If you have $10,000 and want to double it, there are plenty of options to grow your money.
But you’ll need to be careful and understand the risks involved with each one.
In this post, I’ll explore how to double $10k quickly, some of the best investments to make passive income, and much more. Let’s get started!
Best Ways to Double $10k Quickly
If you want to double $10k quickly, give these options a try. While some options are safer than others, it's always smart to consult a financial advisor or financial planner before making any investment.
Double $10,000 with Index Funds
Index funds are a stock market investment that passively tracks an index, like the S&P 500.
They provide a very low-maintenance way to invest in the stock market, and over time, they have provided investors with above-average returns.
In order to double your money in index funds, you’ll need to wait about 7 years. But, over the long run, they provide a very solid return on investment.
The best way to to invest in index funds is through an investing app like Acorns.
As a bonus, you’ll get $10 in free stocks when you create a new account.
Double $10k with Crowdfunded Real Estate
Real estate is another great investment option to grow your money. And, thanks to the power of crowdfunding, it’s now easier than ever to get involved in real estate investing.
By investing in a crowdfunded real estate portfolio like Fundrise, you can double your money in as little as a few years.
The returns average around 12% annually, which isn't bad! It's a simple way to achieve a well diversified portfolio without much work.
And you don’t need a fortune to get started. Fundrise now allows new investors to get started with just $10. As a bonus, they’re giving new users $10 completely free!
Fundrise works by pooling money together from many investors to purchase large assets, and each investor will own a small portion of the asset.
Fundrise has been around since 2010 making it a trusted way to double your money quickly. Create your free account here!
Invest in Commercial Real Estate
Another real estate investment you should consider is commercial real estate.
These investments focus more on office buildings, strip malls, and other buildings that generate income from rents or leases.
And, like with residential real estate, you can use crowdfunding platforms to invest in commercial real estate without being a millionaire.
For example, EquityMultiple allows you to invest with as little as $5,000 into commercial properties.
They have averaged returns of 17.4% which is much higher than many other investments. Create your account here to get started!
Use Groundfloor to Fund Flips
Another way to invest in real estate without owning an entire rental property is by using a platform like Groundfloor to lend money to investors who are flipping houses or making other real estate investments.
The main difference here is that you'll be lending money to invest in real estate debt, which is a lower risk investment than other options.
The minimum investment is just $10, so if you have $10,000 to invest, you could potentially lend money to hundreds of different projects.
And, since most loans are repaid within 12 months, you could potentially double your money very quickly with this strategy.
Create your Groundfloor account here to get started!
Invest in ETFs
Exchange traded funds, or ETFs, are a type of investment that allow you to invest in a basket of stocks, bonds, or commodities.
This makes them a very low-risk investment, and they provide a decent return over time.
You can double your money in ETFs in about 7 years, which is similar to other stock market investments.
You can use a platform like Acorns to get started investing in ETFs. They offer a wide variety of ETFs to choose from, so you can easily find one that matches your investment goals.
Invest in Dividend Stocks
Dividend stocks are an excellent investment to double your money and generate cash flow for your finances.
If you have a low risk tolerance, dividend stocks can be an excellent option because these stocks tend to be more mature companies that have been in business for decades if not over a century.
You can use an investing app like Acorns to get started. Don't forget to claim your free $10!
Use a High Yield Savings Account
While a high yield savings account won't have massive returns like other stock market or real estate investments, it's one of the lowest risk investments you can make.
A high yield savings account is a type of savings account that offers a higher interest rate than a standard savings account.
The rate will ultimately depend on current market conditions. As interest rates rise, so will your interest payments for your account.
Invest in Real Estate Investment Trusts
Real estate investment trusts, or REITs, are a stock market investment that allows you to invest easily in real estate without needing a down payment on a home, or all of the other hassle that comes with owning a rental property.
You can invest in REITs through many investing apps and platforms like M1 Finance.
Grow Your Money with Rental Properties
Rental properties are a great way to grow your money and diversify your investment portfolio.
By owning a rental property, you can make passive income from tenants who pay rent each month.
But that’s not the only way you can make money from your real estate.
In addition, your rental property can be a great source of appreciation. That is, the property can increase in value over time, which can give you a nice return on your investment.
It’s also important to consider the rental income appreciation when purchasing a rental property.
As your property appreciates in value, the rental income you make will also increase.
Finally, you can also make money through mortgage pay down. If you have a mortgage on your property, your tenants will be paying it for you. This means each month, you'll gain a small portion of equity in your property.
But those aren't the only benefits. You'll also gain tax benefits on your mortgage interest payments that can save you money on your tax bill each year.
Owning an investment property is a great way to start making money in real estate. You can easily double your money in a rental property in just a few years.
Invest in Mutual Funds
Mutual funds are an easy way to generate passive income in the stock market.
They allow you to invest in a basket of stocks, which reduces your risk compared to investing in individual stocks.
The returns on mutual funds are similar to index funds and ETFs. You can expect to double your money in about 7-8 years.
When you invest in a mutual fund, the portfolio is operated by fund managers who can direct which investments to make.
Because mutual funds are actively managed, the fees tend to be higher – but this is usually offset by slightly stronger performance.
Invest in a Small Business
Did you know it’s possible to invest in a small business without having to do all of the work yourself?
By using a platform like Mainvest you can easily earn passive income from small businesses around the country without much hassle.
