What if you had the modern-day Midas touch — but instead of everything you touch turning to gold, every dollar in your bank account became two?
Sure, it sounds like the stuff of myths. But with the right strategies, doubling your savings isn’t too far out of reach.
Ready to make your savings work harder? Here’s how to double your money and take your financial goals from myth to reality.
7 strategies for doubling your money
If you’re here to learn how to get rich quick, that’s not the takeaway you’re going to get. The truth is, doubling your money requires planning and patience (plus a bit of calculated risk-taking). The strategies below are a great first step.
1. Invest in a 60/40 portfolio
A 60/40 portfolio means putting 60% of your investment into stocks (aka shares of companies) and 40% into bonds (loans you give to companies or governments in exchange for regular interest). This classic mix balances higher-risk, higher-reward investments (stocks) with safer, steadier ones (bonds). Over time, it’s a reliable way to grow your money.
2. Explore real estate investments
Real estate isn’t just for people looking to buy a house to live in. It’s also a good way to invest money, either by purchasing property to rent out or investing in Real Estate Investment Trusts (REITs). REITs are companies that own or finance real estate, and you can buy shares of them like you would stocks. They offer a way to benefit from real estate growth without buying and managing a physical property.
3. Reinvest dividends
Some stocks pay dividends, which are regular
cash payouts to shareholders. Reinvesting dividends means you’re using that payout to buy more shares of the same stock. Over time, this compounds your returns, meaning the returns eventually generate returns of their own. Think of it like a snowball rolling downhill — it may start small, but it will grow bigger and bigger as it gathers more snow (or in this case, money).
4. Maximize your employer’s 401(k) match
To double your money with a 401(k), look for employers that match 100% of your contributions up to a specific percentage of your salary — like 5%. This means if you contribute $2,500 (5% of a $50,000 salary), your employer will add another $2,500, doubling the investment. Be sure to contribute enough to get the full match — it’s essentially free money for your future.
5. Try options trading (if you’re adventurous)
If you want to know where to invest money to get good returns, look no further than options trading — but look carefully. This form of trading gives you the right to buy or sell stocks at a set price by a certain date. It’s a strategy that offers the potential for significant gains, but it comes with high risks, especially if the market doesn’t move in your favor. Unlike owning stocks outright, your options could expire with zero value if pricing predictions prove incorrect — which means you could lose your entire investment.
If you’re a beginner, start with small amounts so you can get a feel for how options trading works before really diving in.
6. (Carefully) consider investing in cryptocurrency
Cryptocurrencies like Bitcoin are digital currencies that operate independently of banks. They’re known for their volatility — prices can rise or fall dramatically — but some people have seen significant returns over time. Crypto is an especially risky place to try to grow your wealth, so only invest money you can afford to lose.
7. Look into short-term stock plays
Short-term trading, often called swing trading, involves buying and selling stocks over a few days or weeks to profit from price changes. To succeed with this strategy, you’ll need to actively monitor market trends and understand how external factors, like earnings reports or economic news, can influence stock prices.
While short-term trades can offer quick returns, they also come with higher risks due to market volatility. Prices can fall as fast as they rise. This approach isn’t for everyone, especially if you’re new to investing. But if you do your homework and stay disciplined, it can be a way to
grow your money faster.
How long does it take to double your money?
The time it takes to double your money depends on the rate of return you’re earning. One simple way to estimate this is by using a basic financial formula called the Rule of 72. To use it, divide 72 by your annual rate of return. The result is the approximate number of years it will take to double your investment.
Here’s how the calculation plays out at different rates of return:
8% annual return (common for long-term stock market investments). 72 ÷ 8 = 9 years to double your money
4% annual return (typical for bonds). 72 ÷ 4 = 18 years to double your money.
12% annual return (possible with aggressive investments). 72 ÷ 12 = 6 years to double your money.
The Rule of 72 can also help you compare different investment options to determine which aligns best with your timeline and risk tolerance. But keep in mind that actual returns vary based on market conditions, so these calculations are estimates. Patience and consistency are key, especially for lower-risk strategies that take longer but offer stability.
Practical ways to minimize your risks
Learning how to make more money usually means learning how to take more risks — without going so far that you lose it all. Here are a few steps you can take to protect your investments:
Spread out your investments. Instead of putting all your money in one type of investment, divide it among different options like stocks, bonds, real estate, or savings accounts. This is called diversifying your portfolio. It’s a strategy that helps you make sure that if one investment doesn’t do well, you’ve got others to balance it out.
Set realistic goals. Understand that investments go up and down in value, especially in the short term. Focus on steady growth over time instead of trying to make
quick gains.
Watch out for fees. Some investments or accounts charge high fees, which can eat into your earnings. Look for low-cost options so more of your money stays with you.
Frequently asked questions
Can I double my money through savings alone?
A regular savings account will usually have a pretty low interest rate, so doubling your money will take many, many years. If you’re not comfortable moving your money out of savings just yet, look for a
high-yield savings account (HYSA), which will offer a higher annual percentage yield (APY) than traditional savings.
Should I talk to a financial advisor before investing?
If you’re new to investing or unsure about your options, consulting a financial advisor can be a smart move. Advisors help tailor strategies to your goals, risk tolerance, and timeline, helping you make sure you’re making informed decisions.
Is cryptocurrency a good way to double my money?
You can earn significant returns from cryptocurrency, but it’s very risky. Prices often swing dramatically, so only invest money you can afford to lose. If you’re new to crypto, start small, research thoroughly, and consider it one small part of a diversified strategy.
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If you’re just getting started, the best place to invest money without risk is in your own bank account.
Please note, the material collected in this post is for informational purposes only and is not intended to be relied upon as or construed as advice regarding any specific circumstances. Nor is it an endorsement of any organization or services.
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