How To Double Your Money In A Day [18 Value Loaded Tips!]

1. Get a 401(k) match

Talk about the easiest money you’ve ever made! It does not get any easier or lower risk to double your money than by taking advantage of an employer match on a 401(k) account. Then you can stick around and use the plan’s tax benefits to grow your retirement savings.

Many employers give employees money just for contributing to their own retirement account. For example, employers may match a small percentage of what you add to the account – so you put in 5 percent of your salary, and your employer adds another 5 percent. That’s the easiest, lowest-risk way to make money, and you still get all the great benefits of a 401(k) plan.

If there’s a downside, it’s that some companies do require you to remain employed for a certain period of time, often three or four years, before those matching funds are fully vested.

This 401(k) calculator can help you figure out how much wealth you can build for retirement.

Video

What is the best way to double your money?

The best way to double your money is to invest for the long-term in the stock market. Investing in a simple Index Fund like the S&P 500 has shown to produce a 10% annualized return on investment. Investors who invest for the Long Haul tend to see positive returns.

As you can tell, the best way to double your money is thinking for the long term. It is very difficult to double your money in a very short amount of time. That being said, it is not impossible to double your money quickly.

Click to Tweet! Please Share!Click To Tweet

2.   Pursue a Side Hustle

You can increase your earnings in the simplest of

You can increase your earnings in the simplest of ways. In order to multiply your income, you do not need to get involved in the complexities of the marketplace. Instead, you can put your hidden talents and hobbies to good use and pick up a side hustle to bring in more income.

Side hustles can be defined as making money off of any task that you excel at, in addition to working at a full-time job. Side hustles include, but are not limited, to the following:

Become a rideshare driver

Rideshare companies have taken the world by a storm. In this day and age, a lot of us prefer to book rides using ride sharing apps, rather than getting into the hassle of buying cars out right.  You can benefit from this amazing opportunity by collaborating with a rideshare agency, picking up shifts before and after your day job. One of the most advantageous aspects of working for a ride sharing service is the flexibility to select your own working hours which can enable you to bring in some extra cash – when it suits your schedule. Additionally, you can multiply your earnings if you clock-in during “surge” or peak hours. This would allow you to earn more while burning less energy.

Sign up for package/food delivery

Similar to rideshare applications, food/package delivery apps have gained a lot of recognition recently. It’s an amazing way to earn extra cash. You do not need a car, to sign up for package or food delivery service.  While you may not specifically need a car, you would have to have access to a bicycle or any other insured vehicle.  With a food/package delivery service, you can work in accordance with your own schedule. Additionally, you can earn variable amounts (payment for the job plus tips), depending on the task.

Become a pet-sitter

The best side hustle would be something you genuinely love. One such opportunity would be, being able to bring in some extra cash just by hanging out with some furry friends. Using pet-sitting applications, such as Pawshake, you can find pet-owners near you, who are looking to hire a trusted individual to care for their pets. Similar to other service-providing apps, you can choose to participate when you have the time!

3. The Safe Way

Just as the fast lane and the slow lane on the highway will eventually get you to the same place, there are quick and slow ways to double your money. If you prefer to play it safe, bonds can be a less hair-raising journey to the same destination.

Consider zero-coupon bonds, for example. For the uninitiated, zero-coupon bonds may sound intimidating. In reality, they’re simple to understand. Instead of purchasing a bond that rewards you with a regular interest payment, you buy a bond at a discount to its eventual value at maturity.

One hidden benefit is the absence of reinvestment risk. With standard coupon bonds, there are the challenges and risks of reinvesting the interest payments as they're received. With zero-coupon bonds, there's only one payoff, and it comes when the bond matures. On the flip side, zero-coupon bonds are very sensitive to changes in interest rates and can lose value as interest rates rise; this is a risk factor to be considered by an investor who does not intend to hold a zero-coupon bond to maturity.

Series EE Savings Bonds issued by the U.S. Treasury are another attractive option for conservative investors who do not mind waiting a couple of decades for the investment to double. Series EE Savings Bonds are low-risk savings products that are only available in electronic form on the TreasuryDirect platform. They pay interest until they reach 30 years or the investor cashes them in, whichever comes first. Although the current rate of interest is a paltry 0.10% for bonds issued between November 2021 and April 2022, they come with a guarantee that bonds sold now will double in value if held for 20 years. The minimum purchase amount is $25, while the maximum purchase per calendar year is $10,000. Savings bonds are exempt from state or local taxes, but interest earnings are subject to federal income tax.

