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So you want to know how to double your money?
Easy, just fold it in half! Sorry, I couldn’t resist.
There are actually a handful of ways to doubling your money.
Some are easier than others, some are legal and others, not so much.
Hopefully though, the ideas presented below will help you with how to multiply your money.
11 Ways To Double Your Money Fast
#1. Get Another Job
This option isn’t a get rich quick scheme.
It’s going to take you time to multiply your money by working another job.
In other words, you aren’t going to see massive gains in the short term.
But it is possible.
Don’t settle for a low paying retail job.
Instead, think outside the box.
What skills do you have that can translate into a higher pay?
- Related: Click here to learn the steps to earning a bigger salary
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For example, maybe you enjoy painting rooms.
You could paint on nights and weekends and charge $150 per room.
Or maybe you work in recruiting and know what a great resume looks like.
You can advertise that you will review, edit and provide feedback on resumes for a fee.
The idea here is you can charge a higher rate than you could earn working retail or at a restaurant.
And when you earn a higher income, you will be able to double your money a lot sooner.
#2. Sell Drugs
Obviously, this one isn’t legal and I don’t recommend it.
Selling drugs will make you some cash.
However, the real money is when you move up the ladder and become a distributor or a leader of the cartel.
When you control the entire operation, you will make tons of money.
Of course, with this will come the risk of your life and the risk of imprisonment for a very long time.
Your best bet is to stick to the other ideas in this list.
#3. Save For Retirement
Saving for retirement is the easiest strategy to double your money and is a cornerstone of smart personal finance.
Most employers offer to match what you contribute to your 401k plan.
If they match 5% and you earn $50,000 a year, that is $2,500 in free money just by contributing to your retirement fund.
Looked at another way, you earned an investment return of 5% just from your employer match.
In 20 years, the employer contributions alone will equal one year’s salary.
But if you increase your savings rate each year, you will see your money growing much faster.
#4. Go To Yard Sales
If you want to know how to multiply money, look no further than yard sales.
By attending yard and garage sales, you can make money fast reselling the items you buy.
Just find items that are in good condition that have a demand.
After you buy them, go and sell the items online.
I did this in college and made a good amount of cash and as a result I had successfully generated a high return on investment.
When you first start out, it will be tough knowing what to buy.
Stick with things you know.
If you know electronics, focus on that. If you know video games, focus your effort there.
Be sure to also do your research online.
Scour eBay and other sites to see what is selling and what is not, and for how much.
Knowing these things will go a long way to providing the largest profit.
For me, I was able to make easy money fast.
Granted I was buying a couple hundred dollar’s worth of items, but I was making twice that much back.
The problem was scale.
I could only grow this idea to a certain level before maxing out.
But now, thanks to technology, you can scale this idea and make a serious amount of money.
For example, Amazon is a great way to earn an income on the side.
Buy items on clearance and resell for full price.
It’s as easy as it sounds.
#5. Make Money On YouTube
People are making serious money on YouTube.
And surprisingly, many are not creating content.
You read that right.
Up until now, you thought you needed to make incredible videos to make money on YouTube.
But this isn’t true.
There is a way to earn an income without recording your own videos.
Just use videos in the creative commons sphere and create compilations of them and upload to YouTube.
You can monetize these videos and be making money in a few months.
#6. Turn A Hobby Into Income
Instead of getting another job, you can turn your hobbies into an income.
Do you enjoy writing?
You can become a freelance writer and earn $100 every time you write an article.
Or you could start your own blog and earn an income off of it.
Maybe you are good with graphics.
You could sell your service on a site like Fiverr and make a good amount of money there.
Just make a list of the things you enjoy doing and then see if there is a market for it.
#7. Save Your Money
Want to know how to double your savings?
This is the lazy man’s second easiest way to multiply your money.
Just save everything you can.
Put the money into a high-yield savings account at an online bank to earn the highest interest possible.
Your money will compound and as the balance grows, the interest you earn will grow faster too.
Another way to save your money is to cut some expenses.
A service like Trim will look over your spending an offer tips to save money and cancel subscriptions.
For example, they will negotiate your cable bill for you.
On average, Trims earns users a discount 70% of the time and an average savings rate of $30 a month.
#8. Sign Up For Bank Accounts And Credit Cards
Many banks offer a sign on bonus that will earn you some easy cash.
All you have to do is meet the requirements when opening a savings account or checking account.
This usually means you need to direct deposit your paycheck and use your debit card a few times per month.
Offers vary, but if you keep your eyes open, you should be able to find a few in your area.
