Want to be able to double your money? Well that answer is already a given as who doesn't want to double there money or better yet 10X there money. By being able to make more money is an extremely tool that allows you to either pay off debt ,save for retirement or better yet make yourself more financially stable.
I first learned about the power of growing money when I left university and started my first 9-5 job. I wanted to put myself in a position where I could pay off my student loan quicker. So I made it my duty to learn how to double my money using several techniques that I am about to explain.
Living in 2019, there are plenty of ways to make more money just by the clicks on the internet or a quick phone call.
But we need to make sure the ones we are doing to make us more money are good ways such as investing in the stock market. Not ways such as get rich quick schemes.
Most of the best ways to make more money through investing are for the long term. One perfect example of this is investing in the stock market.
1.INVEST IN THE STOCK MARKET
By investing in the stock market you are using your money to by small parts of a business or a currency etc. This can be a great way to multiply your money but its a long term investment.
So how, where, what do I invest in you might be asking. Well to put it simply, there are plenty of brokerage accounts where you can buy stocks at. These can be used on your computer or on your smart phone. Just make an account, enter all required details and deposit your money and away you go.
You will then have the option to purchase stocks of a company you might believe to have allot of potential, great leadership or beliefs. You can also purchase units of funds which are made up from several companies in various sectors in various countries. These will be managed by a fund manger who has overall control over these companies in the fund. There are also other options to invest in the stock market such as ETF's (exchange traded funds), bonds and mutual funds.
Now once you have invested your money you need to understand that there is always a risk of loosing money with any investment. But with risk comes reward and that is what you will be aiming for. The key to investing is to realise what you’re investing for and the timeframe involved with the investment. Assuming you’re saving for retirement, it’s likely decades away from now, but don’t let that time trick you into taking no action.
You also don’t want to give in to the excuse of having little money to invest. If you have only several hundred dollars or less, it makes a difference and can be invested. You can invest in stocks with little money and do quite well, but the key is to start.
Time is the best gift you can give your investments. The earlier you start, the better. Consider this, the Center for Retirement Research states that if you wait to start saving for retirement until age 45 you have to put away three times as much as you would if you had started at age 25.
The point? Let time do its magic as it’s one of the easiest ways to multiply your money
2.INVEST IN REAL ESTATE
Investing in the stock market isn’t the only way to grow your money. Investing in real estate is one of the best ways to build wealth outside the market as you can invest in either commercial or residential real estate.
Investing in real estate, like the stock market, is not without risk. You may not be able to fill a particular property or you may face an expensive repair. You may also have problem tenants. These can all detract from your return, which is why due diligence is needed before selecting an investment property.
The other significant issue is that real estate often has a higher bar to entry than does the stock market. Thanks to real estate crowdfunding that isn’t necessarily the case any longer as you can pool your money with other investors. Sites like Fundrise, PeerStreet, and, RealtyShares let you invest in real estate with other people for a fraction of the cost.
Many of these sites require you to be an accredited investor but some, like Fundrise, don’t have the same requirement. Fundrise lets you open an account with as little as $500 in either a retirement or non-retirement account, letting you invest in either commercial or residential real estate.