- Reasons to Double your money
- 1) Stock Markets
- 2) Cryptocurrencies
- 3) Mutual Funds
- 4) Exchange-Traded Fonds
- 5) Foreign Currencies
- 6) Commodities
- 7) Real Estate Investment Trusts
- 8) Art Investment
- 9) Vice Investing
- 10) Liquor Investment
- 11) Watches as investments
- 12) Crowdfunding
- 13) Retirement Plans
- 14) Buy a House
- 15) Invest in Existing Business
- In Conclusion
We all want to double our income. Millions of Americans need to learn how to double their income. They fall for scams and frauds promising to double their money in an hour, a day or a week. In the end, they often lose their money rather than double it.
It is essential to know how you can double your money. I will explain this later in the article. If people know legitimate ways to double their income, they won’t be victims of scams or fraud. This article will discuss 15 legitimate ways to invest and double your money.
If you want to avoid cash shortages in the later years of your life, it is important to have at least double the amount you have. This is especially true after you retire from active work. There are other reasons. Continue reading to learn more about the legit reasons to double your income.
Reasons to Double your money
An American study has revealed a shocking truth: Nearly 87 percent of Americans don’t have enough savings to cover their golden years. This means that they will not be working in the future.
The US has a higher life expectancy than ever, at more than 95 years. This is due to improvements in medicine and lifestyles. In other words, many people will run out of money in retirement if they cannot work as hard and earn more.
Second, the primary factor is the Time Value of Money (TVM). The Time Value of Money is the loss in value over some time. The TVM currently stands at -4.5%.
Due to the rising costs of everyday necessities, your $100 today would only be worth $95.50 after 12 months. Two years later, the same $100 today will only be worth $91. This is because the money continues to lose value.
You must beat TVM to ensure your money doesn’t lose value each year. These 15 legit ways can double your money are possible, which I will discuss briefly.
Here’s something that I strongly recommend before I go on. These 15 ways to double your income are legit and easily accessible in the USA. However, speaking with a financial advisor to discuss your plans is always a good idea.
This is because some investment options require knowledge about returns and investments. You could lose your money if you don’t get such expert advice.
You should consider these 15 legitimate ways to double your income.
1) Stock Markets
Stock markets are the best place to invest money in the world. They also offer the highest returns. This is the best way to double your money if you have $5000 or 10K. You can start investing as low as $5 with discount brokerages or apps.
Some discount brokerages and apps offer incentives like free stock when you open an account. If you want to double your income, it is worth seeking advice about which stocks to invest in.
As one of the most profitable investments, cryptocurrencies like Ethereum and Bitcoin have grown in popularity over recent years. This is because you don’t need to purchase a complete Bitcoin if your budget doesn’t allow it. You can instead buy cryptocurrencies in fragments.
These fractions can be bought with very little money. You will eventually own one unit of cryptocurrency. The price of cryptos keeps rising. This surge could help you double your money in as little as an hour, a few days, or even a week.
3) Mutual Funds
Mutual Funds can double your money, but only a few Americans know this. There are many types of Mutual Funds, including those that invest in stocks, debt instruments, or foreign stock markets. These Mutual Funds are offered by some of the most prestigious financial institutions in the USA.
Mutual Funds are a safe investment because you don’t need to know the stock or money markets. They are managed by skilled and qualified Fund Managers who will do all the work.
4) Exchange-Traded Fonds
ETFs, or Exchange-Traded Funds, are similar to Mutual Funds. This is the best way to invest your money. It is a combination of stocks and money market instruments. An ETF is traded on the stock exchange daily, which is different from Mutual Funds. Its prices can fluctuate depending on many factors.
ETFs, let you invest in specific sectors or safe debt and money markets. ETFs can be subject to price swings like stocks and cryptocurrencies. However, they are always able to bounce back and double your money.
5) Foreign Currencies
Investing in foreign currencies like the Euro, British Pound Sterling, and the Japanese Yen is a great way to increase your wealth. It is legal because many financial institutions in America offer foreign currency trading, buying, and selling accounts.
