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We’re living in a time when saving money, let alone doubling it, is close to impossible.
Most people live from hand to mouth. Whatever they make is what they use on their daily needs.
If you’re among the few people who still keep hope alive and see the possibility of doubling your money, then this post is for you.
If you’re still wallowing in doubt, ask yourself this; are you content with your state? Sure, you have food on your table and clothes on your back, but it’s time to think big. Taking a closer look at everything around you allows you to see what many don’t.
There are plenty of money-doubling chances. The internet should be your buddy, especially if you’re a millennial. All it takes is for you to make an effort to apply any of the ideas it gives. As always, consider an idea before going for it.
Don’t focus on your current financial state. You might just throw in the towel instead. The motivation should be what lies on the other end of the tunnel. Let’s say you’re making $100. Getting $200 or more is possible.
Sounds good? Great! Check and try out these simple tips to turn your life around and double your finances.
1. Control Your Spending
The best way to make this work is by creating a budget. Find out how much you earn. Then, try to be as economical as possible on how you spend your income.
Even if it means having the same home-made meals daily, heck, go for it.
The amount left after you’ve spent well is your savings. Invest it in retirement accounts such as IRA or 401(k).
Investing your cash each month via helpful budgeting apps on an annual basis allows you to witness an increase of 10% on an annual basis.
All you have to do is to keep investing in the gains you make. It’s easy to give up when, after a while, nothing seems to happen, but hang in there.
Many people use the Rule of 72 to know how long it’ll be before they see results. What’s the Rule of 72? It’s a calculation that helps investors learn the length of time it takes for their investment to double.
They divide 72 by the yearly return rate. This rule may be accurate to some extent, but experts have proven it to work.
Point to note: this rule is more effective if your return rates fall between 6 and 10%. Any number outside this requires you to minus one from the 72 for every 3 points that the rate branches off 8%.
To make it more practical, if your return rate is 6% each year, you should expect a double of your money after 12 years. Depending on your rate, it might take longer or shorter.
2. Take Risks
Risks come in so many forms, so it’s important to analyse every risk that comes your way. There are two main types of risks. The first is the blind risks.
These are when an individual takes a risk without considering the consequences. The second is the intelligent risk. Here, an individual combines their education with common sense when taking the risk.
Taking risks sounds scary. There are so many questions that run through people’s minds before considering it. The negative side of it makes them do away with it.
Before taking one, ask yourself what it entails. How much you’re expected to part with. What the revenue potential is, and many others. Understand that for you to make it, you have to sacrifice your hard-earned money.
Did you do it before and experienced disappointment? It’s never too late to get up, beat off the dirt of despair and give it another shot. There are many benefits to taking risks:
You overcome the fear of failure
Many people don’t achieve their potential. This is because they’re afraid to fail. What people will say matters most to them. By taking a risk, you stand out from the rest. You’re ready for the result of your action, whether good or bad.
You become more confident
If you succeed the first time, you’re psyched up to take the next challenge. Making it requires you to have a genuine belief in yourself and your choices.
Your creativity grows
Every risk has an angle that you need to approach it from. Taking risks allows you to change your strategy of handling every risk you come across. You’ll grow to love the challenge that each of them brings too.
You achieve your goal
It may take a while at most times, but your perseverance pays off in the end. Who knows? You may get a better deal than what you bargained for.
You gain more experience
Playing safe rarely brings success. It never does. Taking the bold step of taking a risk will have an impact on your finances. It could either be positively or negatively.
Whichever the impact, the beauty is that you stand to grow on an internal level. You develop the skills to deal with risks and take the most appropriate one.
3. Invest Your Cash
Have you ever wondered what you’d do after your cash doubles? If you’ll spend it and get back to square one, you have the wrong approach to making money.
Your goal should be for that money to triple, to increase even. Consider those who’ve made it in life. They rarely have time to throw money around. They don’t keep it locked up in their accounts either.
They’ve mastered the art of wise spending. They identify an opportunity or person that will bring them returns and invest in it or them.
Borrow a leaf from them. You may not have much, but make your cash work for you. Look for gurus in the financial arena and get some tips from them. You could go the extra mile and make some connections with them.
It’s important, though, to know about the person that you’re investing in. Don’t let their potential blind you.
If you’re looking to make some serious green and are willing to take risks, settle for real estate. It is a nice place to start. Forget the drawbacks.
