11 Best Ways How to Double 10k Quickly

Making extra cash through gigs or side hustles online is cool, but let’s talk about what you can do and how to double 10k quickly.

It’s not just about working hard for your money- it’s time to make your money work for you and build the wealth you want.

The secret to double 10k quickly is finding the right mix of opportunities that work best for you.

Whether it’s getting into real estate to earn passive income, starting a blog in a niche you love, or launching an online business, there are plenty of ways to make it happen.

Key Takeaways

Diversify your portfolio: Think real estate, the stock market, blogging, flipping products with retail arbitrage, launching an online business, and more to potentially double $10k.
Create a strategy that fits your tolerance for risk: Tailor your investment strategy to fit your unique financial objectives.  
Do research: Focus on legitimate, researched options, such as using investment apps, pursuing higher education, or paying off high-interest debts.

How To Double 10K Quickly

1. Real Estate Investments

Real estate investing is not just for the heavy hitters anymore.

Whether you’re looking for the steady cash flow of a rental property or the exciting gains from property appreciation, real estate investing offers a unique path to double that 10k.

With Real Estate Investment Trusts (REITs), you invest in real estate without owning physical property. They offer liquidity like stocks and often pay high dividends.

Real estate investment has expanded beyond buying an investment property; you can invest in diversified portfolios of properties without managing them.

Fundrise is a popular crowdfunding platform for both accredited and non-accredited investors.

It offers a low minimum investment of $10 to start investing in its eREITs and eFunds, making it one of the most accessible platforms.

I started using Fundrise years ago to put my money to work, so check out my honest thoughts in my in-depth Fundrise Review.

2. Stock Market

When it comes to growing your $10k quickly, the stock market is often the first place people look.

It offers different ways to potentially double $10k quickly, each with its unique characteristics and levels of risk.

Here are some common options in the stock market:

Individual Stocks: Direct investment in specific companies you believe in. This option can lead to high returns if you pick winners, but it requires thorough research and a good understanding of the market.
Dividend Stocks: They are investments in companies that pay part of their earnings as dividends. It can provide a steady income stream and the potential for capital appreciation.
Exchange-Traded Funds (ETFs): Similar to mutual funds, ETFs provide a diversified investment but are traded on stock exchanges. They offer flexibility and are usually cost-efficient.
Robo-Advisors: Robo-advisors offer a hands-off approach. They typically invest in a diversified portfolio of ETFs and index funds using personalized investment strategies.
Retirement accounts: Investing in stocks through IRAs or 401(k)s is a strategic way to grow your nest egg long-term, leveraging tax advantages and compounding returns.
Fractional shares: You can own a slice of those big-name companies without forking over thousands for a single share.

Robinhood was my first investment platform to get into the stock market, and it’s known for being the best for beginners.

Check out how you can get free stock and make money with my Robinhood Review.

3. Start A Blog

Have you ever daydreamed about turning your hobbies into a little extra cash? Starting a blog might just be the way to do that in this buzzing digital world.

The real trick is to keep churning out content that grabs your audience by the heart, drawing more eyes to your site, and building a community that’s all in on what you’re sharing.

And here’s where it gets really exciting– making money from your blog can be as creative as you are with your content.

You could explore affiliate marketing, participate in sponsored posts, sell your digital creations, or even create exclusive content for your dedicated followers. The sky’s the limit!

Feeling inspired to jump in? My FREE Start Your Blog Bootcamp is just the thing to help you hit the ground running.

4. Index Funds & Mutual Funds

Index funds and mutual funds are staples in the investment world for good reasons. They both offer unique advantages that can help savvy investors grow their portfolios over time.

They mirror the performance of a specific market index, like the S&P 500. They are a low-effort, low-cost way to participate in the market’s overall growth.

Because of their straightforward nature and the magic of compound interest, your investment has the chance to grow steadily over time.

Mutual funds, on the other hand, pool money from many investors to invest in a wide range of securities.

Managed by professionals, they’re a hassle-free way to diversify your portfolio. While you’re not directly in control, you’re also not responsible for making all the investment decisions.

5. Dropshipping

Dropshipping is like being the middleman in the coolest way possible.

You have an online store where you sell all sorts of products, but here’s the twist: you don’t actually keep any of those products in your garage or spare bedroom.

When someone orders something from your store, the order goes directly to your supplier, who then ships it directly to your customer.

This online business setup means you don’t have to invest money buying inventory upfront or worry about where to store a bunch of stuff to ship out later.

It’s a flexible way to run a business, especially if you’re into e-commerce but not so much into the logistics of handling physical products.

If you’re ready to learn the ins and outs of this small business, why not check out the Drop Ship Lifestyle free workshop to learn more?

6. Retail Arbitrage

Retail arbitrage is pretty much the ultimate treasure hunt, but instead of gold, you’re after the thrill of making some serious money.

It’s all about snapping up bargains and selling them at just the right price. Many people buy items on discount at Walmart and other retailers, then list them higher on Amazon for a profit.

Setting your pricing spot is important. You don’t want to set it so low that you’re practically giving money away, but if you price too high, nobody’s going to bite.

If you’re keen to see if you can double 10k quickly, here’s how to dip your toes in without going overboard.

Start small. Buy a few units of something you’re confident about and know has a good sell rate. This way, you won’t be putting all your eggs in one basket.

7. Open An Online Business

Starting your own business online requires more than just a good idea; it requires grit, determination, and a commitment to making money through value creation.

It’s all about honing in on what you love, whether it’s crafting unique items by hand, offering specialized services like bookkeeping, or creating a printable workbook.

Getting started with a small business doesn’t have to break the bank, either.

