Making money is something everyone has to do at some point in their lives and the thought of doubling your investment within 24 hours is appealing, whether this is for daily expenses, a special occasion or to build up your retirement savings. It perhaps becomes even more so as interest rates on a savings account fall to a minimum.
There are a few things to consider before you start investing, however. The first is your level of risk tolerance. Almost every method of making money involves risk; the more risk, the higher the potential return, but investing money that you cannot afford to lose in schemes with a high-risk factor can leave you worse off than you were before and having to restart your entire financial life.
Savings Accounts
Before we start talking about investment and how to double money in 24 hours, it might be useful to understand a bit more about personal finance in general.
A lot of people know they have a bank account with their money in, but are unsure of the difference between different types of accounts and the interest they can earn on their money.
A savings account will normally offer a higher annual rate of interest than a standard bank account. An instant access account will again have a lower interest rate than an account where you cannot instantly access your money as this allows the bank to lend money to other customers for interest, and then return some of the profit to you.
If you get an account with compound interest, this means that you will earn money faster as you will also be paid interest on the interest you have already earned. For this reason, you should check how often your interest is calculated.
Retirement accounts, or IRAs, are a specific type of savings account that can give special tax breaks but have their own rules that apply to them. If you are saving for a retirement fund, then one of these may be your best option, although no savings account will help you to double money in 24 hours.
What not to do to double money in 24 hours
There are a lot of scams that promise to double your money, so be careful when you invest. Below are some things you should absolutely not do as they will not double your money and may, in fact, lose it all.
- Do not loan money out.
While it may seem like easy money, lending someone money without background checks, collateral and contracts is a very easy way to have your money stolen. If it is a stranger, they may simply disappear and if it is to a friend or family, it can be very awkward to ask for it back.
- Do not invest money you cannot afford to lose.
While some of the methods listed here may be low risk, low risk is still some risk. If you cannot afford to lose your money, you should not invest it. Instead, look at options that do not require money upfront.
- Do not invest in Multi-Level Marketing Schemes.
While Multi-Level Marketing Schemes will claim to double your money in a day, you will often find yourself spending more money than you could possibly earn. Beware Facebook advertising that claims to double money in a day, as it is likely an MLM.
- Do not invest all of your savings in one place.
If you invest all of your money in one place, you are introducing a single point of failure in your finances. If one thing goes wrong, you could find that instead of managing to double your money, you lost it all at once. Investing in multiple methods spreads the risk out.
High-risk methods
If you truly wish to double money in 24 hours with very little effort, then you may be required to take risks, below are some of the higher-risk methods.
Invest in the Stock Market
When everyone thinks of investing, they think of the stock market, and so this list could not be complete without it. But many people are unsure of exactly how they can use this to double money in 24 hours, or are scared to lose money invested in the stock market. This section will explain the basics of how the stock market works and how you can get involved.
How does the stock market work?
The stock market is simpler than you might think. You don’t have to be a certified financial planner in order to understand it, nor to earn money from investing.
Simply put, when you buy stocks and shares, you are buying a small part of a large company. These shares are bought and sold for varying prices, and you can easily double your money if you pick the right company. The price is dictated by the demand for that share, and by the number of people selling them. If a lot of people are selling a particular share, then the price goes down, but if a lot of people are looking to buy a share, then the price goes up.
Shares also entitle you to ‘dividends’, and payouts from companies based on the percentage of their shares that you own. While this will not help you to double money in 24 hours, it does affect the price of shares. If a company is seen to be doing well, the shares are more in demand and so worth more.
That said, they can lose their value just as quickly as they can gain it, if confidence in a company falls. If a share value falls too dramatically, the stock exchange may cease all trading in that share for the day, to attempt to stop shares free-falling and potentially causing the market to crash.
How can you invest?
So, now you know how it works, and some of the risks, how can you get involved? There are several ways for you to invest, from high to low risk, for quick money or to gain money over a few months, some that have been around for decades and some that have only become available as technology developed.
Day Trading
Day trading is the tactic of investing in stocks at the start of the day, and then selling them for a profit before the end of the day, to avoid the risk of markets opening and closing at different prices.
In order to be successful at this, you need to know what is a high price for a specific stock and what is a low price, so that you can buy them when they take a dip and sell them at a high price. These types of small rises and dips can happen faster than you expect and it is imperative that you do your due diligence on what you are purchasing before you buy. While day trading can help you make money faster than some other methods, it is also higher risk.
Swing Trading
Swing trading is very similar to day trading, except that stocks are often not sold for a few days, waiting for the market to ‘swing’. This doesn’t require you to be online all the time, unlike day trading, and you can potentially make more money in a single transaction, but due to the multiple stock exchanges, this is riskier as stocks can decrease in value while you are unable to sell them.
