So you want to know how to double your money? Easy, just fold it in half! Sorry, I couldn’t resist. There are actually a handful of ways in doubling your money easily – some are easier than others, some are legal and others, not so much. Hopefully though, the ideas presented below will help you with how to double your money. (Note: I can’t be held responsible if you actually take part in any of the illegal ways I talk about below.)
How To Double Your Money – 10 Ways
#1. Get Another Job
This option isn’t a get rich quick scheme. It’s going to take you time to double your money by working another job. But, it can be done. Don’t settle for a low paying retail job. Instead, think outside the box. What skills do you have that can translate into a higher pay?
For example, maybe you are a great painter. You could advertise your painting services on nights and weekends and charge $50 per room. Or maybe you work in recruiting and know what a great resume looks like. You can advertise that you will review, edit and provide feedback on resumes.
#2. Sell Drugs
Obviously, this one isn’t legal. Selling drugs will make you some money, however, the real money is when you move up the ladder and become distributors and leader of the cartel. When you control the entire operation, you will make tons of money. Of course, with this money will come the risk of your life and the risk of imprisonment for a very, very long time.
#3. Save For Retirement
Saving for retirement is probably the easiest way to double your money. Most employers offer to match what you contribute to your 401k plan. If they match 5% and you earn $50,000 a year, that is $2,500 in free money just by contributing to your 401k plan.
#4. Go To Yard/Garage Sales
If you attend yard and garage sales, you can easily double your money or more. Just find items that are in good condition that have a demand. After you buy them, go and sell the items online.
I did this in college and made a good amount of money. When you first start out, it will be tough knowing what to buy. Stick with things you know. If you know electronics, focus on that.
Be sure to also do your research online. Scour eBay and other sites to see what is selling and what is not, and for how much. Knowing these things will go a long way to providing maximum profit.
#5. Turn A Hobby Into Income
Instead of getting another job, you can turn your hobbies into an income. Do you enjoy writing? You can become a freelance writer and earn $100 every time you write an article. Or you could start your own blog and earn an income off of it.
Maybe you are good with graphics. You could sell your service on a site like Fiverr and make a good amount of money there. Just make a list of the things you enjoy doing and then see if there is a market for it.
#6. Save Your Money
This is lazy man’s #2 way for how to double your money. Simply save everything you can. Put the money into a savings account at an online bank to earn the highest interest possible. Though rates are low now, your money will compound upon itself and as the balance grows, the interest you earn will grow faster too.
Another way to save your money is to cut some expenses. A free service like Clarity will look over your spending an offer tips to save money and cancel subscriptions.
#7. Sign Up For Bank Accounts & Credit Cards
Many banks offer a sign on bonus that will net you some easy cash. All you have to do is meet the requirements, usually a direct deposit and using your debit card a few times per month. Offers vary, but if you keep your eyes open, you should be able to find a few in your area. I’ve made $150 in six months once by taking 5 minutes to open an account and paying one bill per month online. You can make $25 with Capital One 360 through this link.
Additionally, credit cards offer sign on bonuses as well. In most cases, these are met by either making one purchase or spending a certain amount for a few months. You’ll get points, not cash, but you can convert the points to gift cards and then sell the gift cards online for cash. Just make sure you don’t go into debt doing this.
#8. Rob A Bank
Again, not a legal option, but an option nonetheless. You have to be smart about this one too as there are advantages and disadvantages. Hit a small bank and you get less money, but it might not be pursued by the police as much. Hit a big bank and you get more money, but more heat from the police. (This is just my guess, I have no proof of this.)
This is lazy man’s #1 way for how to double your money. The stock market is not rigged against you. You just have to understand how it works and how to invest over the long-term. With an average return of 8%, you could double your money in just 9 years. Learn how to become a stock market millionaire in this post. Also, use the information about surviving a stock market correction to help you navigate market turbulence. You can also check out my ebook, 7 Investing Steps That Will Make You Wealthy.
When it comes to picking online brokers, your first stop should be with Betterment. Super easy to get started and they will do all of the work for you. Another option is Motif Investing. You can invest in multiple stocks for one low fee.
This is a legal option and might just be the best way to double your money in a short amount of time. Of course, the risk is high, but we know that risk and reward are related, so this should come as no surprise.
I would stay away from slots as the odds aren’t in your favor there. Same goes for poker, unless you are skilled at that game. This leaves two options: roulette and blackjack.
With roulette, you could simply bet on black or red and have a 50/50 shot at winning. If you play right, you could hit quickly and make some money. But bet wrong and you are starting from zero all over again.
With blackjack, you have decent odds, assuming you play smart. Learn the house rules (if the dealer hits in 16 and stands on 17) and you should be good to go. This is my go to game when I am at the casino. Note though that I go for fun and am not trying to double my money. I go with money I am comfortable losing.
How Long Will It Take To Double Your Money
When it comes to knowing how long it will take for you to double your money with saving or investing, you can easily use the rule of 72. This simple formula will show you in a few seconds how long it will take to double your money given an interest rate. Obviously, the higher the interest rate, the quicker you will double your money. But just remember that a higher interest rate equals more risk.
As you can see, how to double your money can be accomplished in a variety of ways. You just have to find the ways that interest you the most and that are legal. The illegal ways for doubling your money are just for fun. You should not be considering them as an option.
When you find a way to double your money and are interested in the process, you are most likely to see the goal through.
Readers, what would you add to my list of how to double your money?