How To Double 10k Quickly In 2022?
Last updated on the 23rd March 2022 by Lachie Hiriart
We have all been there, watching an advertisement about a “company” that offers you the chance to join them and double your money through quick earning methods. These so called companies would often advertise either via newspaper or through various social media platforms like Facebook or Whatsapp. They would make bold claims about how you can make it easy by working a less taxing job and earn double the money compared to people of other fields or professions. But the harsh reality is that earning money is not an easy task and doubling your said amount of money is even harder. Most of these claims are made by people who are just trying to scam you out of your money. The spread of social media due to ever improving technology has made it possible for these people to prey on those that are not quite familiar with their tactics (especially in under developed countries where internet and social media is new to the masses) without ever getting into direct physical contact. If you ever happen to come by any of these advertisements, it is better to look the other way and save your time and money.
With that said, it is not impossible to double your amount of 10k as there are multiple options available that can double your money without any threats of fraud or scams. It isn’t a secret that making a quick buck is an unyielding desire of every human being. If you are reading this article, then you are in luck as we go through multiple methods in detail which will let you down the right path in your journey of quickly doubling your 10k.
Before we start breaking down all the methods that you can utilize to double your sweet 10k, it is necessary to consider a few precautionary elements. As I stated above, keep in mind that there is no easy method or magical way to start earning cash like crazy. If you decide to go down this path, there may be certain investments or sacrifices you may have to make. It would also be recommended that you take advice from a professional financial planner before attempting anything as they would help highlight aspects that you would have not foreseen. With that said, here are a few things to consider before starting:
- Evaluate your ability to be risk tolerant. Whenever you are trying to earn money quickly, there is always a possibility that you may have to take some unexpected risks. For example, the best possible way to quickly earn some cash is “flipping money”, which is the activity of buying something and then selling it for a higher price when its value in the market goes up. But as I stated, there is always risk involved because doing this without any planning is similar to venturing into the unknown. There may be a chance that the price of your purchased object drops in the international market instead of increasing which can then lead to losses. If you want to earn or double your money the easy way, you should mentally prepare yourself to take some losses. These losses are inevitable so make sure to do your research before investing in anything.
- Check your time framebefore attempting to do anything. By time frame we mean how much time you have on your hand to invest and then make profit or take losses. For example, a young person in the field of investment can tolerate a few losses here and there as he is still new and have a lot of years left in him. A more aged person would avoid taking any unexpected losses as he has a family to provide. So your final decision depends on your age and your stage in life,
- There is an old saying that goes “Patience is a virtue”. Whether you are doubling your money through the slower traditional approach or through a faster method, you have to be patient. One of the most common mistakes that new and inexperienced people make in this regard is being greedy. Being greedy can often end up costing you a lot of money because a greedy mind is more susceptible to making mistakes. Greed is the reason that most people fall for the money making scams as they paint a petty appealing picture that is hard to ignore. The second biggest mistake that people make is being fearful of grasping an opportunity. The fear of losing money can make you ignore some great money making opportunities, some of them which may never come again. Once again, as I said before, losing some money in these ventures is a given. Whenever a good businessevent pops up, it is better to do your research and give it a shot instead of ignoring it completely due to fear of losing money.
Methods to double your 10k quickly:
And now that we have stated our precautions and warnings, it is time to delve into various methods you can make use of to double your 10k in a quick manner. There are no hard and fast rules in terms of which method you should go for. The method you will choose will depend upon your tolerance to risk, your time horizon and the amount of money and effort you are willing to invest. So without further ado, here are some methods you can utilize in doubling your hard earned money:
1) Try starting an online business
So if you have an amount like 10k lying around, then why not use it so start an online business. If you are not one of those people that want to invest in something due to fear of losing money, then the best way of doubling that 10k is to use utilize in setting the foundations of your online business. The widespread of internet due to the ever improving technology has made it much easier for people to conduct business via laptop through the comfort of their homes. So why not capitalize on that. If you are thinking that 10k is a small amount to start a business, then you are wrong. In fact, there are lots of businesses you can dip your toes into that may not even cost 10k as a whole. For example, look into blogging and how much money you can earn by writing blogs. By blogging, you can earn in a variety of ways including through advertisement and affiliate income. Setting up a blog website wouldn’t even cost you 1k which is convenient. Another example of easy money is by starting a YouTube channel. You can set up a monetized YouTube channel in about 500 dollars. On the other hand, if you want to earn money by going down a more “business’ path then try starting a minor importexport business or sell stuff online. You can use ecommerce platforms like Sellfy or Etsy to sell products online. Etsy also allows you to sell homemade stuff which is a plus. It is recommended that you do a thorough planning in terms of what you want to sell, where the product will be boughtmanufactured, what are going to be the cost and profit margins etc. Once you have gone through the planning stage, you are good to go to turn your 10k into 20k.
