Everyone wants to earn more, but very few people are willing to work hard for it. If you are looking for a life hack to multiply money in the short term, it is most likely not very risky and not entirely legal. But if you are willing to work hard and spend a reasonable amount of time, it is possible to multiply money in the short term.
In this article, we discuss some of the most popular and proven techniques that successful people have taken in the past to multiply their money fast in a reasonable amount of time.
Start a side hassle
Most successful people started their careers with some kind of a side hassle. Be it an online business or a hobby of yours that you can monetize; it is crucial to have a side hassle. It will allow you to earn money faster, which you can then invest to double it in a short time.
Invest in the stock market
People have consistently received excellent rates of return on their stock market investments. In the previous ten years, the stock market has provided an annual rate of return of 15%, which is far better than putting your money in any savings account. At this rate, you can double your money in around five years, but even if the market goes down and you can reinvest, you can minimize losses and still come out with a profit. But do your research on which company you will be investing in and also consider diversifying your portfolio to reduce risk.
Different bonds
Investing in bonds is another excellent way to maximize your money in a short time. There are several bonds you can invest in, with the popular ones being gold and silver bonds. Government bonds like Fidelity U.S. Bond Index Fund and others.
Cryptocurrency
No article on multiplying your money in a short time is complete without a mention of cryptocurrencies. We won’t go into details about what they are, but in short, they are a highly volatile form of digital currency that is really hard to predict its price. For example, if you had invested $100 in bitcoins in 2010, You would roughly have around $72,902,650 in 2021.
But hold your horses because just like prices increase, they can decrease too. One bitcoin was sold for around $64,000 in 2021, which now has lost its value to just $17,000 in 2022. Instead of generating any profit, investors have lost over 75% of its original value. So if you are willing to take the risk, consider investing in crypto as well but before that, understand the consequences as well.
What is the best way to Double Your Money in the short term?
Remember, saving money is earning money. If you manage to save $20/ day, that is equivalent to earning more than $7,300 a year. So the best way to double your money is to adopt a lifestyle where you do not spend unnecessarily and can invest a major part of your income every month. If you can manage that, double your money won’t be as difficult after all.