I’ve made $150 in three months once by taking 5 minutes to open an account and paying one bill per month online.
Additionally, credit cards offer sign on bonuses as well.
I like these because there are more offers to choose from, allowing me to make the most money.
In most cases, you meet these by either making one purchase or spending a certain amount for a few months.
You’ll get points that you can convert to gift cards and then sell the gift cards online for cash.
Other times the reward is cash back which you can use as a statement credit, saving you money.
The problem has been finding the best sign up offers.
Luckily I found a site that does it for you. Just pick the card you want and apply.
Lastly, make sure you use the credit card wisely.
If you do into debt, you will end up in a worse financial position.
#9. Rob A Bank
Again, not a legal option, but an option nonetheless.
You have to be smart about this one too as there are advantages and disadvantages.
Hit a small bank and you get less money, but it might not be pursued by the police as much.
Hit a big bank and you get more money, but more heat from the police. (This is just my guess. I have no actual proof of this.)
As with the drug dealer idea, you are better off sticking to other legal ways to making money.
#10. Invest For The Long Term
This is lazy man’s best way for how to multiply money.
The stock market is not rigged against you.
You just have to understand how it works, have an investment strategy, and how to invest over the long term.
With an average annual growth rate of 8%, you could have twice as much money in just 9 years.
For example, if you invest $25,000 today, in 9 years you would have $50,000.
In another 9 years, you would have $100,000.
And 9 years after that, you would have $200,000.
But you can speed this process up by investing money every month.
If you start off investing $100 and add another $100 every month, in 20 years you have close to $60,000.
And you invested a total of $24,100!
Where should you invest your money?
I like Betterment.
They make it easy to get started. In fact, in under 10 minutes you will be investing.
And even better, they will do all the work for you!
All you have to do is set up a monthly transfer and they will pick your investments and do all the work.
If you would rather invest in the stock market on your own, find some low cost mutual funds, ideally index funds to invest in.
Then make it a point to add more money every month.
#11. Invest In Speculative Stocks
If you want to multiply your money faster through investing, you can look into individual stocks.
Find beaten down stocks to invest in.
If you pick right, you could make a serious amount of cash.
I took a flier on a biotech stock and was able to triple my money in 2 months.
Another option is to invest in penny stocks.
This is a lot riskier and you could lose everything.
But the rates of return if you pick right are incredible.
With the right stock picks, you could easily double your money in a month.
Just understand this isn’t simple to do.
If it was, everyone would be doing it.
There is a good chance if you pick the wrong investments, you will lose money and not make money.
But this doesn’t mean it is impossible.
Want to know how to double your money fast?
The answer is gambling.
Of course, the risk is high, but we know that risk and reward are related, so this should come as no surprise.
I would stay away from slots as the odds aren’t in your favor there.
Same goes for poker, unless you are skilled at the game.
This leaves two options:
With roulette, you could bet on black or red and have a 50/50 shot at winning.
If you get lucky, you hit and make some money.
But bet wrong and you are starting from zero all over again.
With blackjack, you have decent odds, assuming you play smart.
If you can do this, you can almost double your money guaranteed.
Learn the house rules and you should be good to go.
This is my go-to game when I am at the casino.
And to increase your odds of winning, you can count cards.
It’s not illegal, just looked down upon.
If you don’t want to count cards, you could make your own bets and cash in.
I know a guy who wins $250 at the bar on a given Friday night.
And he does this on a regular basis.
How Long Will It Take To Double Your Money
When it comes to knowing how long it will take for you to double your money, you can use the rule of 72.
This simple formula will show you in a few seconds how long it will take to have twice as much money given a rate of return.
Just take 72 and divide by the annual return rate you will earn.
The answer will be the number of years until your money doubles.
For example, if you earn 6% on your money, you will double it in 12 years.
You can also use this financial calculation to understand the rate of return you need to earn.
For example, if you want to double your money in 3 years, you need to earn 24% interest.
Here is a chart that acts as a time to double money calculator so you don’t even have to do the math.
The first column the annual rate of return, and the second column is the number of years to double in value.
Obviously, the higher the interest rate, the quicker you will grow your wealth.
But just remember that higher interest rates equals more risk.
As you can see, how to double your money can be accomplished in a variety of ways.
You just have to find the ways that excite you the most and that are legal.
The illegal ways I listed are just for fun. You should not be considering them as an option.
But the other options listed will double your money guaranteed, assuming you put in the effort.
When you are interested in the process of making more money, you are most likely to see the goal through.