Want to double your money in a day?
Don't we all!
While it won't be easy, it could be possible for some.
In this post, I'll explore how to double your money in one day, if it’s possible to double your money in a day, some investing tips, and much more. Let's get started!
15 Ways to Double Your Money in a Day
Below are a few methods if you want to double your money fast. Each investment has advantages and disadvantages you'll want to keep in mind. Doubling your money won't be simple – but with the right techniques, you're sure to get there.
Invest in Stocks
If you want to make money quickly – investing in the stock market could be one option. While I wouldn't recommend investing any money you can't afford to lose – it is a reliable way to get returns on your money.
Investing in the stock market is simple with platforms like Stash. You can invest in all of your favorite stocks, index funds, mutual funds, ETFs, and more with as little as $5. But that's not it. When you register with the link below you'll get $5 completely free to invest! What's better than free money?
With this investment, you’re going to need to give it time to grow.
When you invest in the stock market through index funds of mutual funds, you can lower your risk and maximize your returns. As your balance grows you will start to make even more money.
The annual rate of return for a stock market index fund is around 7% depending on how the financial markets perform that year. This is a rough estimate. Some years your returns might be well over 10% and some years they could end up in the red.
Growing your money via stocks is a great investment that’s been proven for decades.
Related: How to Make a Living Trading Stocks
Invest in Retirement Accounts
Having a retirement account that grows in value can be a great way to double your money. Granted, this won't happen overnight – but depending on which accounts you have, it could be faster than you think.
For example, if your retirement savings is sitting in a 401(k) – your employer might match any contributions you make. This is free money that could instantly double your portfolio. If you do have an employer match – try to take advantage of this as much as possible. Most employers offer some sort of match so be sure to check the details of your employment and enroll as soon as possible. Many employers will cap your contributions according to your pay so be sure to check out the rules.
Another option is an IRA. You can only contribute a certain amount each year so be sure to check out the rules. This is a classic way to grow your money and is recommend by almost every personal finance expert out there.
Invest in Cryptocurrency
You've probably seen all of the articles about how a millennial made copious amounts of cash investing in Bitcoin or other cryptocurrencies.
This could be one strategy to double your money – although it is very risky.
If you're just getting started, I recommend sticking to the more popular coins such as Bitcoin, Bitcoin Cash, and Etherium.
Cryptocurrency is known to be extremely volatile and can have swings of 10% throughout the day.
When it comes to cryptocurrency, I recommend using Coinbase to buy and sell your crypto. Register below to get started!
Invest in Real Estate
Real estate comes in all shapes and sizes for a variety of investors. Whether you choose residential real estate like a single family home or commercial real estate investing – this can be a great low risk way to build your income and double your money over time.
When compared to investments like the stock market, real estate provides favorable returns with a physical asset to back your money.
If you’re searching for passive income, real estate is a perfect solution.
There are many ways to get started investing in real estate between crowdfunding platforms, purchasing rental properties, investing in REITs, and more.
If you’re looking for a hands off approach to growing your money, I recommend using crowdfunded real estate platforms like Fundrise to start investing. You can invest in a variety of assets like apartment buildings, homes, and other types of real estate. Register below to get started!
Day Trade Stocks
If you’re willing to take on more risk, day trading in the stock market could be one potential way to double your money.
The methodology behind day trading is quite simple to understand.
You’ll purchase a stock for a certain price and sell it for a small profit throughout the day. Even if it is a small profit, depending on the volume of your trades, this could amount to some serious cash.
Day trading is very risky because you will never know for certain what is going to happen throughout the day.
As a day trader, you’ll need to have access to your accounts throughout the day to make trades as they occur in real time. This can be a drawback to some people.
Related: Best Assets to Buy in Your 20s
Open a High Yield Savings Account
While opening a high yield savings account isn’t going to double your money in a day – it is probably the safest place to receive compound interest.
With a high yield savings account you will generate significantly more money than a traditional savings account.
For example, my savings account with CIT Bank generates over 5 times that of a traditional savings account. It’s completely free to open and there are no fees. Plus, it's an online bank which makes managing your money easy. Register below to get started!
Your interest rates will vary depending on current market conditions but it’s a great way to earn money when you save money.
There are many things you can flip to start making money. Flipping is a simple strategy of buying things cheaply and selling them for more than you paid.
What I love most about this side hustle is that it can cost as little as you want to get started.
For example, flipping furniture is a great way to boost your side income and double your money.
By visiting local garage sales, thrift stores, and other cheap places, you can find things to flip for a profit. If these don't do the trick, you can also find items online to sell (this means no driving to garage sales only to be disappointed!).
It’s possible to earn enough money flipping to quit your full time job. Just ask Rob and Mellisa from the Flea Market Flippers. Depending on your financial goals, this could be an excellent way to reach financial freedom.
Flipping isn't just a physical venture, however.
In today's digital society, you can even flip things online like domain names or websites.
Start a Small Business
Starting a business can be one of the best ways to make money quickly and efficiently.
Just think, starting a pressure washing business might only cost you a total of $500 – but this money could be potentially made back in just one days work.
