Do you have $10k but don’t know how to grow it fast? Well, you’re not alone. Many people want to double their money, including myself. Therefore, in this article, I’ll help you to find out the best ways to turn $10k into $20k quicker than you might think.
We’ll try to figure out different types of investing options, including high-risk with high-reward opportunities and low-risk with low reward. These are the ways that mostly Savvy Investors, side hustlers, and entrepreneurs use to double their amount.
How to Double $10k Quickly
Initially, you might find it hard to double $10,000, but if your approach is right and you follow good strategies, undoubtedly, you’ll be able to turn $10,000 into $20,000. Here, I’ll break down the best ways to invest $10,000 and watch it grow.
1. Stock Market
One of the best ways that has made people millionaires and billionaires is investing in the stock market. It can help grow your $10,000 quickly.
But we can’t deny that many people have also become beggars, as they didn’t follow the right strategies, and many of them focused on trading without proper knowledge. The stock market involves high risk and high return chances. But for those who have a little bit of knowledge about picking up good stocks and can hold for some time, they can successfully double their money, even triple it.
For the first time, when I got into the stock market, I started with $1,000. After one year, I grew it by more than 25%, which is really good if you compare it to a high-yield dividend account or savings account. Even though I didn’t pick up penny stocks, I just put my money in some famous companies.
So, if you’re a beginner and want to invest in the stock market, you can look for blue-chip companies such as Apple, Berkshire Hathaway, Johnson & Johnson, American Express, and Coca-Cola. Besides this, you can also look for an exchange-traded fund (ETF) and index fund to grow your money.
If you’re aiming to double your money or you want to invest it for the long term, make sure to diversify your portfolio by investing $10,000 in different investments.
Also Read: How to save your first $100k
2. Real Estate
Real estate is another sector in which people have been working for centuries. It’s a proven and reliable way to double your money, and through real estate, you can earn passive income. If you’ve got a rental property, besides this, you can start house flipping. In this way, you buy a house, renovate it, and sell it for a high price.
But what if you don’t have a huge capital to buy a property? Well, there are crowdfunding platforms and real estate investment trusts (REITs) that can help you invest your money. It doesn’t matter whether you have $10,000 or just a few hundred dollars or any other amount. Anyone can start it.
But keep in mind that real estate is also quite similar to stock markets. But it’s not that risky, especially when you’re investing through crowdfunding platforms. Because you’re not alone, many other people are investing with you in some kind of project or corporate building. However, I still recommend a clear strategy to manage these risks. The easiest way to do so is by diversifying your real estate portfolio.
3. Peer-to-Peer Lending
Another good option to grow $10,000 is to put your money into peer-to-peer lending.
It’s a new investment strategy. Before, banks used to do it, but now you also have the opportunity to lend your money directly to individuals or small businesses. And in return, you’ll earn interest.
If you want to lend your money in peer-to-peer lending, you can use a platform like LendingClub or Prosper. They’re easy to use and a very good option for investors to earn good returns.
However, keep in mind that they can be a little bit risky. Therefore, you often need to focus here on diversifying your portfolio. You can give your $10,000 to multiple borrowers or money lenders.
4. Start a High-Profit Side Hustle
If you’re ready to play an active role in growing your money, then I’d highly recommend you to start any high-profit side hustles, such as starting an e-commerce store, affiliate marketing, and selling digital products on Etsy. They can help you quickly turn $10,000 into a large amount.
There are different side hustles for moms, jobs for 13-year-olds, and remote night shift jobs. You can also focus there. It can help you to grow your money.
However, if you don’t want to be involved physically but need a passive income idea, then you can use a platform like Etsy, Amazon, or Shopify to launch an online store. There, you don’t even have to hold an inventory, especially if you’re doing dropshipping business. But you need to have some amount for the initial investment. In your case, you’ve got $10,000 to invest.
If you’re interested in it, then you can learn about SEO, social media advertising, and many other things related to it. It’s like you are investing $10,000 in yourself and your future business.
5. Swing trading
Swing trading is also a good method to grow your investment. I have followed it, and I’m still following it.
In swing trading, you don’t have to hold stock for the long term; you just take advantage of market fluctuation. if you remember, once the Portuguese star Cristiano Ronaldo removed Coca-Cola from the table. At that time, Coca-Cola lost its value. It was the perfect time when you could have invested in Coca-Cola because its stock price was less than the usual price.
