You’ve surely read some rags-to-riches stories in the US and around the world. If you read these again, one central theme is very clear: such people made good use of the limited resources they had to reach where they were.
The same holds true if you have $1 or, for that matter, $10,000.
You could use the money properly and get superb returns. At times, these returns would be double and in some cases, they could be over a hundred times. It all depends on how well you use the money.
Therefore, let’s consider that you have a small fortune or $10,000 in your bank account or cash. And you wish to double this amount. How would you do that?
Actually, there are many ways to double $10,000 quickly. Surely, you would know some of these ways. Then there are some other ways that you might not know. Therefore, in this article, I will speak about how to double $10,000 quickly and without losing a single Cent.
How to Double $10,000 Quickly?
Let’s explore some of the ways and means to double $10,000 quickly. The trick, as I mentioned earlier, is to ensure that the money you have right now gets double the returns or even more without losing anything.
That’s because lots of us sometimes fall into the temptation to put our money on ‘get rich quick’ schemes and lose what we have.
Instead, here are some legit ways to double $10,000 while still having full control of the money.
1. Stock Markets
Stock markets are your best bet to double $10,000 quickly. That’s because stocks and Exchange Traded Funds (ETFs) witness highs and lows during the trading sessions on weekdays. If you get good financial advice on stocks whose prices are set to rise, it’s possible to make a lot of money by investing $10,000 in these.
Of course, stocks take some time to rise and provide double the returns. However, it’s much quicker than many other ways to double $10,000 quickly. While stock markets swing downwards too, these are generally temporary since prices bounce back within days.
Read: How To Buy Stocks Online In 2024: A Beginners Guide
Federal laws allow Americans to invest and trade cryptocurrencies. While Bitcoin, the oldest crypto, remains the favourite of investors, there are several new ones that have come up in recent years, including Monero and Ethereum.
You can open an account with any renowned crypto exchange and invest. There are two ways to invest in cryptocurrencies. One is through daily or occasional trading when you sell for what you had bought for low. The other one is to keep buying and wait for prices to double before selling off and getting strong returns of 100 per cent or more for your $10,000.
3. Mutual Funds
If you wish to play safe, invest money in Mutual Funds. There are different kinds of Mutual Funds that come with low or moderate risks to your investments. Generally, a Fund Manager will be handling the Mutual Fund, and they’re trained and qualified to prevent any losses while ensuring good returns.
However, the growth of money invested in Mutual Funds tends to be slower than that of stocks and cryptocurrencies. Yet, you can be assured of getting double the returns on $10,000 that you invest. Select the Mutual Fund carefully so that you can get maximum benefits.
4. Real Estate Investment Trusts
Real Estate Investment Trusts, or REITs as they’re known, are an ideal way to invest $10,000 or other smaller amounts of money on property such as lots, industrial complexes, buildings and other such stuff.
REITs collect money from individual and business investors. This money is loaned to real estate companies for investments in agricultural or building projects.
Nowadays, REITs investing in vice, such as farms where marijuana is cultivated, casinos and brewery or distillery projects are earning high profits for investors.
Though gold isn’t on top of the list or even considered by several investors, you can consider the yellow metal if you wish to play safe. The value of gold never really goes down, though you might see some occasional dips.
Furthermore, you can actually buy pure gold and keep it at home or some safe place to sell it when necessary. Having gold is equal to having cash since it can be sold anytime for its market price.
Furthermore, gold is always in demand, and you can sell it anytime to get a high price. There are two ways to invest in gold and double $10,000 quickly. One is by buying gold. The other is by investing in gold bonds, gold stocks and gold ETFs.
Crude, lead, wheat, corn and other stuff are also traded like stocks. However, this trade is far different from the stock market. To begin with, commodities markets are open round the clock, and hence, prices also go up and down during the entire 24-hour cycle.
If you know how to trade on commodities or can learn, this could be one of the quickest ways to double a $10,000 investment. You can trade on commodities as long as you know the market or can get some very professional advice from an experienced trader.
Now, here’s something you might not know. It’s possible to invest $10,000 in art such as paintings and sculptures and get double the money as your profit. I’m not talking about buying a Picasso or Van Gogh or a Michelangelo piece.
Instead, I mean paintings and sculptures made by upcoming yet promising talent. A lot of art galleries host exhibitions of artists who can become very famous over a few years. These paintings gain value over a period and can give you double the returns.
Read: HOW TO INVEST IN ARTWORK AND DIVERSIFY YOUR INVESTMENT PORTFOLIO
Unless you’re prone to drinking without a thought, investing $10,000 on liquor can fetch very good returns. How’s that? There’re hundreds of rare wines, whiskies and other liquors that come at a very horribly high price.
These are collector’s items, and investors buy these only to sell them later at a much higher price. There are some whiskies that cost millions, too. You can invest in some such liquor and auction them later when the $10,000 doubles or gets you the amount of money necessary.
In addition to these eight ways to double $10,000 quickly, we have some more ways, such as launching small businesses or investing in crowdfunded projects, among others. I suggest that you study the various ways to double $10,000 before actually pitching the money.
The best way to double $10,000 is to get proper advice from a financial advisor and invest accordingly. Though financial advisors cost, they provide superb advice on investments, and therefore, you can consider hiring one on a freelance basis. The returns you get would surely justify that expense.
Samuel Mitchell is a financial analyst with expertise in investment research and risk assessment. With a background in finance and advanced certifications, he delivers accurate and concise financial analysis. Samuel's writing style is precise and data-driven, providing actionable insights for readers. Explore the world of finance with him and make informed investment decisions.