Who doesn’t love to have their investment amount grow many folds in a short duration? We all do, isn’t it? But, is there really any practical way to double your money?
Yes, there are many ways to do it, that too, in legit ways! But you need to adopt the right investment strategy with proper portfolio diversification to achieve such a high target.
And even after that, you may not yield that same profit if you don’t know the right avenues to invest it.
So, our team of financial experts has tried and tested hundred different methods to finally fetch the top techniques to make your money many folds!
But before we reveal those, let’s understand the basic rule first.
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What Is The Rule Of 72?
You may have already heard that you need to follow the “Rule of 72” if you really want to double your money. But, do you know what it is actually?
It is a simple trick where you can estimate the amount of time it requires to make your investment amount double.
All you need is to divide 72 by the projected rate of profit or return to calculate the amount of time it takes to make money twofold.
So, if you are getting around 8% profit from any avenue, it will take approximately (72/8%) = 9 years to double it.
But this method only works in the cumulative rate of return where you also have capital gains rather than just profit generation.
So, this rule of 72 might or might not work in both traditional and non-traditional methods, depending on their returns.
Best Ways To Double Your Money
There are several ways to double your money, both legally and illegally. But not every avenue has a similar risk profile and equal profit opportunity.
So, we have searched through at least hundreds of options before selecting the most profitable ways to double your investment in the shortest possible time.
1. Buy Real Estate Properties
Although a bit old-school, buying real estate is still the best way if you want to know how to double your money this year.
Besides, real estates are the best physical assets to buy that is guaranteed to give you higher returns in the longer run.
On average, real estate properties witness around an 8% to 10% hike each year.
And if you can buy a property in any special economic zone (SEZ) or in a corporate landscape, they are bound to fetch you a much higher return.
However, you always need to get a lower interest rate with a lower down payment if you are going for a home loan to buy your property.
2. Join Real Estate Crowdfunding
As we all know, investing in real estate is not a cup of tea for everyone as it requires a huge chunk of investment which is off the shelf for many people.
However, if you have a decent budget, you can even double $10k quickly just by crowdfunding in real estate.
It is a relatively new way of investing where you invest in a pool of funds to buy a larger property.
And with just a $500/month average investment, you can comfortably gain even 15% to 20% on average.
3. Repair And Flip Houses
Trust me; nothing can be as good and profitable as buying an old house, repairing it, and then selling it off at a higher price.
Although it sounds a bit tricky, it is not that difficult to generate a greater profit with this flipping strategy.
Always look for a house that has the potential of appreciating value. You can also get good properties at a much cheaper rate from bank auctions.
Besides, you can also legally buy seized properties at an affordable price. If you want to make a good profit, don’t invest too much in repairing after you buy a house.
Always find the right balance between quality of work and affordability.
4. Invest In Gold ETF
Let me shock you with a fact first! Do you know how much the gold price gained last year?
It is almost 16%. Yes, believe it or not, you can simply double your money with an investment in gold in just six years or less.
While most stocks and ETF bonds are giving around 8% to 10% profit, gold is the only commodity that effectively gives about 15% or more profit margin each year.
And that graph remained steady for a very long time, at least a decade.
If you are from the USA, you can start investing in SPDR Gold Shares. With $70 billion in assets under management, this share has had a reputation for giving steady growth since 2004.
5. Buy Art Masterpieces
In 2018, the New York branch of Sotheby sold a painting of Italian artist Amedeo Modigliani for a record price of $157 million.
So, if you don’t know how to double your money in a day, just buy a painting from any master and sell it off at an auction.
Believe it or not, some masterpieces in the art world give way better returns than even the most high-yielding investments in the stock or commodity market.
But yes, you do need the correct understanding of art to select the perfect pieces to buy.
This trade is also full of scammers and con artists. So, you also need to have the right expertise to identify original paintings.
6. Invest In Digital Assets
There are several new ways to double your money in this digital era. And among those, investing in digital assets like websites and apps is definitely the most lucrative option.
In many cases, it gives a better profit than traditional real estate investments.
You first need to buy some good domain names and a hosting package if you want to develop a full-stack website.
