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Top 13 Ways to Double $10K Quickly in 2024

April 14, 2021

So, you just received a random check in the mail for $10,000 from your grandma Gertrude.

Or, maybe you're not so lucky, but you've been putting in the hard work and patience to save up an investing nest egg.

What do you do with it now?

More than likely, you've found this article because you have a lump sum burning a hole in your bank account, but you don't have a good plan for doubling it.

This is the ultimate guide to double your investment!

Within the spectrum of investing, there are always two factors that come into play: speed and risk.

Below, you will see some great strategies, some faster than others, and others for the more risk averse.

For example, if something has more speed stars, the faster it is for a multiplied ROI, and the more stars for a risk, the riskier it is!

So, if you're ready to find out how to best multiply your money, let's go!

*Disclaimer: no one here is a legal or financial professional, so do your own due diligence and seek out professional assistance before embarking on any financial investing.*

Chapter 1: Index Funder

How Following the Leader Can Make You Money!



Investing in index funds can provide a great ROI, which for the purpose of this article, could be used to double $10k.

We rated this as two (2) stars for speed, simply do to the amount of time it will take to 2x $10,000.

Plus, the risk is slightly higher than average due to nature of the entire market and system.

Here are the steps you can take if you wish to utilize this method.

5 Steps to Index Funding

Step 1. Check your accounts...

To start investing in index funds you first want to check your 401(k), IRA account, or Brokerage account.

A Brokerage account is an account that lets investors invest in the stock market. Investors can deposit funds and then buy investments.

To learn more about Brokerage Accounts look here.

To learn more about what the stock market is and how to invest in it look here.

Step 2. Pick your fund, not your nose...

Select which index you want to invest in.

Index funds can follow a particular asset, industry, or type of company. 

Whatever fund(s) you decide to invest in, choose one that fits within your overall risk level and one that fits with your other (if any) investments.

To learn more about Brokerage Accounts look here.

To learn more about what the stock market is and how to invest in it look here.

Step 3. What's the minimums?

Check the minimum investment amount.

Don’t assume that index funds are all cheap, most have a minimum investment amount in order for you to buy in.

If you have less than the minimum amount  you can go ahead and eliminate that as an option for the moment.

Step 4. Be part of the 1%

Look for funds that have an expense ratio under 1%.

Having the lowest possible expense rate will increase your time to achieving a return.

If you get stuck with a higher expense percentage, then it will be much longer for your investment to multiply.

To find out more about expense ratios look here.

Step 5. Fund and Auto-Fund

First, fund your account. Then, set your account up to have automatic contributions.

Here are a couple of good resources to read up further on the overall process and more details for investing in index funds. 

Read about how to invest in index funds here, and investing in index funds explained here.

Chapter 2: Flip ~n~ Rent 

Real Estate Tycoon Simulator IRL



If you find yourself binge watching HGTV, or think you could do what Chip and Jo do, this method is for you!

We gave a modest two (2) stars for speed and two and a half (2.5) for risk involved in this monopoly-style money maker.

Of course, it's not very likely that you alone could flip and rent a house for $10k, but this could be a great option for a group effort.

This is a good resource to help better understand this method, as well as this one.

1. Make a Plan

Have a plan and know your end goal. Your end goal should be based on realistic your financial capabilities, chosen investment strategy, and realistic expectations. 

To learn more about goal setting for real estate, click here.

2. Your Network is Your Net Worth.

Connect with other local landlords/investors and get as much advice from them as you can.

Doing so can make a world of difference, something to keep in mind however is their investment bias. Investment bias is the landlord’s own purchasing strategy, experiences, and their own end goals.

This will help you find other investors/landlords who have similar goals but have much more resources than you do.

They can answer questions you may have and help further determine your investment strategy.

3. Down Payment Plan

Go to the bank and begin saving for down payment.

As soon as you start looking for a potential property start arranging your finances.

For the down payment you’ll want to have at least 20-30% of the price saved.

Also talk to your bank and find out how much you can afford to purchase.

4. Map Out Your Expenses

Do the math on expenses.

Every rental property has expenses, it’s important to know the potential monthly and unexpected expenses that a property will eventually have. 

Here is a good resource to help.

5. Location, Location, Location.

Research and do your due diligence. Research until you think you can’t learn anymore then research some more.

When researching, look for several indicators of a strong real estate market (job growth, population growth, city revitalization, etc).

You will also need to do your due diligence when trying to find a strong real estate market. Adding the questions listed below to what is listed above will help you do that.

  • Is the property located in a good school district?
  • Are there businesses or attractions within walking distance?
  • What is the property’s walk score?
  • How many other rental properties are in the area?
  • What does the crime rate look like?
  • What is the average household income in the area or neighborhood?
  • To learn more about doing due diligence in real estate, look here.

6. Inspect What You Expect

Get a home inspection.

Even though home inspections range in price from $250-$450 or more, they are absolutely worth the price.

The inspection can point out things that if left unnoticed or un-repaired can end up costing you quite a bit of money.

Also keep in mind that whatever the results are of the inspection can be used in the negotiation part of your real estate purchase. 

7. Pro Forma

A pro forma in real estate is essentially a property’s cash flow projection.

These projections will help determine the property’s anticipated monthly cash flow, as well as expenses, including taxes and expected ROI.

Click here to learn more about pro forma.

8. Appraisal

Get an appraisal.

When planning on purchasing a rental property by financing, the lender will order an appraisal of the property.

This helps both parties know that they are paying the correct amount for a property and are not being overcharged.