Penny Stocks
These are a type of stock that sell for pennies, hence the name. They are a relatively low risk due to the small amounts of money involved and so it’s easy to double your money as you are only investing a small amount. If you’re not used to the stock market, this can be a good place to start investing, although it is unlikely that you will make a significant amount.
Index Funds and Mutual funds
If you want a more secure investment, then investing in a fund may be a better option for you. mutual funds are the combined money of many people, under the control of a financial professional. While the exact returns may vary, you will tend to see a return on your investment, although a loss is possible.
An index fund has shares chosen as a representation of the market, allowing investors to get returns based on the performance of the market overall. While the market does, in general, improve, there are historic crashes.
Neither of these methods is likely to double your money, let alone double your money in a day, but it is a good way to build wealth over a number of months or years. If you have time, this is one of the best strategies for easy, low-risk returns. If you need to make money quickly, however, I recommend investing in another method.
Invest in Digital assets
A list of how to make money quickly would not be complete without some mention of digital currencies among the money-making ideas. The internet is full of stories of people online who have made serious money investing in some of the popular coins such as bitcoin.
Making money by investing any extra cash in a digital currency is absolutely possible. However, due to the deregulated nature of these currencies there is no safety net, and no way to recover it if you lose access to the hard drive they are saved on. This method is incredibly high risk and is not recommended unless you can afford to lose all of the money you invest.
There are also other digital assets such as NFTs, but in general, it is extremely difficult to reliably make money from these.
Lower Risk Methods
If you have time to invest as well as money, there are some ways to double your money with very little risk. Which one is right for you will depend on exactly how much time and effort you can invest, and your personal skills.
Upcycling
A relatively easy way to double your money in a day, if you have time and a little extra space, is buying, upcycling and re-selling items. This has become easier thanks to sites such as Freecycle, Gumtree and Facebook Marketplace, where old, rundown furniture is sold very cheaply or given away for free, or you can look in thrift stores for similar items.
You will need to invest in some tools and supplies such as paint, but you can take the furniture and, if you’re handy, fix it up, give it a lick of paint and sell it on for profit. If you’re lucky, you can turn this around in a day, using Facebook advertising in relevant groups.
Many small businesses use Etsy to sell products online and then use a social media channel for creating unique and engaging content based on their work, so saving on advertising costs and reaching a larger number of potential customers without having to fund their own website. An added benefit of this is that you can make extra money through advertising on your page, or through affiliate offers, potentially gaining a reliable source of passive income.
It may take time to fully develop your small business, but once you have it can provide good money and easily double your money in a day.
Retail Arbitrage
If you do not fancy putting in that amount of effort, you can start a retail arbitrage business. Essentially, instead of upcycling cheap items, you sell someone else’s product.
You buy items at popular stores when they are on sale – preferably clearance – and then sell them online for a profit, and so double your money. Given that websites such as amazon even provide storage, you do not even need to have any extra space.
Get a side hustle
Of course, if you wish to make money fast, you do not necessarily have to invest. Investment requires money to start with, which is not always the case. If you wish to reach financial freedom, then you can improve the state of your personal finance by using your skills to bring in more money.
You can earn money in various ways, by taking online surveys, running online courses, or, if you enjoy writing, becoming a freelance writer. If you have a skill that others may find extremely difficult, running an online course can help you make a lot of money in a day – potentially even in just a few hours.
While technically none of these will double your money in a day, as you do not need to invest in order to get started, you will still make a lot of money in a day.
Longer-term options
While there are a few methods that can help you to double your money in 24 hours, it is also worth looking at longer-term options. While these may not be as dramatic as trying to double your money in a day, they will probably have a larger impact on your money in the long term.
Investing in Property
While buying an entire house to rent out may not be within everyone’s reach, the property is a stable investment that holds, or increases, its value while paying out regularly. It enables you to get passive income and, once set up will allow you to eventually double your money without any extra effort. There are even options such as real estate crowdfunding where you can invest with less money and still make money back.
Investing in Small Businesses
Small businesses are often keen on investment. It may take months, or even years for you to double your money, but if the business does well you could receive back far more than double your money. Just imagine if you had invested in Amazon back when it was being run from a garage!
Sell items you already own
A lot of people have items worth a lot of money lying around their house that they never use. It’s possible to sell these items for money, instead of having clutter filling up your home. Facebook marketplace or eBay are both useful for this.
Conclusion
While it is not possible to find a low-risk, low-effort method to guarantee you can double your money in 24 hours, there are methods that offer a high return on your money and can double your money with either effort on your part, high risk, or a longer timeline.
Be smart when you try to double your money and do the research. There is no miracle investment that will double your money without requiring something and beware of any adverts or articles that claim you can quickly double your money easily and with no risk.
High-risk methods to double your money tend to involve investing in stock markets or cryptocurrencies, while lower-risk methods can still double your money without the risk if you are willing to put in more effort or take more time.
If you follow the advice in this article, you have a high chance of being able to double your money and vastly improve your financial situation.