Platforms like Shopify make it easier than ever to sell your goods with a smaller initial investment.

Throw in some savvy marketing, genuine customer interactions, and a commitment to quality, and you’re not just on track to sell goods- you’re on your way to building a standout brand.

8. Peer To Peer Lending

Peer-to-peer lending is like playing matchmaker in the finance world, but instead of setting up two friends on a blind date, you’re connecting people who want to lend money with those who need a loan.

It’s a pretty neat way to put your cash to work, and here’s the kicker: you could earn interest payments that might just outdo those sleepy savings accounts you’re used to.

You’re essentially allowing your money to help others reach their goals- maybe it’s chasing their dream project or getting a handle on high-interest debt.

Plus, you can spread your investments across different loans, which is a smart move to diversify your portfolio and potentially snag nicer interest rates.

But hold up, it’s not all smooth sailing. There’s a significant risk, mainly if borrowers decide they’re not going to pay back the loan.

9. Room Rentals

Do you have an extra room or maybe a whole property you’re not using? Well, you have an opportunity to enter the sharing economy by renting out that space.

The rental game changed when platforms like Airbnb were created.

They changed how travelers look for places to stay and opened up a whole new avenue for property owners to earn rental income.

This setup can be a sweet deal, especially if you’re looking for a passive income stream that doesn’t require clocking in nine to five.

You decide what rooms are available and when, set your price, and people can book from there.

10. HYSA

For anyone with a low-risk tolerance who doesn’t want to lose money in the investment world, a high-yield savings account (HYSA) might be the best option.

When interest rates rise, High Yield Savings Accounts (HYSA) become even more attractive, offering a way to earn money on your savings.

It gives you favorable interest rates while keeping your cash tucked away in a savings account that’s just a few taps away on your phone in a bank account.

Apps like Chime have changed how people earn money by offering savings accounts with competitive APYs (Annual Percentage Yields).

Check out my Chime Review to see how your savings could earn 2% just by chilling and looking pretty.

11. Paying Off Debts

One of the most straightforward yet often overlooked ways to “double” your money quickly is to repay debts.

By aggressively paying down high-interest debts, you’re essentially earning a return on your money equal to the interest rate you would have otherwise paid.

And as you reduce your debt, you also improve your credit score. Lowering your credit score can help you get a lower interest rate on future loans- saving even more money in the long run.

Using a printable debt payoff planner like The Savvy Mama Debt Payoff Planner allows you to organize all your debts in one clear view, making it easier to tackle them head-on.

Organize them by the highest interest rate and start paying them off to avoid that interest rack-up.

FAQs

What are ways to use money to make money?

Figuring out how to double 10k quickly opens up different asset classes that blend both traditional and innovative strategies.

Some of the most promising ways to double 10k are:

Rental Property: This classic approach isn’t just about buying a house or apartment to rent out. It’s about the steady stream of rental income each month.

Stock Market: It’s all about finding the right balance between risk and reward.

Retirement Accounts: Accounts like IRAs or 401(k)s are the long game, offering tax advantages and a way to compound your money returns over time.

What’s the best way to double my money?

How to double 10k quickly depends on your tolerance for risk, how long you’re willing to wait, and your investment savvy.

For the best chance at success, choose the path that aligns with your financial goals and comfort level with risk.

Real estate offers a steadier, long-term growth through rental property income and appreciation.

The stock market, with its higher risk, can potentially quicken your earnings through stocks, index funds, and ETFs.

Starting a business is another avenue, demanding hard work but offering potentially high rewards.

What apps are best for investing money?

Investing has never been easier, thanks to a variety of apps tailored to different financial interests and goals.

If real estate interests you, Fundrise stands out as a top choice for how to double 10k quickly.

It welcomes investors with a low minimum investment, making it accessible to both accredited and non-accredited individuals who want to explore the real estate market.

Maybe the stock market is more your thing. Robinhood offers a seamless entry point without any commission fees.

This app has changed the game by making stock, ETF, and cryptocurrency trading accessible to everyone.

How do I double 10k quickly?

Doubling 10k quickly is a bold ambition, but it’s within reach if you’re strategic about it. Here are some strategies to consider:

Each of these methods comes with its own set of considerations and risks to grow your money quickly.

For example- real estate investments might require more patience, capital, and a significant down payment.

Stock market investments require a certain level of risk tolerance and a long-term outlook.

Paying off debt is also a good idea. While not exactly an investment, it creates a guaranteed return by saving you from future interest payments.

How do I avoid get-rich-quick schemes?

Avoiding a get-rich-quick scheme is important for safeguarding your finances and long-term wealth. Here are some tips to steer clear of these risky endeavors:

Do Your Research: Investigate any opportunity thoroughly before committing any money or time. Look for reviews and testimonials to see if it’s legit and any potential risks involved.

Beware of High-Pressure Tactics: If a scheme relies on urgency or pressure to get you to invest quickly, it’s likely a red flag. Legitimate investments allow you time to make informed decisions.

Seek Professional Advice: Talk with a trusted financial advisor or mentor before committing to any investment. They can provide valuable insights and help you assess the legitimacy of the opportunity.

Educate Yourself: Learn about financial principles, investing strategies, and common scams.

Final Thoughts

Turning that $10,000 into $20,000 is an exciting goal, and there’s more than one way to flip your money and double it.

The trick is to find the one that feels just right for you, aligns with your financial goals, and doesn’t keep you up at night worrying about risks.

You’re not only on the road to doubling your money but also laying the groundwork for building lasting wealth.

It’s an adventure, for sure, and with the right approach, you’ll be well on your way to reaching your financial milestones.