How to Double $10K Quickly?

If you are not in a rush, you can invest in stocks via an S&P 500 index fund. This will typically give you the best return on your investment over time and it is totally passive income.

However, if you prefer to double your money faster, you may want to consider other options that need effort on your end; like investing $10k in REIs, flipping a business, or starting your own small business!

Whatever you decide to do, be sure to do your research and understand the risks before investing any money.

4.   Lend your money to on Peer-to-Peer lending Platforms

Peer-to-Peer or P2P lending allows you to make money by loaning your money to others charging interest on it. With Peer-to-Peer lending platform, you have the opportunity to negate an intermediate authority, such as the bank. This would allow you to get an interest on your investment without having to get involved in piles of paperwork. The process of P2P is quite simple. All you have to do is find a Peer-to-Peer lending platform that is reliable to use. Next, you can open an account and place a deposit. Once your deposit is confirmed, you can review the profiles of individuals who are in requirement of the loan.

While reviewing the profiles, you must consider the interest rate being offered. Additionally, you can take a look at why the individual is applying for the loan. This would give you a good idea whether or not you are placing your money in good hands. Another aspect of the profile which you must review is that term of the loan. Ideally, you would want to go for a time frame ranging from two to a five-year period. Once you have assessed the profile, you would also have to carry out a risk assessment process to ensure that your money would be returned to you within the specified time limit.

You do not need to loan a large sum of money. Instead, you can loan any amount that you deem necessary and increase your earnings while also supporting small businesses in the process!

How To Double Your Money In a Week?

You need an aggressive or high return investment to double your money in a week. For instance, you can buy a distressed property, fix it up, and then flip it. If you can fix it up and sell it that fast, this could double your money in a week.

You could also buy a coveted item on sale and then resell it online for a markup. However, this strategy will depend on demand. Some people also resell collector’s items they already have.

Yet another way is to buy and sell stocks within the same week. Increased volatility in the market is what you’ll need, though. And you’ll need to buy when share prices are low and sell when those prices go up.

That said, flipping, reselling, and short trades are based on a high degree of uncertainty. 

How to Double Your Money In an Hour or Less

By comparing the money flow of a day with that of the previous one, you can speculate an increase or drop in price for the next day.

In other words, a positive money flow indicates a likelihood of prices increasing while a negative money flow indicates the likelihood of prices dropping.

Based on this parameter, here are a few trading strategies you can employ to double your money in a day, an hour or less.

  • Trend trading – As the name suggests, trend trading simply means analyzing the style in which the prices move until they reach a certain trend. You can time the day when the odds are in your favor and use it to double your investment.
  • Swing trading – This is another speculative strategy whereby you hold your financial instruments for a certain period to take advantage of a ‘swing’ in prices.
  • Scalping – Through scalping, you make multiple trades in a day by profiting off many small price changes.
  • Options Trading – It’s undoubtedly one of the best ways to double your money in an hour, even as a new investor. However, you must still be aware that you can also lose money just like any other investment and losses may be substantial.

Hence, it’s highly important that you not only understand the various terminologies involved but also learn how the strategies work in order to achieve success and double your investments.

4. Trade cryptocurrency

The volatility of cryptocurrency – whether it’s Bitcoin, Ethereum or Dogecoin – is an opportunity for speculators to make money trading. Of course, it’s an opportunity to lose money as well, but that’s always part of the trade-off if you’re looking to double your money quickly.

While many cryptos have soared over the last year, they can bounce around significantly, making it tough to hold on when they fall. It can be easy to buy high and sell low and bail out when prices crash, and you’ll end up putting money in someone else’s pocket instead of yours.

It’s easy to lose money on cryptocurrency if you can’t manage your positions, and there are much easier and lower-risk ways to double your money.

Dropshipping

When you don’t have much money, dropshipping

When you don’t have much money, dropshipping is another option. By listing the items for sale on one marketplace when you can purchase them for cheaper elsewhere, you are essentially listing them for sale. A seller buys an item when it sells and ships it to the buyer.

Home Depot, for example, might sell some tools online for $10 cheaper than in stores. An identical set of tools is listed on Amazon for $20. . A $20 price tag is put on the set of tools on Amazon.$20.