Although it costs more than $100 in total in the online market, you can buy a complete package of a nameserver and host from Bluehost at just $2.95/month or less.
We have also published a step-by-step guide to set up a website in less than 30 minutes.
You can even buy just domain names at an affordable price from Bluehost, as there is now a huge discount going on.
7. Invest In Cryptocurrencies
Even with its immense volatility and adverse predictions by finance experts, cryptocurrencies are now going for global dominance.
And if you don’t know how to double your money in a week, try learning how the crypto works.
Although most people know about just Bitcoin, there are hundreds of cryptocurrencies available around the globe which you can securely invest in.
However, it is pretty common to buy high and sell low if the trader has limited knowledge.
So, study this crypto field before investing. Besides, it will be better to stick to traditional coins like Bitcoin or Ethereum in your initial investment phase.
8. Invest In Stock Market
Like real estate, the stock market is also one of the high-yielding sectors where you can generate massive profit in a shorter time, although it is pretty old school.
And as there are several competitors in this sector, the competition is tough.
According to our financial estimate, a traditional stock gives a cumulative return of around 8% to 10%.
So, you just need approximately five to seven years to double your invested amount just from a single stock.
Although it is the fastest way to double your money, you do need to take cautious steps, especially during the high volatility of the market.
9. Invest In Mutual Funds
A mutual fund is a type of investment where you put your money in a pool to buy several shares of different sectors.
An asset manager manages this pool to invest in the right shares at the right time to generate maximum profit for the clients.
And as the asset manager has much more expertise and market knowledge than us, the chance of making a profit from trading increases significantly.
So, you can comfortably double your money by investing in mutual funds.
You may not believe it, but more than 100 million Americans have already invested and made a profit from mutual funds.
So, you should also take advantage of this investment system.
10. Invest in S&P 500 funds
First, you need to understand what S&P 500 actually is. It is the group of 500 biggest and most profitable individual firms in the United States.
And by investing in those firms, you can significantly increase the chance of getting a higher return.
If you are eyeing long-term investment, you can comfortably make around 10% profit each year cumulatively.
So, it will take about six years to double your money from S&P 500 funds.
It is also pretty easier to buy these funds if you compare them with buying other investment tools. And in many cases, you often get a tax advantage if you invest in the right fund.
11. Buy Series EE Savings Bonds
Series EE Savings Bonds are actually the federal government-backed bonds in the United States.
And while most of the bonds were witnessing their all-time lows during the 2008 global financial crisis, EE savings bonds are the ones that held the market.
For the last two decades, Series EE Savings Bonds constantly gave a profitable return to their investors.
And if you want to double your money without taking huge risks, go for these bonds that can assure up to a 10% yearly return.
But yes, you can’t buy an unlimited amount on this segment. You can either purchase or receive gifts worth $10k in this series of EE bonds.
12. Invest In Options
While most people may not know this but trading “options” is one of the most lucrative avenues to earn a significant profit in the share market.
However, you do need to have a substantial risk profile to invest or trade n options.
There are two main types of options; call and put. In the call option, you establish the right to buy a particular stock on a specific date at a particular price.
And in the put option, you do just the opposite, i.e.; you establish the right to sell a stock at a particular price at a specific date.
But as we have already said, the risk profile is significantly higher as you may also lose all your money with a wrong call or put option.
13. Diversify Investment Profile
Investing in a single avenue can be catastrophic in many cases, as most investors prefer to diversify their investments.
So, if you want to know how to double your money fast, you must know how to invest in a diversified profile.
You should also prefer a mix of stock and bonds if you want to invest only in the capital market.
Besides, you can even diversify your investment portfolio with some physical assets like real estate with some traditional stocks.
You can expect around a 10% overall return each year if you can correctly diversify your profile. And with this cumulative rate, you can achieve your target in a mere six months.
14. Open High-Yielding Savings Accounts
There are several kinds of savings accounts available that come with several different benefits. But, high-yielding accounts are the ones that give you maximum profit.
It is also a guaranteed way to double your money.
