All of us want to double our money. Unfortunately, millions of people across the USA are unaware of how to double their money. As a result, they fall victims to scams and frauds that promise to double their money in 1 hour, one day, or in a week, and often end up losing their money instead of doubling it.
As a matter of fact, it’s very important to know how to double your money, for reasons I will discuss later in this article. People needn’t fall victims to frauds and scams if they’re aware of legit ways to double their money. Therefore, in this article, I will be writing about 15 legit ways, where you can invest & double your money.
It’s very important to double your money if you wish to avoid a shortage of cash in your later years, especially after retiring from an active job. And there’re other reasons too. Continue reading, as I will explain the reasons to double your money in legit ways.
Reasons to Double Your Money
A study in America reveals a shocking fact: that nearly 87 percent of all Americans don’t have sufficient savings for their golden years, meaning, the time when they won’t be working anymore.
Life expectancy in the US is growing and stands at over 95 years now, due to advances in medical sciences and better lifestyles. This means, most people will run out of money during their retired life when they’re unable to do much and earn more.
Secondly, there’s a major factor known as Time Value of Money or TVM. Actually, Time Value of Money means the loss of value of your money over a few years. Currently, the TVM stands at -4.5 percent.
This means, the $100 that you have today, would be worth only $95.50 at the end of 12 months, due to rising prices of our everyday needs and other reasons. Two years from now, the same $100 will be worth only $91, as the money keeps losing value.
This means you have to beat TVM and ensure that your money grows every year, instead of losing its value. This is possible through the 15 legit ways to double your money, that I will be discussing briefly now.
15 Legit Ways to Double Your Money
Before I continue, here’s something I would strongly suggest. While all these 15 ways to double your money are legit and available easily across the USA, it’s always better to consult a financial advisor about your plans.
The reason is, that some of these ways to invest money would require good knowledge about investments and returns. Without such advice from an experienced financial consultant, you could actually lose money.
Here're the 15 legit ways to double your money, that you could consider actively.
1. Stock Markets
Stock markets are the best way to invest money worldwide & are also known to give the highest returns on investments. If you have $5000 or $10K for investment, then this is the best way to double your money. There’re discount brokerages and apps available that make it anyone to start investing with as less as $5.
And some of these apps and discount brokerages also offer incentives such as a free stock, when you open your account. At the same time, it’s worth getting some advice on which stocks to invest in if you’re looking to double your money.
Also read: How to Buy Stocks Online – A complete Guide
In recent years, cryptocurrencies such as Bitcoin and Ethereum are becoming popular among smaller investors too as it is one of the best investments to make money. That’s because you needn’t buy a full Bitcoin if you don’t have the necessary cash. Instead, you can buy fragments of cryptocurrencies.
Buying these fractions with small amounts of money means, you will own one full unit of the cryptocurrency over a period of time. The price of cryptos is always on the rise. You could benefit from this surge & double your money in an hour, a day, or even a week.
Also read: Best Crypto Exchanges in World
3. Mutual Funds
Not many people in America are aware that Mutual Funds also help to double your money. There’re lots of types of Mutual Funds such as those investing in stocks and debt instruments or even foreign stock markets. These Mutual Funds come from some of the topmost financial institutions in the USA.
They’re a safe investment since you needn’t have much knowledge about the stock market or money market, to invest in Mutual Funds. They’re managed by qualified and skilled Fund Managers, who do the work for you.
4. Exchange-Traded Funds
Exchange-Traded Funds or ETFs are like Mutual Funds. It is a best way to invest money. It consists of a basket of stocks or money market instruments. However, unlike Mutual Funds, an ETF is traded daily on the stock market. Therefore, its prices can drop or rise, depending on various factors.
However, ETFs allow you to invest in a specific sector of the industry or safely in debt and money markets. Though prices of an ETF swing occasionally such as stocks or cryptocurrencies, they always bounce back and help to double your money.
5. Foreign Currencies
Investing in various foreign currencies such as the Euro, British Pound Sterling, or the Japanese Yen, among others, is an ideal way to double your money. And, it is fully legit because there’re lots of financial institutions in the USA that offer a foreign exchange buying, selling, and trading account.
The prices of all foreign currencies rise or fall against the US Dollar. This means you can buy when the prices drop and sell when the price goes high. There’s a lot of money to be made in forex trading too.
Similar to the stock exchanges but the safest way to invest money, there’s also a global commodity market where metals such as gold, silver, lead, and others are traded daily. As a matter of fact, investments in certain commodities such as crude oil and gold have shown to fetch a nearly 150 percent return in just a year.