If you want to double your money, investing in a small business is a great option and you can get started with as little as $100.
Start a Small Business
If you want to make more money – starting and growing a small business can be an excellent choice to reach your financial goals.
There are plenty of small businesses you can start to double $10,000 quickly, but I recommend those that are service based and have a clear path to profitability.
For example, starting a lawn care business can be a great business idea that doesn't require a massive amount of cash to get started and you can easily make $10,000 a month from your business.
You'll need to have the time to run a business and some basic business knowledge to get started. But if you're willing to put in the work, starting a small business can be a great way to double your money quickly.
Use a Money Market Account
A money market account is very similar to a savings account except they typically have slightly higher interest rates.
While this won't be the fastest way to double $10,000 – it's one of the safest. Money market accounts are FDIC insured, just like savings accounts, so you know your money is backed by the US government up to $250,000.
You can open this type of bank account at your local bank or find an online bank to help you.
Start an Online Business
Starting an online business like a blog can be one of the most profitable investments to double $10k quickly.
This is a great investment outside of the stock market if you want to make more money.
The best part of an online business is the flexibility it provides. Because it's online, you can do your work from anywhere at any hour of the day.
Most online businesses, like blogs and websites, are very inexpensive to start. That means if you have $10,000 to invest, you're already ahead of many others.
Online businesses can earn money through many different ways depending on the business type.
For example, a blog can start making money through display advertising and affiliate marketing.
If you want to own your own business and make money online, starting an online business can be an excellent option to double your money quickly.
Try Retail Arbitrage
Retail arbitrage is can be a fun way to make some extra money, but it can also be a great way to double $10k quickly.
The basic idea behind retail arbitrage is to find items that are highly discounted so you can sell them for a profit.
You can do this by finding clearance items at your local store and selling them on eBay or Amazon for a higher price.
Retail arbitrage is all about effort. The more time you spend trying to source inventory, the greater your chances are of finding awesome deals at a large discounted price.
The amount of money you can make with this side hustle is quite lucrative. Some people can make over 6 figures from their efforts.
Invest in Cryptocurrency
Cryptocurrency isn’t for everyone, but it can be a great way to double your money quickly.
For some coins, it’s possible to double your money in less than a few months – but it comes with significant risk.
You can certainly lose money when trading cryptocurrency making it one of the most risky investments on the list.
To get started, I recommend sticking to the most popular coins like Bitcoin or Ethereum before moving into more speculative offerings.
To invest in cryptocurrency I love using a platform like Coinbase. You can purchase all of the top coins with as little as $5 to start.
Flip Items
Flipping items is a great way to make some quick cash and double your cash.
You can find items at local antique stores, garage sales, thrift stores, or online and resell them through platforms like Facebook Marketplace for a profit to earn money in your free time.
This method doesn't require a large initial investment at all. You can typically get started with $100 or less making it a low cost way to make more money.
Just like retail arbitrage this method is all about how hard you work to find deals.
Try Art Investing
Art investing has become mainstream thanks to several popular platforms. While this is an alternative investment that not everyone is familiar with, it can be a great way to make money.
To get started, you can check out platforms like Yieldstreet or Masterworks which lets you invest in fine art without a fortune.
Find Free Money
There are many investing platforms that will offer you free money when you create a new account.
This is an easy way to make more money without much effort. Some of my favorites include:
- Acorns – get $10 free
- Fundrise – get $10 free
- M1 Finance – get up to $500 free
How Long Does it Take to Double Your Money?
Depending on the investments you choose, it can take anywhere from a few months to over 10 years to double your money.
For example, investing in the stock market with an average return of 7% will take around 7 years to double your money. However, investing in an asset with stronger returns can help you achieve your goal much faster.
What to Consider Before Investing $10k
Before learning how to double $10k quickly, there are a few things to consider.
Pay Off High Interest Debts
If you have have high interest debt like credit card debt, student loans, or other debts – it's smarter to pay down these debts before making any investments.
The reasoning is a simple math problem. If your loans have an interest rate of 7% and your potential earnings by investing is just 5%, you'd pay extra on the debts faster than your investments can recover.
Consider Investing in Yourself
Investing in yourself is one of the best investments you can make to strengthen your financial future.
While you won't see an immediate return on your investment, the long term benefits are huge.
Some ways to invest in yourself include taking courses, learning new skills, or starting a side hustle.
Create a Budget
If you don't have a budget, now is the time to start one.
A budget is an excellent way to get a snapshot of your current financial situation and track your progress over time.
Plus, it can help you make informed decisions about where to allocate your money.
Build Your Emergency Fund
Having an emergency fund is critical for anyone – especially if you're looking to invest your money.
An emergency fund is a savings account that you can use in case of an unexpected expense like a job loss, medical emergency, or car repair.
Ideally, you should have 3-6 months of living expenses saved in your emergency fund.
Retirement Accounts
Have you saved any money for your retirement?
If not, it's time to start. By using retirement investment accounts like an IRA or 401k, you can get tax breaks on your contributions while saving for the future.
Final Thoughts on How to Double $10k Quickly
Learning how to double $10k quickly is easier than you might think.
There are plenty of methods to invest your money to generate compound interest – but you'll want to assess your risk tolerance before going all-in and avoid get rich quick schemes at all costs.
Between investing in the stock market, real estate, cryptocurrency, and other options, there are plenty of ways to grow your money and build wealth.
So what're you waiting for? Start investing today!