Savings account’s interest percentage was significantly higher before the great recession of 2008.
However, a few small-finance banks and financial organizations are still available that now offer a better interest rate.
But yes, most high-yielding savings accounts need higher initial funding of around $1k or more. So, you also need to select an account that has a relatively low minimum balance requirement.
15. Open A Retirement Accounts
We often forget to plan our lives after retirement. And for that, many of us often face a financial crisis after we bid adieu to daily jobs.
But trust me, saving in a retirement account is not just profitable but can also secure your life in the future.
It is also one of the most effective ways to double your money if you can contribute to this account each month.
And if you are living in the USA, you can just open an IRA (individual retirement account) to get benefits.
However, there are some restrictions that you need to follow while saving in an IRA. And there is a limit of contribution to these accounts as well.
16. Start Affiliate Marketing
Nothing can be better for doubling your money than having your own business. And in this digital age, you can even do business online and make a massive profit from it.
Affiliate marketing is the one that can assure you up to 15% commission while you just need to market a product or service.
You may not believe it, but one of the immensely successful affiliate marketers, Michelle Schroeder-Gardner, has made more than $1 million from a single blog post linking to a single product.
And with that same formula, she is now also making $50k/month just from a single affiliate site.
One of her students, Rosemarie, had a 40% increase in her profit generation in the very first month while following Michelle’s secret strategy.
She is currently making more than $25k/month on average, although she was making close to just $6k a month before knowing those secrets.
And now, she has revealed all that secret recipe of success in her free mini-course on affiliate marketing.
Most of her students are now making more than $8k/month on average. So, don’t wait to reserve your seat now in this free webinar on affiliate marketing.
17. Flip Furniture
In flipping, you need to first buy sale-worthy items like wooden furniture from local garage sales or thrift stores.
And then, you can resell those to a much higher price in online auctions and also through direct sales. You may not believe it, but if you can flip it correctly, you can even double your money in just a month.
But yes, you do need to select the right product at the right price to sell it at a higher profit margin. And this experience needs either time or expert guidance.
The creator of Flipper University, Rob and Melissa Stephenson, is now doing just that.
They not only made more than $130k+/year profit but have already trained thousands of their students to make more than $10k+/month.
And you can now also follow that route of success by joining their free money-making flipping course.
One of their students, Stacy, has already made more than $60k+ profit working as a part-time flipper while following their secret strategy.
So, don’t waste your time and book your slot now to find success in no time.
18. Become An Amazon FBA Seller
The most dominant force in the e-commerce market, Amazon, witnessed more than $3.5 billion in revenue in Prime Day sales last year.
And a huge chunk of that money went straight to the FBA seller’s account as they are the primary sales force of this platform.
If you have the right product with the right skill set to market it, you can easily double your money as an Amazon FBA.
However, you do need the sorcery of finding the right product as the competition is tough on this platform.
One of the most successful Amazon FBA sellers, The Selling Family, has already guided more than 10K+ students to make up to $20k/month revenue just as Amazon sellers.
And now, you can also earn that same amount by joining their free webinar on the Amazon FBA program.
While most mentors charge thousands of dollars, The Selling Family is still training students without any charge.
So, don’t wait to book your slot in this FREE Course to Start An Amazon FBA Business to double or even triple your money within a year.
19. Match On A 401(k) Account
If you are from the USA, a 401(k) account can be your ideal tool to double your money.
It is actually an employment benefit where your company will match the exact amount you invest on a 401(k) account. Besides, it also offers tax benefits to maximize savings.
If you invest $500 a month in this account, your employer will also invest $500 more (or at least some percentage of it) to that account.
So, in the longer term, you’ll be getting a much higher return than traditional investment.
But yes, you do need to be employed a certain amount of time before you become eligible for this 401(k) matching.
20. Improve Your Tax Efficiency
Minimizing your tax liability is an effective tool to generate profit which we all miss. If you can save from your direct and indirect taxes, you can definitely increase your overall revenue.
And trust me, there are multiple ways to improve your tax efficiency. As we have already said, a 401(k) account is a great tax saver.