An added benefit of starting a business is that it can also lead to financial freedom if you currently don't enjoy your job.
There are hundreds of profitable businesses you can start if you want your earnings to happen faster. Some of my favorite include:
Start a Side Hustle
There are many side hustles you can do to earn some extra cash in your free time. Even if you have just a few hours each week, it's completely worth it.
Some of my favorites include:
- Delivering food with Doordash
- Delivering groceries with Instacart
- Petsitting with Rover
- Taking online surveys
By using some of these methods, you're sure to boost your income in no time. Some of these can pay over $20 per hour. How's that for some extra money?
Invest in Art
Okay, you might not have ever heard of this type of investment – but it can be quite lucrative. Investing in rare pieces of artwork can be a good way to grow your money.
By using platforms like Masterworks you can get a strong return on your investment.
When compared to other investments, I like artwork because there is a limited supply. Whereas other investments might have more supply, artwork is limited. This can help you get a higher rate of return on your investment.
Another advantage of investing in art is it is a great way to diversify your portfolio. Instead of having all of your money invested in the stock market or real estate, you can choose to have a portion of it invested in art to grow your income.
Invest in Peer to Peer Lending
Peer to peer lending is a way to making money that revolves around you loaning money to peers in exchange for some interest.
Peer to peer lending can be as risky as you make it. With many online platforms you can choose who you lend money to based on their credit score and an assortment of other factors.
While it’s possible to lose money with this method of investing, it’s also possible to make good money.
If you’re looking for a way to diversify your portfolio and get a good investment return – peer to peer lending can be a great option.
Rent Things to Make Money
Renting out things can be a great way to increase your pay and make money faster.
For example, if you have some extra space in your garage, you might consider renting it out for some extra cash each month.
To start this income stream, you won’t need a massive investment, either. If you do want to make a purchase to rent something out, consider the income you can generate from it.
For example, if you purchase a lawn mower to rent that costs you $500 but it can bring in $75 per month. It would take you a little over 6 months to recoup your money. Not too bad!
There are many things you can rent to boost your monthly pay.
Sell an Online Course
Want to make some serious money with low risk?
Selling an online course can be a great way to profit and it’s one of my favorite ways to double your money.
Each time you sell a course, you’ll earn money that can be used to start investing or deposited into a bank account to grow.
This investment is low risk because they only thing you’ll need to invest is time and a little bit of money. When compared to other investments that are more cash heavy, this investment won’t require you to unload a significant chunk of change to get started.
It can take a few months to fully develop your course but once it’s completed it can bring your passive income each month.
You’ll need a method to sell your course. For many people this would be a blog, website, or social media channel.
Invest in Websites
Have you heard of digital real estate?
Think about all of the benefits of traditional real estate but instead, online.
By investing in websites, blogs, or other digital assets you can make a good income that can also be passive.
Websites can make money through a variety of methods. Ads aren't the only way to earn money from your site. Instead, sponsored products, affiliate offers, and other monetization methods can be used to boost your pay.
Another benefit – it require significantly less money to get started than other forms of investing.
To get started, you can opt to build and create your own website or purchase an existing money making website online through platforms like Flippa or EmpireFlippers.
Either way, building a website can take some time but it is quite lucrative. By creating unique and engaging content you can grow your readership and, in turn, your income.
You'll want to create a website centered around something you are passionate about. For me, it was personal finance and investing. This has enabled me to keep creating content that I enjoy writing about instead of getting burnt out and giving up.
Okay – I don't recommend this method, but technically it is a way you can double your money in a day or less.
Gambling of any kind is extremely risky. Because fo this, you'll want to be sure you have the money to lose before starting.
There is one small benefit of gambling for some individuals. Some people might think of it as entertainment.
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.
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What is the Best Way to Double Your Money?
Depending on your risk tolerance, the best way to double your money is through the stock market or real estate assets.
These asset classes are extremely reliable and have been proven to make you money over the long haul.
While these methods will require some patience to double your money – it's well worth it.
How to Double Your Money in One Hour
If you want to double your money in just one hour, you're going to need to use some risky methods such as day trading, investing in cryptocurrency, or perhaps gambling.
These methods are among the most risky and therefore should be done with caution.
How to Double $10k Quickly
If you have $10k to invest and want some quick returns, investing in websites might be your best option.
For example, my personal finance website now makes thousands of dollars each month in passive income.
You can purchase a website from sites like Flippa or EmpireFlippers to start making money online.
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.
Take Advantage of Free Money
But that's not the only way to get free stocks. You can also refer friends to the platforms to get even more free money.
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.
Final Thoughts on Doubling Your Money in One Day
While it is possible to double your money in just one day – it can be extremely difficult and very risky.
If you want to make more money and reach financial freedom I would recommend investing in passive income streams that increase in value over time.
If you do choose to opt for the more risky investments like penny stocks, cryptocurrency, or swing trading – but sure you have the money to lose in case things go wrong.
There are many ways to double your money – it’s all about your risk tolerance.
Which are your favorite ways to double your investments? Comment below!
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