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Whether you are only interested in an additional passive stream of income or an active investment to double $10k quickly, I’ve rounded up several practical methods for you.
If you’re looking for a get-rich-quick scheme, then this post may not be for you. Financial experts will not even recommend doing that because you might fall for scams.
However, if you are interested in learning how to make $10k fast in a profitable way, then you’ll find many helpful tips here.
That said, keep in mind that the sooner you want returns from your investments, the higher the risks go.
In simpler terms, quick-return investments involve higher risks. To ensure you don’t end up wishing you knew better, be sure to take an accurate risk assessment of any investment opportunity and confirm that you’re not exceeding your risk tolerance level.
That being said, if you are willing to take some risks, you can quickly turn $10K into $20k.
How to Double $10k Quickly in 2022
Try these money-making tips for investing $10,000 to double it.
1. Retail Arbitrage
Retail arbitrage is one of the most lucrative ways to double $10k within 30 days.
It is a pretty successful and effective business model, especially if you have the spirit for it.
The idea behind retail arbitrage is to buy small goods from brick-and-mortar stores or clearance sales, add a markup and sell these items across online stores like Amazon or Ebay.
Usually, sellers who do retail arbitrage source for items that sell very fast, such as baby items, books, cosmetics, electronics, toys, video games, clothes, sneakers, etc.
Popular platforms that can be very helpful include eBay, Craigslist, and Amazon FBA, as well as other marketplaces like Poshmark, Depop, OfferUp, Garage sales, and The Facebook Marketplace.
If you’re willing to explore this option, chances are, you’ll exceed your $20k mark in the shortest time possible.
But you must also be willing to roll up your sleeves and learn the ropes on the fly. Additionally, successful retail arbitrage requires multiple rounds of inventory, as it can be very competitive. So turning $10,000 into $20,000 will require some time and work.
2. Swing Trading
Swing trading requires you to learn how the stock market operates.
Also, you should be willing to exercise a bit of patience, as sometimes, the yield may not be as immediate as you think.
As a swing trader, your aim is to buy stocks of companies that have recently taken a dip, wait for them to recover, and resell the stocks at a premium price. This means that you buy the stocks at a much lesser value.
Here, you need to monitor the rise and fall of the stock you are interested in. Before you invest in them, you want to be sure that they are companies that will perform well in no time.
For instance, let’s say Amazon KDP suffered a temporary setback in business and that caused a decline in their stock value from say $150 to $95.
As a swing trader, you already know that Amazon KDP is a highly profitable business, and the financial loss is only temporary.
You go ahead and purchase that stock and wait for the company’s finances to spring back to life.
Now, you have an opportunity to resell the stocks you purchased earlier at a profit margin of $55 (it could be higher or lower depending on the new price).
You can very easily double $10k quickly by swing trading stocks.
3. Cryptocurrency Trading
To be honest, the crypto space is very wild and risky. But when done right with an adequate understanding of the market, it is one of the most profitable ways to double $10k within a very short time.
As the crypto space continues to grow in popularity and acceptance, there is a lot to learn for the beginner or average cryptocurrency trader.
With tons of coins now available out there, there is also so much exciting stuff in the cryptocurrency world.
So if you’re willing to do the necessary research, keep tabs on the ever-changing trends, and stake some investment funds, trading cryptocurrencies is a recommended way to double $10k to $20k quickly.
Some of the most profitable and popular coins are Bitcoin, Avalanche, Ethereum, Solana, Avalanche, and Cardano.
You can trade via popular crypto exchanges like Binance, Coinbase, BitYard, Crypto.com, Gemini, and many others and turn $10k into $20 fast.
Just be careful! Set a mental stop loss for cryptocurrency and swing trading in case things go south.
4. Real Estate Investment
I bet real estate seems like a no-go area with just $10k, plus it is mostly a long-term investment terrain.
While that is true, you can still cash out quickly by investing in real estate. But how? You ask.
Thanks to real estate crowdfunding platforms, you can now buy shares in highly-profitable real estate properties without even being an accredited investor.
Fundrise, for instance, allows you to start your real estate investment with just $10,000. Others include CrowdStreet, PeerStreet, Groundfloor Finance, RealtyMogul, and DiversyFund.
Keep in mind that real estate is a more passive approach to double $10k.
However, as an investor in this space, you want to be careful of the kind of schemes you invest in.
This is because not every mouth-watering real estate deal is as clean as it seems. Some people have gone into real estate and become broke after.
So, look at the numbers properly, do your background checks, ask all the relevant questions, and find a good deal that can make you a lot of money.
Once you get the all-clear, go ahead and invest, and be sure to monitor trends and developments in the market, so you don’t miss the big moments.
Another way to make $10,000 in real-estate is to rent a home on AirBnb or VRBO. This does require some up-front-investment in a rental home, unless you want to rent out your own home.
But, let’s say you put $10k or $20k down on a condo, once you start renting it out you could quickly double your money.
I know this for a fact because I have made a lot of money on AirBnb with a short term rental property.