All foreign currencies have their prices. You can sell when the price rises and buy when it falls. Forex trading can also make you a lot of money.
The stock exchanges are the safest place to invest your money. However, the global commodity market allows you to trade metals like gold, silver and lead daily. Certain commodities like crude oil and gold have seen a nearly 150 percent return within a year.
It is interesting to note that precious metals like gold and silver give less return on investment than crude and lead. You can learn a little about the commodity market and open an account to double your investment.
7) Real Estate Investment Trusts
Real Estate Investment Trusts, or REITs, are a new form of investment available to the public. This allows you to invest without buying real estate, such as a lot, a house or a building.
Instead, money invested in REITs goes to real estate development. Real estate is in high demand, so your investment will increase in value and provide excellent returns over time. If you prefer a safer investment, there are also ETFs and Mutual Funds that invest in REITs.
8) Art Investment
People are actively investing in art. No, I am not asking you to buy Van Gogh or Picasso at an auction in London, New York or elsewhere. It’s about buying sketches and paintings of future artists who are promising to be celebrities.
These paintings and sketches can be found in both online and offline galleries. As the artist becomes more famous, the art you buy becomes more expensive. It is possible to sell it once the value of the art you have reached your desired level.
9) Vice Investing
Vice investing can be a traditional and new way to invest your money. Let me explain it a little more. Perhaps you are aware that recreational marijuana use is legal in many states.
Many financial institutions have bought up the stock of marijuana processing and farming companies. To double your money, you could look at vice stocks and RTFs that include vice stocks. These are shares from companies that invest in marijuana or gambling.
10) Liquor Investment
It might surprise many that people invest large sums of money in liquor. How is that possible? Many rare liquors, such as champagne, whisky, wine, and more, are available on the market. As the years go by, their prices rise.
After a few years, a bottle of Scotch whisky that costs $3,000 can fetch $5,000 or more. This is because collectors want to purchase rare liquors for their consumption or as an addition to their existing collections.
11) Watches as investments
Watches are similar to liquor investing. These watches can be limited editions or rare. These watches are collector’s pieces. Many of these watches are available online via eBay and Craigslist.
There are many fake watches all over the globe. This is the downside. You can find a rare watch for as low as $10-100, or more, depending on its make and condition.
Crowdfunding does not promise returns because most projects they invest in are startups. Crowdfunding also comes with high risks of losing your money.
If you can identify which ventures or startups have the potential for success, you can put money into them. Startups have many success stories.
13) Retirement Plans
Good retirement planning from one of the well-respected financial institutions in the USA will double your money and provide enough to last you a lifetime. There are many such plans on the market, and millions of people have already started to invest in them.
A financial advisor is required to help you choose the best plan. Talk to your financial advisor to determine if you need to double your money. They can help guide you to the best plan in this category.
14) Buy a House
This is the best way to invest your money. You can take out a mortgage and purchase another house if you have the funds. This can be done in your home or another location. The USA’s real estate market is vibrant. The prices are constantly rising. If you don’t want to sell the house, it can be sold later.
This means you don’t need a mortgage or good credit to qualify. This is a common way for thousands of Americans to double their income.
15) Invest in Existing Business
Finally, you can invest in an existing, good business if the owners are willing to accept you as a partner. This means that you don’t need to put in the extra effort. You will receive the profits from your business once or twice per year or as agreed with the owners.
Many people invest in these businesses to help expand their operations. You’re often the partner’s inactive, dead or inactive, and you don’t manage the business daily.
Before I conclude, let me warn you that you can only make the money you want double by your efforts. It is essential to use your money wisely and not rush to double it. Many scams and frauds offer incredible returns. Many scams are legitimate companies, but they disappear after they cheat people.
Instead, you should invest in options and plans from well-respected companies with a record of repaying investors. Many banks and companies like these have been around for decades in America and are trusted. They can be approached either by you or a financial advisor. This is the best way to double your money.