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How to Double Your Money

By Edited Mar 12, 2014 1 1

Learn how to double your money.

Doubling your money will take a bit of time - it won't happen over night. There are a few ways how to double your money, depending on how long you're willing to wait and how much effort you are willing to put into your investment.

Things You Will Need

Desire to learn how to double your money.

Step 1

The first thing you need to know about how to double your money is the "Rule of 72". This will tell you how long it will take to double your money. All you do is divide 72 by the amount of interest and the answer will be the number of years it will take until your investment doubles. This is a rule used a lot in the financial world, and although it may at first seem a little daunting you will soon get the hang of it.

Step 2

Another way on how to double your money is by investing, but it can take a number of years. Stocks, bonds, CD's, and even investing in real estate are a just a few ways. However these options can double your money quickly if the interest rate is high enough and if you make smart decisions about where you invest your money.

Step 3

If you decided to invest in real estate, there are a few tips to know that will help you double your money. The easiest way is to buy a rundown house that needs a few repairs. Invest some money to fix it up and then you sell it - sometimes at double the price you bought it for. You can also fix up the house then rent it out for a steady monthly income.

Step 4

There are also ways how to double your money by saving and smart spending. Buy a used car instead of a brand new one. This will save you thousands of dollars and free up spending money for you and your family. Refinance the mortgage on your house to get a lower interest rate which will also you save you hundred or even thousands of dollars a year.

Step 5

The biggest investment and often times the riskiest would be to start your own business. There are so many options online where you can run your own business from home! You can sell your own arts and crafts or someone else's. If you don't want to risk starting a business on your own, you can make a substantial income through E-bay if you have enough items to sell on a constant basis to double your money.

There are so many other options to choose from on how to double your money. It is a matter of doing some research and looking at your own life to see what you can do and what is best for your family's current situation. Either way, the initial investment will be well worth it - just beware of internet scams that will take your money.

For more tips on how to double your money, take a look at this book:

How to Make Money in Stocks: A Winning System in Good Times and Bad, Fourth Edition

Tips & Warnings


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Comments

Jan 11, 2012 1:29pm
InfoJunkie
I was expecting to be told to "fold it in half" but these are some viable suggestions. Good article.
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