9. Research Insurance Options

While it may seem obvious, it is important to not place unnecessary risk on your new investment property so make sure you get insurance.

Make sure to call around and speak with local agents to compare packages, prices, and coverage.

It is also beneficial to get an umbrella insurance policy as a landlord.

Umbrella insurance policies offer a second layer of protection in case of an unexpected accident or a lawsuit.

These policies will protect your property and also your other investment assets.

10. Make an Offer

When you find the a property you would like to invest in contact your real estate agent, if you’re using one, and they will fill out the paperwork and submit your offer.

Do not let your emotions take over, only spend what you can afford. Once you offer is accepted you are on the clock.

It’s wise to act quickly since the amount of time you have to close will vary.

It is also a good idea to move quickly and make sure the deal happens before the deadline.

If you have chosen to have a property manager, get started with the terms and agreements.

Your ROI rate all hinges on how quickly you can get the property rented out.

Chapter 3: Stocks

The Backbone of Wall Street



The New York Stock Exchange, NASDAQ, EuroNext, London Stock Exchange, TMX Group, Australian Securities Exchange, etc.

All of these things have one thing in common: stocks.

As one of the backbones of our current global economy, stocks are a pretty big deal.

We gave stocks a minimum of two (2) stars in both speed of return and risk, with a maximum of four (4) stars for both depending upon certain situations.

Let's dive in.

1. Assess Your Financial Situation

Before investing any money into stocks or bonds you need to ensure that your financial situation is in a position to accommodate it.

There are several things you should consider in order to determine this:

  • Make sure your income and your job are both secure enough to allow you to invest.
  • If you have any debt you probably need to focus on paying that down or paying that off before you even begin to invest. You should never invest money you can’t afford to lose.
  • If you brought a baby into your family you may need all of your available income focused on helping that.
  • You should have some extra room in your household budget that would allow you to put money into your investment(s).

It is also important to consider your goals and have an answer to the question of why you are investing in the first place:

  • Are the investments for your retirement?
  • Are the investments, instead, for a shorter term (5-6 year) goal?
  • Will anyone else have access to the money?

2. Pick a Lane

Decide how you want to invest in stocks.

Are you wanting a more hands on approach or would you rather a more hands off approach?

Both are valid options, but for most the hands off approach would be recommended.

Consider using a robo-adviser.

3. Open an Investing Account

In order to invest in stocks you need an investing account.

Depending on your level of involvement, that could be something like a brokerage account or opening an account through a robo-advisor.

Also, remember that 401(k)’s are a type of investment account as well so you may already be investing in mutual funds through that.

4. Set a Budget

When determining your budget, ask yourself two questions:

  1. How much money do I need to start investing in stocks? The amount of money you need depends on the price of the individual shares.
  2. How much money should I invest in stocks?

5. Invest Gradually

Invest in individual stocks gradually. Individual stocks should only make up about 10% of your entire investments.

Here's a good guide to help get into stocks, and here's another for how to invest in stocks

Chapter 4: The Name is Bonds...

Standard Bonds



Bonds are another fundamental element in the global economy today. 

Unlike stocks, bonds are a much safer because they are an investment that takes a lot longer to mature.

So, we gave bonds one (1) star for speed and a half (0.5) star for risk.

If you would like an additional resource, here is a good step by step article that will add to what is provided below.

1. Understand the Basics

Understand how bonds work.

When you buy bonds, you’re agreeing to lend your issuer a certain amount of money for a fixed amount of time.

In return, the issuer promises to make regular interest payments at a predetermined rate until the bond matures, at which your principal is repaid in full. 

2. Open a Brokerage Account

You can purchase bonds through a brokerage firm which is in communication with governments and companies that want to issue debt.

Brokerage firms also have access to the secondary markets where bonds are sold.

3. Which Type of Bond?

Decide which type of bond you want to purchase. There are several different kinds of bonds to choose from:

4. Evaluate the Bond(s)

When investing in bonds it is important to evaluate them.

Evaluate the issuer of the bond since they will vary in reliability.

A majority of issuers will fall into these groups:

  • The United States Treasury- considered to be the golden standard of reliability.
  • Other United States Government Agencies- yield will be slightly higher than Treasury Bonds and risk is considered minimal.
  • Municipal Governments- risk is slightly higher than federal government issued bonds.
  • Foreign Governments- will carry either minimal or very high risk with corresponding low or high yields. This all depends on the nation offering the bonds.
  • Corporations-  Similar to foreign governments, the risk and yield of corporate bonds varies depending on the company issuing the bond.

5. Bond Grading

Another way to evaluate bonds is by looking at their grade.

Bonds are given a grade that indicates their credit quality and measures the bond issuer’s ability to repay the investment.

Bonds that are graded between AAA-C and AAA are the better bonds, with those closest to AAA being the best.

However, any bond graded BBB or higher is considered investment grade.

6. Bond Laddering

Invest in bonds with a laddered approach.

Bonds have differing maturing rates, therefore it is important to buy bonds with staggering maturing rates.

Remember, when you buy bonds, you're locking yourself into a given interest rate for a fixed period of time so it’s beneficial to have them mature at a staggered rate so you have more built in liquidity. 

Want additional resources? Here is another article for investing in bonds, and here is one on how to buy bonds.

Bonus. Zero Coupon Bonds

Zero coupon bonds are different than standard bonds.

Zero coupon bonds are bonds that do not pay interest during the life of the bonds.

Instead, investors buy zero coupon bonds at a deep discount from their face value, which is the amount the investor will receive when the bond "matures" or comes due.

If you're interested in finding out more, check out this article.