Interestingly, precious metals such as gold and silver haven’t given as much returns to investors as crude and lead, among others. You can study a bit about the commodity market, open an account and start investing to double your money.
7. Real Estate Investment Trusts
Real Estate Investment Trusts or REITs are an emerging form of investment for the general public. It allows you to invest in real estate without actually buying property such as a lot or a house or a building.
Instead, the money you invest in a REIT goes towards funding real estate development. Since real estate is always in demand, the value of your investment rises accordingly and gives you excellent returns over a period of time. There’re also Mutual Funds and ETFs that invest in REITs if you wish to use a safer option.
8. Art Investment
Nowadays, people are actively investing in art. No, I’m not asking you to buy an expensive Picasso or Van Gogh from some auction in London, New York, or other places. Instead, it simply means buying paintings and sketches of upcoming artists who show promise of becoming celebrities.
Such paintings and sketches are usually available from online and offline art galleries. The art that you buy today, becomes pricier as the artist becomes popular. You can sell it when the art you own reaches the price you want.
9. Vice Investing
Vice investing is both, an old and traditional as well as a newer form of investment to double your money. I’ll explain this a bit more. Maybe you’re aware that a lot of states in America are making recreational use of marijuana as well as gambling, a legit activity.
As a result, lots of financial institutions are buying up stocks of companies that invest in marijuana farming and processing as well as companies that own casinos. You could consider vice stocks and RTFs with vice stocks- of shares of companies investing in marijuana and gambling- to double your money.
10. Investment in Liquor
This might come as a surprise to many, but people actually invest a lot of money in liquor. How’s that, you would wonder. As a matter of fact, there’re several rare liquors such as wines, whisky, champagne, and lots more that’re available in the market. Their prices keep rising as the year's pass.
A bottle of Scotch whisky costing $3,000 today can easily fetch you $5,000 or more after a few years. That’s because there’re collectors who want to buy such rare liquors, either for consumption or to add to their collections.
11. Investments in Watches
Similar to investing in liquor, there’re lots of people that also invest in watches. These watches are either limited edition ones or, rare. This makes them a collector’s item. A lot of these watches can be found online on eBay or even on Craigslist.
However, the only flipside is that you should know how to look for an original since there’re lots of fake pieces around the world. A rare watch that you can buy for as low as $10 to $100 can fetch thousands of dollars or even more, depending on its condition, make, and other details.
Crowdfunding doesn’t promise any returns, because most of the projects they invest in are startups. Therefore, there’s a high risk of losing your money too.
However, if you’re good at finding out which startups or other ventures show the promise of success, you can safely put some money into them. There are many success stories of startups too.
13. Retirement Plans
A good retirement plan from any of the respected financial institutions in the USA can help double your money and give you enough for your golden years. A lot of such plans are available in the market and millions of people are already investing in them.
However, to invest in the right plan, you would require the assistance of a financial advisor. Speak to the financial advisor about the need to double your money and they would be able to guide you to the best plans in this category.
14. Buy a House
It is the safest way to invest money. If you can afford it, take a mortgage and buy another house. You can do this either where you live or in another city or location altogether. The real estate market in the USA is dynamic. Prices are always on the rise. You can sell this house later unless you want to use it as a retirement home at a later date.
In most cases, this means that you shouldn’t have an existing mortgage and have a good credit score to qualify. Yet, this is an idea that thousands of American use to double their money.
15. Invest in Existing Business
And finally, you can also invest some money in a good, existing business, if its owners are willing to take you as a partner. This means you don’t have to exert any extra effort. The returns from such business profits will be paid to you once or twice a year, or, as per your agreement with the owners.
A lot of people invest in such businesses in their neighborhoods and help them expand their operations. In such cases, you’re known as the ‘dormant’ or ‘inactive’ or even ‘sleeping’ partner since you won’t be managing the business on a daily basis.
Before concluding, I’ll warn you that the money you want to double comes from your efforts. Therefore, use it carefully and never rush to make it double with haste and greed. There’re lots of frauds and scams that offer superb returns. A lot of these scams appear as genuine companies but vanish after they cheat people.
Instead, invest in plans and options from well-known companies with a long record of repaying investors. America has countless such companies and banks that’re operating for several decades and are known to be reliable. You can approach them either alone or with the help of a financial advisor. It’s the best way to make your money double.