However, you can also open a Roth IRA if you don’t have a 401(k). You may not know but withdrawal from a Roth IRA is entirely tax-free.
Besides, you also need to select accounts carefully while investing. Choosing a tax advantage or tax differed account is always better to achieve better tax efficiency.
21. Lend Money
Nothing can be more lucrative than peer-to-peer lending. It will not only give you a much better interest rate as profit but will also double your money in the shortest possible time.
However, recovering money from an individual can be challenging at times. So, more and more people are now relying on online platforms to lend P2P loans.
Lending Club is one such trusted platform where you can invest and get a much better return from their P2P lending strategy with complete security.
You can start lending as low as $25 at the beginning. And as the website itself claims, P2P loans can make you up to 8% profit without taking any risk at all.
22. Pay Off Your Debts
Do you know what the easiest way to double your money is? It is by paying off your debts altogether.
Most of us don’t understand or don’t even realize that debts are the biggest enemies of our savings or profit generation.
And from education loans to car loans, we are almost engulfed by various loans that often charge a colossal interest percentage.
So, if you can pay off all your debts, you can definitely save those interest rates each month.
Even if you can’t pay off all your debts, you can simply consolidate all your loans in a single place to get a single interest rate with a single EMI date.
Can You Really Double Your Money?
Yes, it is the biggest question we have! Trust me, it is very much possible to double your money. And that too, in a legit way.
In most cases, you need at least six to eight years to really make your money double fold.
However, many investment strategies can even fetch that same profit in a year, although the risk profile will be significantly higher.
In traditional investment forms, like stock and real estate, the risk is low, and the profit is stable. However, you do need some time and a clear long-term investment goal to make from these traditional tools.
And in unconventional investments, like real estate crowdfunding or trading cryptocurrency, the profit is much higher, but the risk profile is high too.
But, if you can hit the bull’s eye, you can even make your money two-fold within just six months or even less.
How can I double my money fast?
There are many ways to double or even triple your money. You can take conventional investment options like trading stocks and buying real estate properties to sell those off at a higher price.
Besides, you can also invest in unconventional methods like cryptocurrencies and digital assets to do the same.
Moreover, you can also save taxes and open a high-yielding account to generate even better profit.
What does double your money mean?
Suppose you have already invested $500 in a single investment channel; you need to make at least $1k from that investment profile actually to double your money.
Traditionally, you can do that at either a flat rate or in cumulative rate.
The methods where you can generate cumulative return will take a shorter time to double the investment amount than the traditional flat-rate method.
What is a good way to double your money?
It mainly depends on your risk-taking profile.
If you can take the risk, you better invest your money in non-conventional avenues like cryptocurrencies, digital assets, and micro-investments.
And if you have a low-risk profile, you can invest in traditional stocks and even in real estate, although these methods will take more time than unconventional methods of investments.
How long does it take to double your money?
It solely depends on where you have invested and how much you have invested.
But in general, it takes around 10 to 12 years to double the invested amount in a traditional method that gives a flat rate of profit or interest.
And if you can generate cumulative returns, you can technically double that same amount in a much lesser time.
So, these are all the full-proof methods to double your money this year. But honestly saying, not every avenue is suitable for everyone.
And you need to select your comfort of investment before you actually dive deep into the realm of generating significant profit.
Selecting the right investment avenue also depends on your investment capacity, as different strategies need different initial investment amounts.
So, you also need to calculate that before you actually start investing.
That’s all for today, folks! Feel free to drop your feedback and suggestion in the comment box below!
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Hello there, I’m Siva Mahesh, an MBA Finance post-graduate and a Remote Career & Personal Finance blogger for 5+ years. Over the years, my work has been featured on US News, Entrepreneur, MSN, Yahoo Finance, GoBankingRates, EverQuote, Legal Zoom, The Simple Dollar, Databox, Business.com, Business News Daily, Venngage, Score.org, and more. My primary mission is to help our readers maximize their earning potential with legitimate online business ideas, side hustles, and passive income ideas we publish on Dreamshala. Currently, more than 100,000 readers from all around the world visit this blog every month and learn new ways to improve their finances.