If you are like most of us, your main goal as an investor is to turn a small amount of money today into extra money in the future.
How to double your money?
Of course, doubling your income is often easier said than done. At the very least, you need a combination of time and a decent strategy, and it often helps to have some motivation from your boss and uncle Sam. With that in mind, these four proven ways to double your money can lead you in the right direction.
Invest in real estate
Real estate is one of the few investments in which ordinary people can effectively use their profits to help grow their overall returns. Most lenders will need higher equity in the area to make a loan to invest in a residence than when you offer a loan for your main residence. However, the average equity requirement for rental housing is 25%, which means that eligible investors can borrow 75% of the property value.
The estimate means that property values should not double so that your investment will be more than double what you invest. Among the rental income you receive and the property value of your property, you are likely to double your income as a property owner by investing in real estate and turn 50k into 100k easily.
Of course, there is a danger involved. As with any mortgage, you must pay your mortgage payment regardless of whether the property is rented or not. In addition, since the eviction restrictions related to COVID-19 still apply in certain parts of the country, you may be attached to a tenant who is unable to travel and cannot evict. And, as we have learned from the financial crisis, real estate prices are not always rising.
However, with a good knowledge of the local market, reputable tenants, and enough money to handle the amazing costs from real estate, there is a chance to double your money.
Whether you plan to double your money, get started now
No matter which path – or combination of methods – you choose to follow in your quest to double your money, the more time you spend on your journey, the better your chances of success. So get started now, and adjust your plans to double your money as often as you can.
Invest in Cryptocurrency
You’ve probably seen all the articles that talk about how billions make a lot of money investing in Bitcoin or other cryptocurrencies. This can be one way to double your investment – although it is very risky. For starters, I recommend sticking to popular currencies like Bitcoin, Bitcoin Cash, and Etherium.
Cryptocurrency is known for its high volatility and can have up to 10% fluctuations throughout the day. It is one of the best way to double 20k.
Sell Online Course
Do you want to make serious money with less risk? Selling an online course can be a great way to make a profit and is one of my favorite ways to double your money. Every time you sell a course, you will receive money that can be used to start investing or depositing in a bank account to grow.
This investment is low risk because the only thing you will need to invest is time and a small amount of money. Compared to other very difficult investments, these investments will not require you to spend a lot of change to get started.
It may take a few months to fully develop your course but once completed it can bring you a monthly income. You will need a way to sell your courses.
Invest in Websites
Have you ever heard of digital real estate? Think about all the benefits of real estate for sale but instead, online. By investing in websites, blogs, or other digital assets you can make good money that can be worthless.
Ads are not the only way to make money with your site. Instead, sponsored products, affiliate offers, and other revenue streams can be used to improve your payout.
Another advantage – it requires very little investment to get started than other types of investment. To get started, you can choose to build and create your own website or purchase an existing website to make money online using forums like Flippa or EmpireFlippers.
Either way, building a website can be time-consuming but very rewarding. By creating unique and engaging content you can increase your readability and, in turn, increase your revenue.
You will want to create a website that focuses on something you really like. This has enabled me to continue creating content that I enjoy writing about instead of getting bored and giving up.