Buying a piece of land, building apartments on it and renting them out is a lucrative venture. To avoid any setbacks, it’s a wise idea to get some due diligence before choosing an investment property.
Choosing to invest is a great way to help you manage your spending habits. And, if you decide to spend it in profitable ventures, you can be sure that it’ll come back to you in a more substantial amount.
4. Lend Some Money to Someone
There’s no better way of doubling your green like lending it out. It’s perfect if you’ve got little cash.
You could choose to lend family and friends only, or you could expand your horizon and dig deeper.
With the internet, finding a genuine person who needs help is no difficult task. Don’t worry about not getting your money back, with interest. You can never go wrong with P2P online lending services.
P2P, or Peer-to-peer lending in full, is the lending of money to people through online services. These services connect you to borrowers. Though it’s convenient, it requires patience.
Peer-to-peer online platforms have profiles of borrowers. You, as a client, can view the profile of various borrowers and decide whom you would like to lend some money. You get to choose on the interest rate. There are several ways that a borrower receives the loan that they request for.
First, you as a lender can choose to lend him the entire loan. Or, you can decide to give them a part of the loan.
To be on the safer side and to expect more profit, don’t limit your cash to a single person from a single site. Spread it out as much as you can. Notable P2P online sites are:
Started in 2007, LendingClub provides excellent services to customers.
If you’re a borrower, it lends from $1,000 to $35,000 to you. If you’re a lender, you’re required to pay $1,000 before you can enjoy its services.
Most of their loan products are collateral-free. You can lend as little as $25 and as high as $20,000 here.
Created in 2014, Upstart chooses to do things differently. It considers one’s academic level before deciding to hand out loans.
It targets college graduates and entrepreneurs. At Upstart, you pay nothing before using it. Should a borrower fail to repay your credit, you receive origination fees from the site.
5. Cut on Power Usage
Are you wasting power in your home? It may not seem like it, but conserving energy is one of the easiest ways to earn some extra cash.
Most people part with roughly $110 or more each month, which is a bit high even if you’re well off. Decide to go without cable. Or, better yet, decide not to watch TV on a regular basis.
If you’re a TV junkie who loves entertainment, there are ways to make this exciting and affordable.
Check out the streaming providers online and settle for a plan that works for you.
By doing this, you not only lower your monthly bills, but you also have so much more to set aside at the end of the day. If you play your cards right, you gain much more after sorting out the essentials.
Providers such as Sling TV, Hulu with Live TV, Philo, and other online streaming platfroms should be your choice for entertainment. For instance, Philo requires you to part with only $16 every month for 37 channels.
DirecTV, a broadcast satellite service, has four packages. The highest package charges $74.95. When you compare this to online providers, providers are better.
What’s more, it’s got a one-week free trial period that you can use to check it out and decide if you want it. Most legit providers have this offer, and they vary depending on the providers.
If there’s no free trial period, find out as much as you can about a provider. Do this either online or from distributors, before choosing it.
6. Start Your Own Business
Use your interests as a guide when choosing this option. What are you most passionate about? And, what can you do with little effort?
Many people believe that you need loads of cash to start a business. Well, depending on the industry, this is right to some extent.
Some smaller businesses only need you to invest in the basics. If, for instance, making and selling food is your idea of a venture, you need to buy ingredients. Then, decide where you want to hold it.
Cooking great food guarantees you impressive returns in a couple of months. To save on cash, you can decide to start from home and market your services online.
Some states ban the sale of food from home. So, make sure you’re acquainted with the laws of your area to avoid getting into trouble.
If you’re looking to start a more significant business, you may want to borrow a loan to bring it to life. Consider your current state and the returns you expect to earn from your venture.
These should help you decide if borrowing the loan is an excellent idea. It helps to consult a financial expert to know what the stakes are.
It may be risky asking for a loan, but that’s one of the challenges you should expect to face before succeeding. Businesses don’t take the same time to rake in cash.
It might seem like a waste of resources at first. This is especially true when the business is at the beginning stages, but don’t stress. With time it’ll pick up.
7. Do Some Online Shopping
Yeap. With the internet, you can turn a hobby into a money-doubling adventure. If you still prefer going down to the store to do your shopping, it’s about time you knew what you’re missing.
First, you get better prices.
