Are you thinking of how to double your money fast? There are many others like you asking similar questions. How to double your money is an age long question many people have asked, are still asking, and will still ask. In a quest to double the money, many unsuspecting people have fallen prey of supposedly money doublers. These examples have served as a lesson to many and have discouraged them from pursuing the answer to their question. If you are reading this now, it means you are not in the same category with these set of people.
It is possible to double your money without losing it, especially now with the level of technological advancement that we have reached. Many people lost their money to money doublers out of greed to reap where they have not sown. However, today there are several activities you can involve yourself in to double your money the legit way. Some of the ideas may seem risky, but that is the rule of money. Multiplying your money is not an overnight thing; you need consistency, dedication, and patience to multiply your income legitimately. Although other money-making schemes promise you a double of your investment overnight, it is difficult to get the promised amount.
Who Needs to Double their Money?
The answer is straightforward, anybody and everybody. You don’t have to be broke before you think of multiplying your earnings; likewise, you don’t have to have a lot in your savings before you can multiply your money. If you are not earning enough to sustain yourself till the next payday, you will probably think of getting a second job or reducing your expenses. Reducing your expenses makes sense, just that there is a limit to what you can reduce. You can’t cut expenses on feeding, accommodation, and transportations, also, for a person who has a stable and sustainable income. You should be thinking of the future, to have a good retirement plan for yourself, and your salary may not be able to carry that. So now you have realized that everyone needs to double their money. Next, we will discuss how to double your money.
Practical ways to Double your Money
Before you proceed, take note of the fact that the time that is required to double your money is dependent on the return the investment option brings. “There is thumb rule 72”.
The thumb rule 72 talks about how long it takes to double your money. It says that you have to divide your expected annual return by 72 to determine the time you will get your money doubled.
Without further ado, we will proceed to show you 11 things you can do on how to double your money.
1. Pay off Debt
An excellent way to start is by paying off all your debt. The more the debt you owe, the lesser the chance you have to double your money. However, the smaller the debt you owe, the better your chance of investing your money into something productive that will, in turn, double your money.
2. Educate Yourself
After you must have cleared your debt, the next thing that you want to do is to channel your money into those things that will bring returns. If you work in an organization, you may consider getting a higher certification by enrolling for a professional course and passing the exam. Higher Certification allows you to move up the ranks in the organization, which means a paid upgrade.
3. Real Estate
With real estate, you can double your investment within five years. Real estate is a very profitable business that you can consider. You don’t necessarily have to have full knowledge before you start. Moreover, you can hire a real estate agent that will manage your investment property for you while you concentrate on your work. Sounds pretty cool! It is one of the most profitable sources of passive income.
A sizeable number of richest people in the world are real estate investors.
4. How to Double your Money in the Stock Market
The stock market is an excellent way to multiply your investment. In case you don’t know, it is in the same category with real estate investment as one of the best passive income opportunities. What scares many about the stock market is the risk involved. The fact remains that every investment opportunity is a risk, and you can’t double your money without taking some risk.
The most vital thing is understanding the market. You can take a few courses on the stock market to have a better understanding of it. You can also hire someone to trade for you whichever you pick works.
5. Focus on your Career
Still looking for how to double your money quickly? Sometimes the answer is within you. If you are a career person with no extra skill whatsoever, you can focus on being the best at what you do. Besides getting more certificates, you can work on being the best staff in your organization, and this cost you no dime. Often, an organization rewards its best staff.
Many people dream of being their boss. You can invest in your business idea and start life as an entrepreneur. It may be a difficult journey at the initial stage, but with time, you will get established in what you do. Entrepreneurship has been the source of a financial breakthrough for many.
7. Learn a Digital Skill
Learn a skill you can sell online. For instance, you can learn to be a web developer or a graphics designer, it could be that you have the skill, but you’re yet to monetize it. Register as a freelancer – part time or full time, and start selling your skills to make money.
8. Re-plan your Business
If you work for yourself, you can think of ways to increase your earnings. You could add an extra service that charges more than the regular service you offer, say offer a VIP package to your customers. Do a market survey to see how you can improve your services.
9. Open a Savings Account
Opening a savings account may seem to be old fashioned, but it still works. You are guaranteed to double your money although it might take years to achieve. Opening a saving account is an option to consider for people with huge sums of money.
10. Cut Your Expenses
There are many things we buy that we don’t need, we can ignore those. Learn to know the difference between wants and need. While your needs are essential – food, clothing, and shelter, your desires may not – luxury. Discipline yourself spending only on your needs, and this will let you have more money that you can put into other business opportunities. You can go for those other luxuries later.
11. Invest in your Future
Investing in your future is a good way to double your money. It is a kind of long term investment that brings yield towards your retirement. You will be amazed by how much you must have accumulated over the years.