here are four to start you on your way. Be careful, they may not all suit your risk tolerance.

Angel Investing

One of the most lucrative high yield investments is providing money to start-up companies. It is also one the fastest ways to lose your entire investment. Angel investing is not for the faint of heart, the naive or the inexperienced. The actual figures will probably never be known but a good estimate is that over 95% of angel provided dollar are never recouped.

High Yield Bonds

Significantly less dangerous as an investment but still highly volatile, high yield bonds are “guaranteed” to pay their bondholders…unless they default for any number of reasons. In addition, there is significant danger that the value of your investment will decrease. It’s true that the principal amount will be repaid but only at the end of the term. Until then, all it will take is a rise in the historically low interest rates of today and the value of your bonds will be less than face value.

REIT Dividends

Real estate investment trusts trade like stocks but pay out like bonds. Just like bonds, they are also subject to interest rate risk. In addition, while REITs are regulated and must payout dividends to a certain degree, the dividends are based on the profitability of the REIT. They are in no way guaranteed to increase or even remain the same.

First Trust Deeds

The most reliable of high yield investments, First Trust Deeds, combine many of the best elements of these other investments. First trust deeds offer superior yields like bonds, provide collateral in the form of real property, are immune to interest rate risk and are readily available in a wide variety of risk/reward ratios.

First trust deeds should be on the short list of any seasoned investor’s investment options. In the simplest terms, they provide an excellent alternative to CDs and savings accounts while still maintaining an excellent degree of security and convenience.