When you place an order, it comes to you. Intermediaries are not involved. Plus-the best part-you spend zero energy as you buy. You can do some research, find out which site offers the best deal and buy from it.
Second and the most important, you can shop at any time, and from the comfort of your home. You don’t need to go after cashiers or wait in line for your turn. You can shop in your PJs as you have a latte.
Third, online sites like Target.com and Walmart.com enable you to get your money back after shopping.
You’re required to open an account in the portal. You can do this by filling in a form with your email address and a password.
Signing in with Facebook is another option. Then, shop away! You get Swagbucks points, or SBs when you buy. The points keep adding up in your account until you redeem them.
You can choose to redeem these SBs for money by converting them into cash in your PayPal account. Or, you can also get gift cards from them. The cards come from sites like Amazon.
8. Have a Savings Account
If you want to do it right, you have to start from the basics. Do you have a savings account? If you do, how often do you update its status?
Neglecting your account, or worse, not having one at all, is a recipe for financial disaster.
Opening one is pretty simple. And the best part is, you don’t have to go through the brick-and-mortar bank hassle. Some perks of online banks are they offer better interest rates on deposit accounts.
Plus, they charge very little or no fee on many services and products. There are plenty of online banks to choose from.
Identify one, and be sure to go for an FDIC-member online bank. Also, consider how long the bank has been in existence and ratings on customer service.
Next, put some vital information together. Such details include your birth date, your names and features for your first deposit. Your social security number and your residential street address should be there too.
Finally, open an account in the online bank. A bank like CIT Bank is an excellent value for money (currently 2.45% APY at the time of this writing).
Chime Bank is another nice pick that charges its clients no fees. The bank’s debit card allows you to save some green when you shop.
If low-risk savings are your primary goal, Ally Online Bank can help you achieve it. It’s got high deposit accounts and demands no monthly maintenance fees. Plus, it grows your money thanks to the daily compounding of interest.
9. Sell Stuff that You Don’t Need
There are two ways to do this. The first is having a garage sale. Second, you could upload photos of them on sites like Craigslist, eBay and Amazon.
If you choose to do the former, you need to add some fun to it if you want to earn big from it. Most people view a garage sale as a quick way to clear the clutter in their basement. A downside of this is you can end up under-pricing items that are worth more than you think.
Before having one, ensure that you’ve got a permit. Most cities demand that you have one. If you’re in doubt, check with town hall to see if it’s necessary.
Or, you can log on to the website of your town hall to find out. Failure to being in the know could attract a fine for you, and the authorities could cancel your sale.
Next, put it out there. Having a signboard indicated ‘Garage Sale’ isn’t an effective way to attract customers.
Note, some states have banned the signs, so do your homework first. Advertise it online, or go old school and put up an ad in the paper.
After getting the hard stuff done, it all boils down to how you price your items. Be reasonable. Looking to make some quick money shouldn’t be an excuse to exploit your customers.
Some may have done it before and know what it involves. While others may pay without question, others won’t. Pissing off your customers is something you don’t want to do.
10. Extend Working Hours at the Office
When your time at the office is up, you shouldn’t be on your marks, ready to scramble for the door. You shouldn’t be in a hurry to leave your workplace.
Instead, find some stuff that you can do, like running an errand for the boss or pick up an extra shift.
Depending on how much they pay you per hour, the total of a day’s pay and overtime costs equals extra bucks. Also, by working overtime, you attract your boss’ attention.
They see your dedication and might reward you by offering you a promotion.
As much as the mind is willing, your body needs to rest. Don’t overdo the entire thing. Once in a while is just fine. Ensure that you get plenty of rest so you’re up and fresh the next day, ready for another workday.
Get to Work
There you have it. You’ve got the knowledge, now all it takes is for you to change your mindset and put them into practice. Even if you choose to pick one and work with it, it’s sure to get you those extra dollars that you need.
Some points may require you to roll up your sleeves. Others need you to press on.
The tips above allow you to get something that works for you no matter your financial position. Study yourself and discover what you can do. Start from anywhere, even if it’s from the lowest point.
Don’t start tomorrow. A wise person once said, ‘If you want something, you’ll work to get it no matter what.’ Do you want to see a change? Now’s your chance to make it happen.
Separate yourself from the small-minded crowd and believe that there’s something special in you. You can stand no matter the challenge. Get ahead and get started.