🪙 5 ways to double your money
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Hey Ambitious,
Everyone knows that investing is the path to wealth.
In fact, if you invested $10k in Nvidia 2 years ago, your investment would now be worth ~$33k.
So, if you want to double (or even triple) your money, you'll have to take calculated risks.
As the saying goes, "No risk, no gain."
Here are 5 more ways to double your money:
1. The Best Way
The best investment you can make is in yourself.
Why?
Because the return you’ll get will be 10x the amount of money that you invested.
How to invest in yourself:
Read books
Take courses
Listen to podcasts
The more you learn, the more you earn.
How can you double your money by investing in yourself?
Here’s the process:
Take a skill-specific course (sales, design, copywriting, etc.)
Launch a simple side hustle and sell a service
Earn $1–2K/month in under 90 days
Reinvest that income into growing the hustle
If you're selling a service like consulting, you should be able to earn an extra $1k to $2k per month.
Is this easier said than done?
Yes. But if it was easy, everyone would do it.
To be above average, do what the average won't do.
2. The Classic Way
Investing in individual stocks is one of the fastest ways to double your money.
But we don't have a crystal ball...
So no one knows when the next stock will go up or down.
How can you double your money with stocks?
Here's the process:
Understand stock market basics
Create an investment budget
Determine your risk tolerance
Develop an investment strategy
Get expert advice in picking the right stocks
Buy and hold your stocks for the long term
Use an effective tax strategy
You don't need a degree in investment management to buy stocks.
But keep in mind, that investing in stocks is risky.
So always do your research before you invest.
3. The Standard Way
Investing in index funds like the S&P 500 might not be the most exciting investment...
But it's the most reliable investment for those looking to double their money.
In fact, the S&P 500 has returned about 10% per year on average.
At a 10% annual return, you could expect to double your money in just over seven years.
That said, the S&P 500 can have losing streaks, too.
So the return from any single year could be higher or lower than the average.
How can you double your money with index funds?
Investing in index funds is simple.
Even Warren Buffett (the 5th richest person in the world) recommends investing in index funds.
Here's the process:
Research your index funds
Decide which index fund to invest in
Decide where to buy your index fund
Determine your index fund investment type
4. The Risky Way
Bitcoin is one of the best-performing assets of the decade.
It's helped many investors double their money.
But many investors have lost money as well.
So if you have a high degree of risk tolerance, Bitcoin might be for you.
How can you double your money with Bitcoin?
There are many ways to invest in Bitcoin.
You could do Bitcoin mining or Bitcoin trading.
But the most popular strategy is to buy and hold Bitcoin for the long term.
Aka “HODL” which means “hold on for dear life.”
Here's the process:
Create a free account with Kraken (I use Kraken myself)
Create your profile
Link your bank account
Place your Bitcoin order
Store your Bitcoin
Oversee your Bitcoin investment
Keep in mind, that Bitcoin is volatile and there is no guarantee that it will keep going up in value.
So always do your research before you invest.
5. The Traditional Way
Real estate is another traditional way to build wealth.
And you can double your money quickly during a real estate boom, like in 2021.
But the current high-interest rate environment is not ideal.
So the gains from real estate can be slow and steady.
How can you double your money in real estate?
There are several ways to invest in real estate.
You could buy and hold, fix and flip, or invest in a REIT.
Another popular way is to use crowdfunding platforms like Arrived.
Arrived lets you buy shares of rental real estate for as little as $100 without managing the property itself.
Here’s the process:
Sign up to Arrived (it's free to join)
Choose your portfolio strategy
Fund your account
Place your investment
Collect your dividends
Stay invested for the long-term
Investing in real estate is simple with platforms like Arrived.
But keep in mind that real estate is an illiquid investment, so your money can be locked up for up to 5+ years.
Always make sure you do your research before investing.
How Long Does it Take to Double Your Money?
Investing can make you incredibly wealthy.
How do you know when your money will double in value?
By using a powerful formula called: The Rule of 72.
Here's how it works:
You take the number 72 and divide it by the investment's projected annual return.
The result is the number of years that it'll take for your money to double.
Check it out:
Here's another example:
Let's say you invest $10,000 in a rare art painting.
And that painting averages returns of around 17.8% per year.
So according to the Rule of 72, you would double your money in 4 years.
72 ÷ 17.8 = 4.044 years!
Closing Thoughts
If you want to double your money, you'll have to take calculated risks.
You won't double your money if you have cash sitting idle.
Start today.
And always do your research before you invest.
Your bank account will thank you later,
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Stay wealthy,
Be Wealth Operator