Amazon will notify you when the item sells and you need to ship it. Home Depot’s website allows you to buy the tool set using the customer’s information. You never see the tool set, it is shipped to your customer.

Due to the lack of inventory, you can easily double your money. You only have to buy things when you sell them.

Tips for Investing

Before investing any money, it’s wise to consult a certified financial planner to help guide your decision making regarding your money. Financial planning is not a simple task that can be completed in a dew minutes.

Use the Rule of 72

The rule of 72 is a well known investing rule that allows you to easily calculate how long it will take your investment to double. Simply divide your rate of return by 72 and the rule of 72 will tell you how long it will take.

For example, if you have a rate of return of 10% annually. The rule of 72 would equate to doubling your money in 7.2 years.

If you have a rate of return of 13%, it would take 5.5 years to double your money. Using the rule of 72 makes calculating how long it takes to double your money a breeze.

Give it Time

While everyone is seeking to get the quickest return on their money, this is not an effective investing strategy for the long term.

You need to give your investments time to grow if you want to better your financial future.

By giving your investments at least a few years to grow, you’ll raise your chances of a positive return on investment and also benefit from long term capital gains tax rates.

Don’t Hop on Trends

It’s easy to be tempted by the news outlets to hop on the latest investing trends to make some quick money.

Try to avoid these temptations as it can only lead to disappointment.

How long should it take to double your money?

Investing at a 10% rate of return should take arou

Investing at a 10% rate of return should take around 7 years to double your money. A long-term investment in the stock market typically yields a return of 10%. Find a higher return rate if you want to double your money faster.

To double your money, you use the 72 rule as a guide. Calculate when your money will double by dividing 72 by your expected return rate. 7.2 years would be required for 10% return or 72/10 or 7.2 years.

What if you found a 20% return on your investment? By following the rule of 72, you would have to wait 3.6 years to double your money. 

Can You Really Double Your Money in a Day?

The truth is, yes you can double your money in one day – but it’s extremely difficult and in most cases, will rely on a little bit of luck to make it happen.

Most people will not be capable of doubling their money using traditional investing methods.

If you want to make money fast, you’re going to have to take on some risk – and sometimes a significant amount of it.

As an investor, your goal should not be to double your money in a day. Instead, you’ll want your investments to increase over time steadily.

The Rule of 72

The Rule of 72 is an easy strategy you can use to determine how long it will take for an investment to double based on a fixed rate.

To use this method, all you have to do is take the number 72 and divide it by the rate of return you expect to receive. The number you get back is a rough estimate of how many years it’s going to take for the investment to double.

Here’s a good example: Let’s say you invest in a specific index fund known as the Mid-Cap Growth Fund from T. Rowe Price (RPMGX), which has returned a whopping 14.91% for investors over the last 10 years. Using the Rule of 72, you would find this fund might let you double your money in 4.82 years. That’s pretty amazing if you ask me.

But all funds are not created equal. Imagine for a moment you invested in VanEck Global Hard Assets (GHAAX) instead, which has featured an average return of .67% over the last 15 years. Using the Rule of 72, you would probably be shocked to find that you could double your money with this fund in 107 years. Obviously, that is not going to do you much good!

With all this in mind, one problem with the Rule of 72 is the fact that, the higher the rate of return is, the less accurate it becomes. This is due to the fact that, by and large, short-term investment returns are incredibly volatile and hard to predict. With that in mind, my suggestion is you never use the Rule of 72 as a “hard” rule. Instead, use it as a rough estimate of what you may be able to earn on an investment.

Can an Investor Use All Five Ways in the Quest to Double Ones Money?

Yes, of course. If your employer matches contributions to your retirement plan, take advantage of that perk. Invest in a diversified portfolio of stocks and bonds and consider being a contrarian when the market plunges or rockets higher. If you have the risk appetite and want some sizzle on your steak, allocate a small portion of your portfolio to more aggressive strategies and investments (after doing your research and due diligence, of course). Save on a regular basis to buy a house and keep the down payment in a savings account or other relatively risk-free investment.

6. Trade options

When it comes to options, Tom Sosnoff at Tastyworks says, “Trade small and trade often.” What type should you trade? There are loads of vehicles, such as FOREX and stocks. The best way to make good money by investing when it comes to options is to jump in around 15 days before corporate earnings are released. What type should you buy? Money calls.

