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Doubling your money is not an easy task for most people. Of course there are several ways, but are there efficient and faster ways to do this?
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The methods I’m going to share with you are based on the assumption that you already have $5,000 dollars laying around and want to double it.
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Investing is a surefire way to increase your money within a given time frame. There are many types of investments you can follow to grow your money steadily.
In this method, we will learn about some of the safer and less risky options to double $5,000 dollars. However, keep in mind that the lower the risk, the slower the return.
NOTE: Depending on your country, these financial instruments may or may not be available to you OR they may not have the same name as listed.
. It is a risk-free investment option. It is a type of security that tracks an index, a commodity or a sector, and it can be bought or sold as a normal stock would.
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A very well-known ETF is the S&P 500 that you may have heard of before. It tracks the market capitalization of the 500 largest publicly traded companies in the US.
If we look at the average annual return of the S&P 500, it hovers around 8% – 12%.
Now if you invested your $5,000 dollars in the S&P 500 ETF at 10% annual interest, you could double your money in just 8 years.
Before you can start investing, you need a brokerage account to use it to buy and sell stocks. There are many brokers that offer commission-free trades. you can come
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After successfully opening your brokerage account, you need to choose the right funds to invest in. As mentioned above, you can opt for an S&P index fund.
Now that you’ve invested your money in an S&P index fund, all you have to do is sit back and forget about it.
Don’t mind the occasional dips and rises in your portfolio value, that’s perfectly normal. Be patient and your investments will grow slowly.
As we calculated above, you will see an average of 10% annual growth. According to that, if you invest $5,000 dollars, it will double to $10,717.94 in just 8 years.
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A type of financial instrument that includes a pool of money collected by investors to invest in securities such as bonds, stocks, and other assets.
If you participate in a retirement plan at work, such as 401(k), you don’t need to open an account, you already have access to mutual funds.
, As mentioned above. But keep in mind that you will not get any tax benefits by joining an online broker like this one.
Now you need to choose a fund to invest your $5,000 dollars in. We’re going to use the S&P 500 index fund as an example for mutual funds like we did in ETF.
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As mentioned in the ETF section, you can also get similar returns here, i.e. around 10% annual return.
As with ETF, you just see it grow over time. You don’t have to worry about small drops and gains, keep your money invested and it will eventually grow double.
If we do the calculations, you can double your $5,000 dollars at an annual return of 10% within 8 years of the initial investment, as we saw in the example above.
Investing in the stock market is simply buying shares of publicly traded companies, meaning you own a little bit of that company and hope it grows so that you can benefit from it too.
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NOTE: Investing is different from stock market trading. We will learn about trading in the coming sections.
To start investing in the stock market, you need a brokerage account. You can work with the same brokerage account as we discussed in the previous sections.
Do some research on the brokers before creating an account with them. Make sure their commission rate is lower and they are in the game longer.
Do not immediately start buying shares of popular companies. Make sure you do thorough research on the company you want to invest in.
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You can watch YouTube tutorials, buy courses on Udemy, Coursera, etc. Read about them online. There are plenty of resources to learn from.
Now that you have gathered enough information about the stock market, it is now time to start investing in some stocks.
Make sure you choose the right companies with expected long-term profits. From now on, you can try researching companies such as:
In addition, it is important to diversify your investment portfolio. You may have heard that you shouldn’t put all your eggs in one basket.
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The same goes for any kind of investment plan. Make sure to invest small amounts of your money in various company stocks. So you have a greater chance of not losing everything if the shares of one or two companies fall.
Assuming you’ve invested your $5,000 spread across a number of companies that give you 10% returns on average each year, you’ll be at $10, 717.94 in just 8 years.
Trading the stock market is a risky business. If you don’t have the right expertise and don’t know the core of the market movements, you need to learn all the basics first.
If you do it right, you can double your money as fast as you can imagine. On the other hand, you can lose all your money as fast as you can imagine.
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The first step is to open a trading account. There are many online brokers that allow you to create an account, including, but not limited to,
After opening a trading account, you should now learn to analyze the market as thoroughly as possible.
There are many places, both online and offline, where you can learn a lot about the stock market. You can start with YouTube videos, Udemy courses, stock market books, and so on.
Now, after learning the basics of the stock market, you would now be tempted to get wet and start trading. But trust me, that’s not a good idea.
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You should first start practicing what you have learned about the market with an online demo or practice account. Investopedia’s Stock Market Simulator is a good place to start.
Now, after you have practiced enough on your demo account, it is now time to start trading for real on the platform of your choice.
Assuming the average rate of return is 8% per month, your $5,000 investment at the end of the first month would be $5,400.
If you go through without any hiccups, you should ideally be able to double your $5,000 dollars and reach $10,794.62 in 10 months!
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There are countless businesses that you can start with a $5,000 dollar investment. We will discuss a few of them in this article.
Dropshipping is a business model in which you create an online store and sell products directly to your customers, i.e. you don’t need to have any inventory. The products are shipped directly from a third-party supplier to your customers.
The first step to making money with dropshipping starts with choosing a niche. Think about what kind of products you would like to sell to a specific audience. For example, ‘mobile devices for travelers’ or ‘gifts for couples’, etc.
There are many online websites that bridge the gap between suppliers and retailers. One of the most popular and widely used among them is Alibaba and also its customer-facing counterpart Aliexpress.
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Here’s a video showing how to build a dropshipping store from start to finish step by step:
In order to get your newly established store to the attention of interested people, you need to promote your store using social media or Facebook ads, etc.
You can start with Instagram shoutouts and then continue to scale your store with Facebook ads. That’s what most successful dropshippers have done to make a lot of money from dropshipping.
You can learn to run ads on these platforms yourself using YouTube videos or you can find courses on learning platforms like Udemy, Skillshare, etc.
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NOTE: Make sure you hire the right people to promote your store and not the first person you find on Fiverr. Most such freelancers don’t do well, so it’s recommended that you learn it yourself, but if you don’t have the time or don’t want to do it, consider hiring people from marketplaces like Upwork & Freelancer.
Once you’ve run ads and generated sales. It’s time to double down and put more money into the products that sell the most.
You can get your $5,000 investment back in no time and all the money you make after that is a profit.
It depends on how you spend your $5,000 dollars, but you can double
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