Although we usually don’t see opportunities like this often in the stock market, you can still pick up some good stocks that you see potential in, which might grow in the next few months, and then you can sell them.
I’ve seen many people doubling their $10,000 investment within just 6 months. But they could do it because they have good skills. You can also learn how to identify good stocks with strong momentum and patterns.
By the way, my way of doing Swing trading is different. I buy stock in different companies of different sectors and hold it for about a month. And when I get a return of more than 2%, I sell it. However, if you’re a beginner, then I wouldn’t recommend intraday trading, where you buy stocks when the market opens and sell them before they close.
Trust me, intraday trading is highly risky. I have lost too much money on it. Therefore, I started swing trading, where I invested in multiple stocks for a few weeks or months. After getting some returns, I sold those stocks. But mostly, I focus on long-term investment because I like to see my capital growing and want to earn dividend income.
6. Cryptocurrency and Blockchain
I have been asked a hypothetical question: if you could go back in time, what would you do? Many times, I answered that I would have invested in cryptocurrency, especially in Bitcoin. You probably would have heard about it.
In recent years, people have invested a huge amount in cryptocurrencies, especially after seeing the growth of Bitcoin and other currencies like Ethereum. In the short term, many people have doubled or even tripled their amount. But we can’t avoid how risky it can be due to its volatility.
So, if you also want to double your money through cryptocurrencies and blockchain investment, I suggest you do some homework while researching more about it. Then put your money in it. You can also diversify your portfolio by purchasing different types of Cryptocurrencies, such as Bitcoin, Ethereum, Altcoin, etc.
7. Start a Dropshipping Business
Starting a dropshipping business can be really impressive if you know how to pick a good product and promote it. It can make you so much money. Trust me, I’ve seen people making thousands of dollars a month.
I like dropshipping because it’s a low-cost and high-profit business model. It’s not like a traditional retail shop where you need a huge investment to hold an inventory.
In the dropshipping business model, you can sell products directly to customers without buying goods and holding them in your inventory. You need to partner with a supplier who can ship products on your behalf.
You can start dropshipping by opening an online store with minimal investment. After that, you can find a winning product and a good supplier. Once you have all of that, then you can start promoting it through SEO, known as Search Engine Optimization, or paid advertisement to drive sales and grow your business quickly.
8. Own a Membership Site or an App
You can start a membership website or an application. Through this, you’ll provide premium content tools, and earn passive income, and double your money. You can invest your $10,000 to develop a website or software.
However, make sure to research the niche or category, what type of website or software you want, and how it can provide value to members if you really want a steady income or a good side business. Otherwise, you will end up losing your $10k.
Because having a membership site or an app is also a business. And therefore, you need to learn how to run a business (Your site/App). You can use software like MemberPress or Memberful.
9. Online Courses
If you have knowledge and expertise about a particular subject or field, you can develop a course and sell it online. You have $10,000, which you can invest in developing a high-quality course. Plus, you can also use that amount to pay platform fees and marketing your course.
So, if you want to launch your course online, make sure to remember some important things. For example, your course should address some specific issue and offer value to those who buy your course. Besides this, you can also offer a free workshop and engaging email sequences. Plus, you can target an audience through social media ads. To attract new students.
There are many course-selling platforms, such as Teachable, Thinkific, Kajabi, etc. Even if you keep the course price between $200 to $500, and if you could make around 50 sales, you will make around $10,000, which might be the initial cost to develop your course and market it.
10. Invest in Mutual Funds or ETFs
If you don’t want to take any risk, then investing your $10,000 in mutual funds or ETFs would be a good option.
It’s a really safe choice because you don’t have to pick up good stocks or anything else. A fund manager who is professional will handle everything. When buying stocks, bonds, or any other asset, it’s the fund manager’s headache, not yours.
There are many different types of funds. You can choose whichever fits for you, such as equity, debt, balance funds, etc. Some of them are a little risky, and some are highly safe. You can choose anyone based on your risk tolerance. Make sure to check CAGR before making an Investment.
11. Start Airbnb Business
Yes, you heard right. It’s possible to start an Airbnb business with a $10,000 investment. It’s a good side business. In some cities like Nashville, Tennessee, you can invest that amount, such as you can use it as a down payment on a small condo that has some essential things like furnishing, guests, amenities, etc.