5. Start an Online Business
Another profitable way to double your $10k quickly is to start an online business.
However, not all online businesses are worth investing in.
If you have a knack for making money online, you have a high chance of turning $10,000 into $20,000 and even more by starting an online business.
Depending on your preferences and where your skills lie, you can choose from a lot of options. If you’re versatile enough to handle more than one online business, chances of making even more money await you.
Consider providing useful training to people online. You can either do this in real-time or sell packaged training resources to people.
For example, you can create a series of introductory video courses for beginners in cryptocurrency trading.
If you’re a copywriter, you may consider offering training to people looking to learn the skill. Typically, it is very possible to always double and even triple returns from your investments in such ventures.
The reality is that more people are quickly realizing that what they learned in school has nothing to do with succeeding in real life.
You can sell your online courses on sites like Teachable, Udemy or Creative Live.
Here are a few tips on how to make a profitable digital course.
Other alternatives for online businesses include selling products (digital or retail), blogging, freelance writing, Amazon FBA, affiliate marketing, dropshipping, or online business consulting.
The point is, there are a ton of options for doubling $10k quickly with an online business.
If you don’t mind getting hands-on, online retailing is a very good option that can fetch you quick money and possibly, grow into a full-time business.
For example, you can sell items on Etsy and Craigslist, or start an e-commerce business with SquareSpace, Sellfy, or Shopify.
The idea here is that much of the world has now embraced online shopping as the new way to shop.
Selling fresh grocery supplies to homes can potentially double your $10k, plus, you don’t need a lot of capital to start that.
The bottom line is you can do many online businesses with just a $10,000 fund or less and double your money very quickly.
And, you can try these hacks if you want to make money online without investment.
How to Make $10K Fast
In case you’re willing to try options that yield quick returns but you do not have enough time to get really hands-on in the process, here are a couple of good suggestions you can explore:
6. Start a Side Hustle
Many 9-5 workers are now looking for extra sources of income — and thanks to the emergence of many online entrepreneurs in the past few years — you have several good options to try. From driving for DoorDash, to Uber or Airbnb, the options are various.
A very good example of a side hustle is starting an AirBnB in your house, especially if you have one or two extra rooms and you live in or near a major town or tourist location.
With $10k or less, you can finish up the room(s) and furnish it, and open it for rentals.
Depending on the amenities in the room and your location, you can charge between $100-$200 per night. In one month, if you get at least 8 bookings, you’re looking at making anywhere between $1,000 to $2,000 per room.
This is just one creative instance of how to double $10k fast.
Occasionally flipping stuff on eBay and Craigslist is another option. You can even invest in car rentals. Buy cars under $10k, switch up the look and feel, and rent them out to people on Turo.
Depending on the size and quality of the vehicle and your location, you can expect an extra $30-$90 every day in your account.
Looking for side hustles for women? Try this list.
7. Save a Percentage of Your Monthly Income
If you work a regular job with a steady income, one of the fastest ways to build up $10,000 is by putting aside a percentage of your monthly income every pay period into a high-yield savings account or money market fund. CIT Bank has some excellent online options for this.
To ensure you don’t miss any months, take out the savings first before other engagements.
Consider setting up automated debits that go directly into your savings account or use your online banking app to move the money into your savings account.
This seems like a very difficult thing for a lot of people, but you’ll be amazed at how much you can save in just 6 months if you are committed to it.
Start with at least 20% and move up as conveniently as you can.
FAQs About Doubling $10K
1. How Long Does it Take to Double $10K?
You can double $10K within 30 days, and it can be more than that.
If you take an active investment route like flipping stuff on Craigslist and eBay or trading cryptos, chances are, you’ll make more than $10k in 30 days.
For passive investment schemes like real estate and car rentals, it may take up to 6-8 months to double $10k.
2. What Are the Most Profitable Investment Options to Double $10K Fast?
To double $10k fast, consider investing in the following businesses:
- Stocks and ETFs
- Retail arbitrage
- Real estate companies like Groundfloor or CrowdStreet
- Online businesses or side hustles
3. How Much Risk is Involved if I Want to Double My $10K in 30 Days?
Typically, the risk of investing in a business with double ROI and quick returns varies with the business type.
But a general rule is that making more money quicker attracts higher risks. Clarify all the gray areas before investing your money.
While there are many opinions on how to double $10k quickly, you should be wary of dubious schemes and scams. Avoid get-rich-quick pitches.
Before turning 10k into 20k, carefully outline your level of risk tolerance, how much time you can invest, and how soon you expect the return. Then pick the best option for you!
Next Money-Making Posts:
My $8,500 a Month AirBnb Side Hustle
25 Jobs for Housewives at Home
7 Ways to Make Money from Home
Here are My Favorite Money Apps:
Rakuten for cash back on shopping. Use this link to make a $30 welcome bonus.
iBotta for special offers and cash back on groceries.
Acorns which takes your spare change from purchases and invests it for you to help you make even more money.
Personal Capital for money management. Get a money dashboard, free analysis and personalized wealth advice.