2) The flipping money method
As I have explained above, flipping money basically involves buying a product and then reselling it for a higher price which makes it one of the easier methods to earn quick money. This is highly effective because certain limited popular products are very sought after by people. By purchasing a large quantity of these items from discount stores or through retailers like Kohl’s, you can make quick buck. The entire business practice is termed as retail arbitrage. The range of items you could flip for money is huge. These items could be anything from a certain book to a highly in demand video game. If you happen to be in possession of some limited edition items of any product, then flipping can help you earn some good money due to people who love purchasing these rare items to put in their collection. Once you have got the hold of these items, you can put them on sale in online marketplaces like eBay or Facebook Marketplace. You could also try selling these items on apps like Depop that specialize in sales of such items. You could also completely bypass the need for purchasing items. If you have some branded products at home that are in good shape and are no longer needed, you could sell them online or at auctions.
3) The risky way: Cryptocurrency
The methods mentioned above can not only help you in making money but can also be turned into a business or side activity so you can have a reliable source of income. But if you are solely interested in just doubling your amount, then investing in Cryptocurrency is one of the ways you could do so. The term Cryptocurrency is basically used for any currency that exists in digital form. Although the Cryptocurrency market is still in its initial stages, you cannot deny the impact it has made with more and more people investing more into Cryptocurrency these days. You have also probably heard on news or read articles on the internet like how someone made millions of dollars through investing into the Crypto market. It has also become a pastime for some students that use Cryptocurrency in hopes of making money and some do have a steady rate of income. So if you are interested in this way of making money, then try investing in Bitcoin or any other virtual currency of your choosing. But keep this in mind that Cryptocurrency has also been responsible for a lot of people losing their money. Most of this is due to the fact that people don’t understand how Cryptocurrency works. There is also a huge risk factor involved when working with Cryptocurrency. The Crypto market is known to be highly volatile. It is sometimes hard to predict trends whether certain assets will increase or decrease in price. Then there’s the chance of getting scammed when it comes to these sorts of investments. The recent report published by CNBC has shown that almost 14 billion dollars were stolen by scammers all around the world. Thus, it’s a marketplace that requires a lot of knowledge. If you are willing to give it a try in hopes of doubling your 10k, make sure to do all the proper research before you do so.
4) Start a side gig
If you have 10k just catching dirt in your pocket, why not use it to start a side job. If you are already doing a job, then a side gig can be great way to bring in some extra money. Side gigs are especially useful if you are a student as it allows you to start making money before you fully enter your professional life. A side gig could be anything and some of them don’t even involve much or any investment from you. For example, you can make some decent amount of money by becoming an affiliate marketer for a brand. Once again there is a learning curve to these ventures (as is with many things) but with proper time and effort you can achieve decent success right off the bat. Once you find the right brand to affiliate with, you can start earning to reach your desired goal. For example, on sites like Shopify, you can make over 50 dollars for each successful referral you make. That means you can easily make 500 plus dollars with only 10 referrals. Other side gigs you can try include dipping your toes in the dropshipping business or even working as a freelancer depending on your skills.
5) Try investing (real estate, stocks etc.)
If you have some spare money lying around, then the best way to make more off it is through investments. Now as I have mentioned before, investment is always a tricky business. The thing you are investing can lose its value which can cost you money. But as with any quick earning method, there is always risk involved. Investment is one of the best passive ways to double your money. You can try investing in real estate through websites like Fundrise which you can easily do with an amount of 10k. You could also try investing in stocks if that is your cup of tea. You can make up to 8% per year depending on your stock investments. You can check details on how much money you can earn by investing in stocks via Investor.gov which offers a compound interest calculator to help you in your calculations.
Last updated on the 23rd March 2022 by Lachie Hiriart