However, before starting an Airbnb business, make sure to do some research on demand and trends and peak travel periods, and then set pricing for your area. Make sure you upload high-quality pictures on Airbnb to attract guests.
Besides this, make sure you’re providing a good service. Your guests feel like a home because they’re comfortable.
12. Start Flipping Domain
Another way that can help you grow your $10,000 is to start flipping domain names. You will purchase undervalued domain names and resell them at a high price. You can use platforms like GoDaddy and Namecheap to buy and sell domains.
Another similar choice is to buy a brand new domain, develop it a little bit, and then sell it to someone else.
13. High Yield Saving Accounts and CDs
If you don’t want to take any risk but want a safe and steady way to grow your money, then you can prefer investing in high-yield savings accounts and certificates of deposit CDs. But keep in mind that it will give you just a 2-4% return. Therefore, it will take time to double your $10,000.
If you want money as soon as possible, then don’t choose this option. But if you prefer a highly safe way to increase your $10,000, then you can go with a high-yield dividend-saving account. At least they’re better than traditional savings accounts.
14. Take Advantage Of Amazon FBA
Amazon FBA is another way to invest your $10,000. It can be a great side hustle where you can earn money from Amazon Marketplace. In the Amazon FBA business, you will buy a product from a wholesaler at a cheap price, and then you, as a supplier, will sell it on Amazon for a high price.
Another thing about Amazon FBA is that you don’t have to hustle to store and ship products by yourself. Amazon will do everything for you. But you have to pay some amount for this service.
There are many suppliers you can choose from, such as AliExpress, Alibaba, DHGate, Royal Apparel, TopWholesale, etc. From these stores, you can buy products wholesale, such as toys and many other products at low prices, which you can sell on Amazon.
When you’re starting an Amazon FBA business, you have to make a professional Amazon seller account, which will cost around $39.99. After establishing your store, you can list products, write their description, and sell them.
You can also use some tools, such as the Jungle Scout or Helium-10. They can help you find a good product. You might be surprised to know that more than 26% of Amazon sellers are making more than $25,000 a month.
Conclusion
It’s easy to double your 10k quickly, but you need good strategies and planning to increase your wealth. If I have $10,000 and I need to increase it, my first choice would be Swing trading, where I will buy stocks and hold them for a few months, and whenever I get profit, I will sell them.
But I will do it only when I really need money. Otherwise, I prefer long-term investment because, through that, I can turn 10K into 20K or any other huge amount. Do you know that Warren Buffett started a company with just $100? Including seven other investing partners, including his sister, Doris, and his Aunt Alice. If you don’t have a partner, it’s okay. But you have $10,000 and much more technology than Warren Buffett had in the past.
FAQs
Here are some frequently asked questions that people have regarding increasing their $1000 value.
How to double $10k in a year?
If you want to double $10k in a year, then you’ve to take some risks, such as flipping real estate, learning and doing trading, and investing in high-growth startups or stocks. However, there is no such guarantee that you can get a huge return if you’re investing in a stock or high-growth startup. But if they grow in the future, undoubtedly, you can double $10k in a year. Overall, it’s a risky investing strategy to double your amount.
What is the fastest way to double $10k?
There is a fastest way to double $10k, but it’s a little risky, such as you can consider investing in volatile assets, including cryptocurrencies, swing trading stocks, or buying real estate through crowdfunding websites. But remember, they’re risky options, so they aren’t 100% guaranteed to double $10k; you can also lose your amount, but on the other hand, you can also get a huge return.
Can you quickly turn $10k into $20k with low risk?
No! Turning $10k into $20k quickly with low risk isn’t practically possible. However, you can make $20k from a $10k investment, but it will take time because you aren’t trying to take any risk. Some low-risk investment options are bonds, certificates of deposit, or index funds. Generally, they’ll provide you with a guaranteed return, but with slow growth, it’s difficult to double your money quickly without taking any risk.
How long does it take to double $10k through investments?
On average, It can take around 7-10 years to double your $10k through investments when you have a moderate-risk portfolio. Otherwise, with a low-risk investment, it can take more time. On the other hand, with high investment strategies, you can double $10k quickly. This method is not just applied to a $10k investment but any other amount as well.
