Research from Gallup shows that 58% of Americans said they owned stock in 2022. This is becoming a more popular option as people are finding ways to become more successful.
The problem is that investing doesn’t stop when you make the investment. You want to find ways to double your investment so that you get the most out of it.
This can feel intimidating at first, but it is well worth the risk. With these investment tips, you will be able to make investment decisions for a better turnout.
Keep reading to find out how to double your investment in 2023.
1. Rule 72
The number one way to double your investment is to use the 72 rule. This is a principle that any good investor knows, as it helps you to track and predict your investment turnout.
You will be able to figure out how many years it will take for your investment to double. The good news is that if you aren’t happy with this number, you can always change it.
Rule 72 allows you to use different methods to increase when you see your investment take off. For instance, one way to do this is to invest more money every year.
When you are putting more money into your investments, there is more money to be doubled. Another method is to invest for a longer period of time.
Short-term investments may pay off for some people, but that isn’t always the case. The longer game is what really pays off and helps you to gain financial freedom.
For instance, investing in retirement is a method that most people find successful. There is more time for your investments to double so that you can enjoy them later on.
When using the 72 principles, you also need to use high-return investments. There are plenty of investment options that are very risky and don’t provide them any benefits.
2. Go With Bonds
If you want to double your money, there is another method to take. Experts recommend having a diverse portfolio that includes bonds.
Bonds don’t generally break in the highest returns. This is because the average bond only provides a 5% to 6% return annually.
But bonds are considered to be very safe ways of investing money. They are consistent and provide a good way of budgeting your investments.
It is a good idea to have a portfolio of bonds you are invested in on the side of your other investments. This gives you something to lean on if your other investments are riskier.
There is less risk of you losing any money from bonds. And if you invest in bonds long-term, the money you will get back can become significant.
This can be a great option if you are investing for your future retirement.
3. Do Employer Matching
Another option to consider is employer matching. You should look into your employer to see if they match your 401(k) contributions.
The majority of employers will match $.50 for every dollar you contribute to your 401(k). This may not sound like much, but it is actually a 50% return on investment.
If you add more to your 401(k) contributions, you will be receiving more from your employer matching. There are also plenty of IRA and tax benefits to doing this.
Most investors choose to do this when they are focusing on retirement. Over time, this could quickly begin to double their 401(k) so that they can retire comfortably.
Even if your employer does not match your contributions, there are still plenty of benefits. This is money well worth spending as it is going to your future comfort.
4. Use Stock Options
If you want to double your money, you need to look at stock options. Experts suggest that stocks are the fastest way to start collecting high returns.
Keep in mind that there is a downside to this, as there is risk involved. Stocks are quite risky and require plenty of research to make the right decisions.
You will need to speculate on whether a company’s stocks will rise or fall. Even then, there is always a risk of something happening to cause stocks to fall dramatically.
This is why only seasoned investors should attempt to use stocks. You also want to make sure you have plenty of other investment options in your portfolio to fall back on.
If this works out in your favor, you could generate returns as high as 10% or more.
5. Invest in Cryptocurrency
The next option is to invest in crypto. There are different types of crypto, and this has become very popular among investors.
It is very accessible for all levels of investors and has a high-yielding nature. There’s plenty of opportunity to grow your money without having to have much experience.
The potential for high reward is very high, but there is also risk. It is considered to be a volatile investment as it can go south very quickly.
One of the more popular types of crypto available is Bitcoin. Bitcoin is considered to be quite easy to use and has plenty of opportunities for making money, including earning high interest through a Bitcoin savings account.
It is also very accessible for people as you can use a Bitcoin ATM finder. This allows you to find a local place to purchase Bitcoin from a Bitcoin ATM.
6. Use Growing Stocks
If you are up for a risk, you could invest in growing stocks. There is potential for a large return if you do this with the right mindset and understanding.
It is important to know that growing stocks don’t usually offer dividends. They are not very profitable when you first get them and start to cultivate them in your portfolio.
Growing stocks are best for when you decide that you want to sell your shares. You may be able to make a significant return if those shares are desirable.
You will need to time it right so that you do not lose money in this process.
Other Ways to Become More Financially Secure
If you want to double your investment, there are more ways than one. To double your money, you need to look beyond investing to other methods.
There are a lot of ways to start to cultivate wealth if you know where to look. It is also worth mentioning that the more money you have, the more you can invest.
One way to get more from your investments is to simply invest more money every year. Then if you are able to double your investments, the amount will be significantly higher.
Start a Side Business
A great way to double your investment is to create a side business. There are plenty of options when it comes to having a side business, depending on your experience.
You may be able to start a landscaping business if you have the skills and the equipment. Or you may be able to start an online business where you sell products.
The options are endless, making this a very accessible option for everyone. It takes some time to get it up and running, but once you do, there’s no limit to how much you can make.
Many people are able to eventually start working full-time for their side business. Or they decide to sell it to make a profit at the moment so they can move on to something new.
Get a Second Job
One obvious way to earn more is to work more. Depending on your schedule, getting a second job may be a realistic option.
Part-time jobs are widely available and allow you to make a decent side income. This is a great way to start earning more and investing more for financial security.
This will also give you more experience in a wider range of areas. It also helps to boost your résumé to show your dedication and your level of expertise.
You never know what job may open up opportunities for higher earnings later on.
Rent Out Your Car
If you own your own vehicle, you should consider renting it out. This is an option that is gaining popularity as many people don’t own their own vehicles.
Many people are willing to rent your personal vehicle for a certain price. This allows them to get to where they need to go and enjoy driving themselves.
You will need to make sure you have the right insurance coverage in case something were to happen. You may also need to have a second vehicle if you need to get to places as well.
If you do this, your vehicle should be in good condition. The nicer your vehicle, the more likely people are to want to rent it.
Rent Out a Room
If you don’t want to rent out your vehicle, you have another option. You could rent out a room if you own your own home, rent it, or rent an apartment.
You will need to look into the legal side of this to make sure you aren’t breaking any laws. But in most cases, you are able to rent out rooms that you have available.
This is a perfect option if you have a room that you aren’t using. The renter will become your roommate and will pay you as if you were their landlord.
This provides you with an extra stream of income without having to do any extra work. You will need to make sure you thoroughly vet everyone so that you choose the best renter.
Sell Digital Designs
A great way to develop a side income is to sell digital designs. The online world has opened up so many opportunities for earning an income.
One of these options is to create digital designs that people buy. These are not physical products that you actually have to create and package to sell.
There are also plenty of options when it comes to digital designs. These could be planners, T-shirts, stickers, etc.
The options are endless, and there are a variety of platforms that simplify this even more. This is a great way to create a side income to give you better financial stability.
Teach Other People
If you have experience in any area, you may be able to teach others. Just about everyone has some level of expertise in different areas.
You may understand how technology works or have experience coding. Or you may be good at mass or be particularly skilled at a sport.
No matter what your skill is, there is most likely somebody who wants to learn that particular skill. You could become a tutor for people and the topics that they are interested in.
The most common example of this is tutoring people in educational areas. But you can also help other people to learn different languages or learn how to write better.
The hardest part is going to be finding the clients you will work with. Once you have a clientele base, you can create a very successful side income out of doing this.
Double Your Investment With These Tips
If you want to double your investment, there are several ways to go about doing this. The most common way to do this is to apply rule 72 to all your investments.
You can also start to invest in bonds and stocks to diversify your portfolio. If you generally want to become more financially secure, you could also create a side income.
Did you enjoy reading this article about investing and money? Keep reading for more educational content that you may find useful.