Ways To Double Your Money
We all know how nice it is to have extra cash to spend. It’s even better when the cash we have saved up has the potential to be doubled. If you haven’t yet considered it, you may want to think of investing. It might sound overly complicated, but recently developed apps and technology make it easy for even the most casual investor to double their money.
You might be asking now “what ways are there to even do that?” Here’s a list of a few simple ways to invest your money and potentially double your return:
1. Invest in The Stock Market
The stock market is every investor’s go-to when it comes to doubling your money. Not only is it great for multiplying funds, but it’s great to consider as a passive income. It might be a little risky, and money might be lost, but no worthwhile opportunity ever came without risk.
When you invest in the stock market, keep in mind the purpose of your investment. It’s good to save for retirement even if it is decades off, but it’s important to begin saving in the here and now.
Here are a couple of online brokerages that allow you to open affordable accounts:
- Acorns – no minimum deposit required
- Ally Invest – no minimum deposit required
- Betterment – no minimum deposit required (they manage your investments for you)
- M1 Finance – no minimum deposit required
- Stash Invest – $5 minimum balance required
2. Invest in Real Estate
Aside from the usual stock market game, the real estate industry is another place to grow your money. Build your wealth outside the market by investing in commercial or residential real estate.
Realize that investing in real estate comes with its own share of risks. A property you purchased may sit vacant for some time, or you may have to deal with problem tenants. Due diligence is essential to selecting the right property.
Sites such as Fundrise allow investors to open either retirement or non-retirement account for as little as $500. They also allow one to invest in either commercial or residential real estate.
Be sure to check out RealtyMogul as well for real estate investing. While you need $1000 to start an investment account, the fees are lower than that of Fundraise.
3. Cut The Cord
Saving your money is just as important as investing. How are you supposed to grow money that you don’t have around? Look at your daily routines and some bill, assess what is absolutely necessary and what you can do without.
On average, a family’s cable bill can get as high as $110 a month or higher. Terminate that contract with your satellite TV provider, buy yourself and Roku and subscribe to a couple of streaming apps.
Before we cut out our satellite provider, my family had bills that went to nearly $200. Now, with a streaming device, we rarely ever see it get past $40.
4. Open a Savings Account
This is a simple, yet tried and true method for doubling your money. While you are not investing in property or companies, you are investing in your financial future. It is very easy to double your money this way, but it does take a few years.
The best savings accounts pay about 0.8 percent or more with no starting minimum balance required. Other banks may offer 2.45 percent, but also require a deposit of at least $100, with a $100 deposit every month.
You might not wow anyone with your savings account, but it is an effective and low-stress method that has worked for a number of years already.
5. Rent a Spare Room
Real estate can yield substantial payoffs but if the stress of that life feels like too much, there’s always the option of renting a spare room to someone. If you have the space and you are looking for extra cash, you can list your room or property on Airbnb, free of charge.
As the host, you have guests stay for a single night or an extended period, depending on your availability and their need for a place.
The average Airbnb host enjoys a near $1000 influx of cash per month.
While the listing is free, Airbnb holds onto three percent of your booking costs to cover their expenses.