The optimal time to sell those money calls is the day before the company releases its earnings. There’s just so much excitement and anticipation around earnings that it typically drives up the price, giving you a consistent winner. But don’t hold through the earnings. That’s a gamble you don’t want to take if you’re not a seasoned investor, says John Carter from Simpler Trading.

Related: 2 Strategies for Making Money Day Trading With a Bit Less Risk

3. Trade commodities

Trading commodities like gold and silver present a rare opportunity, especially when they’re trading at the lower end of their five-year range. Metrics like that give a strong indication of where commodities might be heading. Carolyn Boroden of Fibonacci Queen says, “I have long-term support and timing in the silver markets because silver is a solid hedge on inflation. Plus, commodities like silver are tangible assets that people can hold onto.”

The fundamentals of economics drive the price of commodities. As supply dips, demand increases and prices rise. Any disruption to a supply chain has a severe impact on prices. For example, a health scare to livestock can significantly alter prices as scarcity reins free. However, livestock and meat are just one form of commodities.

Metals, energy and agriculture are other types of commodities. To invest, you can use an exchange like the London Metal Exchange or the Chicago Mercantile Exchange, as well as many others. Often, investing in commodities means investing in futures contracts. Effectively, that’s a pre-arranged agreement to buy a specific quantity at a specific price in the future. These are leveraged contracts, providing both big upside and a potential for large downside, so exercise caution.

Related: What Starbucks Teaches About Marketing Commodity Products

When to Use the Rule of 72

So now you’re wondering when to use the Rule of 72. There are so many scenarios where this easy formula can help you—from planning for the future and evaluating an investment to understanding the impact of debt. 

To Plan for Financial Goals

Like the example above, you can use the Rule of 72 to determine when you will be able to make a big future purchase, like a house. But, it also can be useful for a lot of other financial goals you have.

If you have financial goals where you want to know how long it will be until you meet them, or you want to know what interest rate you need in order to reach your 5 or 10-year goals, then use the Rule of 72. 

For instance, if you need $100,000 to pay for your kid’s college in 10 years, and you start with $50,000, then you’ll need a 7.2% (72 / 10)  annual rate of return on your investment. 

But, if you start with $15,000, you’ll need your money to double 3 times in the next 10 years. This means you’ll want your money to double every 3.3 years and with a 21.8% (72 / 3.3) annual rate of return on your investment.

If you are investing for retirement, the Rule of 72 can be extremely beneficial. The amount of money you will need for retirement is a big number, but if you start early, even a small amount of money can double over and over again. 

The Rule of 72 will tell you: The less time you have until you retire, the larger the annual rate of return you will need on your investments. ON the other hand – if you have a long time until you plan to retire, you may be able to aim for a smaller annual rate of return. 

To Evaluate Investments

To Evaluate Investments

You can also use the Rule of 72 to evaluate your investments. Of course, this is how I use it most. 

If I’m comparing two potential investments and one will give me an 18% average annual rate of return, and the other is 14%, then I will double my money a year sooner if I go with the investment that could produce an 18% annual rate of return on average. 

If I leave the investment alone for 15 years, the first option will nearly double almost 4 separate times, while the second option will have only doubled 3 times.    

To Better Understand Debt

Just as compound interest works for you when you have money invested, it will also work against you when you have debt. 

Say you have credit card debt with an annual interest rate of 20%. Even if you make the minimum monthly payments on that card and don’t spend anything else, the amount you owe will double in 3 and a half years. Yikes. 

So, if you have debt, the Rule of 72 will hopefully light a fire under you to get rid of it as quickly as possible. 

Summary

You can double your money in 2022 by increasing the amount of money you invest, planning a long-term investment strategy, or seeking out investments that generate higher returns (retirement plans, stock options, and oversold stocks). To double your money in real estate, you may want to consider investing in short-term rentals, single-room leases, fix and flips, and buy and hold properties. Property investment data can help you choose which type of real estate investment is right for you.

Want to become a better stock investor?

Click the banner below to take a 47-minute online training class — and discover the 4 secrets to making smarter, safer investment decisions!

The information presented is not intended to be used as the sole basis of any investment decisions, nor should it be construed as advice designed to meet the investment needs of any particular investor. Nothing provided shall constitute financial, tax, legal, or accounting advice or individually tailored investment advice. This information is for educational purposes only.

Tags