Top 8 Ways To Double Your Money Fast
Anyone who says ‘money does not buy happiness,’ has never struggled financially. The truth of the matter is that money is the basic need which (almost!) guarantees survival. Without this fundamental asset, you are unable to move on to things that add contentment to your life.
Consider Maslow’s Hierarchy of Needs. The most basic requirement for human satisfaction is the physiological needs, followed by the safety needs, the need to belong, self-esteem and self-actualization. In modern society, you can only fulfil your most basic needs with your financial assets.
Hence, to satisfy your primary requirement for survival, you must learn tricks that allow you to double your money quickly. If you ever find yourself in a financial jam, you should consider the following tips to double your income, fast!
1. Become a Day Trader
(DISCLAIMER: Futures, stocks and options trading involves substantial risk of loss and is not suitable for every investor. The valuation of futures, stocks and options may fluctuate, and, as a result, clients may lose more than their original investment.)
Day trading is one of the quickest ways to double your money from home. The day trading process involves purchasing and selling financial assets, such as stocks or forex, for a short time span in a day. The approach helps you to profit from small market movements during intraday trading.
In day trading, there is no limitation on the number of securities you trade, or the total number of trades you make. However, you are meant to complete all your transactions within the intra-day time frame (i.e. buy and sell or short sell and buyback).
Before you step into the profession, you must assess if you are fit for the trade. Day trading is a difficult skill to master as it requires focus and immense knowledge of the securities and financial markets. Before entering into the world of day trading, take into account the following considerations:
- Certify that you are well-versed in how the market works
- Make sure that you only invest what you would be okay with losing. This way, you can avoid getting into trouble financially
- Determine if you have a well-planned day-trading strategy
- Ensure that you have the discipline to implement your strategies methodically
If you do decide to partake in the profession of day trading, you would have to pick the right market to carry out your operations. Usually, it is perceived that day trading can only be carried out in markets that have a fixed open and closing time, for example, London Stock Exchange (FTSE). However, you can operate in markets that are open 24/7, such as forex markets. In order to choose your preferred market, you would have to consider your interests, the time frame you want to trade in, along with the capital you want to risk. Currently, the most sought-after day trading markets are crypto currencies, forex, indices and shares.
Once you have selected your market, you would have to decide on the day trading strategy. These include scalping, swing trading, trend trading, mean reversion, and money flows. Make sure that you comprehensively educate yourself on trading strategies before you enter a trade.
In addition to selecting a market and a trading strategy, you would also have to find a fitting brokerage plan. A brokerage service is essential in day trading as they provide you with access to the day trading software, along with other essential features that help you in your decision making. While selecting a broker, make sure you find a service that charges a low fee and a low commission.
Once again, day trading is an extremely risky way to double your money quickly as markets are volatile. It is not appropriate for someone with limited resources, investment and knowledge. You should be prepared to lose all of the funds. Hence, before you start this venture, make sure that you are fully equipped with the required skills and knowledge.
2. Pursue a Side Hustle
You can increase your earnings in the simplest of ways. In order to multiply your income, you do not need to get involved in the complexities of the marketplace. Instead, you can put your hidden talents and hobbies to good use and pick up a side hustle to bring in more income.
Side hustles can be defined as making money off of any task that you excel at, in addition to working at a full-time job. Side hustles include, but are not limited, to the following:
Rideshare companies have taken the world by a storm. In this day and age, a lot of us prefer to book rides using ride sharing apps, rather than getting into the hassle of buying cars out right. You can benefit from this amazing opportunity by collaborating with a rideshare agency, picking up shifts before and after your day job. One of the most advantageous aspects of working for a ride sharing service is the flexibility to select your own working hours which can enable you to bring in some extra cash – when it suits your schedule. Additionally, you can multiply your earnings if you clock-in during “surge” or peak hours. This would allow you to earn more while burning less energy.
Sign up for package/food delivery
Similar to rideshare applications, food/package delivery apps have gained a lot of recognition recently. It’s an amazing way to earn extra cash. You do not need a car, to sign up for package or food delivery service. While you may not specifically need a car, you would have to have access to a bicycle or any other insured vehicle. With a food/package delivery service, you can work in accordance with your own schedule. Additionally, you can earn variable amounts (payment for the job plus tips), depending on the task.
Become a pet-sitter
The best side hustle would be something you genuinely love. One such opportunity would be, being able to bring in some extra cash just by hanging out with some furry friends. Using pet-sitting applications, such as Pawshake, you can find pet-owners near you, who are looking to hire a trusted individual to care for their pets. Similar to other service-providing apps, you can choose to participate when you have the time!
3. Put your money in a High-Yield Savings Account
Money brings in more money. If you have some money saved for emergency purposes, you can make an earning off of it by opening up a high-yield savings account. High-yields saving accounts require you to place your capital in a bank for certain period, so you can earn interest on it. Commonly, high-yield savings accounts pay off approximately 20 to 25% more than any other savings account.
You can either open up a high-yield savings account in the bank that you trust and commonly work with, or you can select an online bank for this particular task. However, if you opt for the latter option, you may be able to earn a significantly larger amount.
Considering this, before you select a bank to hand over your hard-earned money to, make sure that you study all the features and requirements and compare them to other banks. For instance, some accounts do not provide a cash withdrawal or an ATM service, so you do not have the option to access your money easily. Additionally, there are certain types of saving accounts that limit withdrawal of cash for a fixed period of time. In such case, if you need to withdraw your money back, you may have to pay a penalty to do, therefore, you must read the terms and conditions before depositing your hard-earning money. When choosing a bank or a high yield savings account, you must reflect on:
- Is the interest rate flexible?
The first thing you need to consider is whether there is a minimal amount required by the bank to open up a high-yield savings account. You can narrow down your choices by making sure that your savings meet the given criteria. In addition to this, you must also make sure that the interest rate is not a promotional rate. If the interest rate is flexible to change, inquire the bank regarding their standard rate. - What is the minimum balance requirement?
Some banks make it mandatory for you to meet a minimum balance requirement. If you fail to keep a certain amount of money in your account, you may be charged a penalty fee, or your expected interest rate might get refuted.
- Does the bank charge a fee for this account?
It is important to consider every possibility, therefore confirm whether or not if there is a fee on opening the account.
4. Lend your money to on Peer-to-Peer lending Platforms
Peer-to-Peer or P2P lending allows you to make money by loaning your money to others charging interest on it. With Peer-to-Peer lending platform, you have the opportunity to negate an intermediate authority, such as the bank. This would allow you to get an interest on your investment without having to get involved in piles of paperwork. The process of P2P is quite simple. All you have to do is find a Peer-to-Peer lending platform that is reliable to use. Next, you can open an account and place a deposit. Once your deposit is confirmed, you can review the profiles of individuals who are in requirement of the loan.
While reviewing the profiles, you must consider the interest rate being offered. Additionally, you can take a look at why the individual is applying for the loan. This would give you a good idea whether or not you are placing your money in good hands. Another aspect of the profile which you must review is that term of the loan. Ideally, you would want to go for a time frame ranging from two to a five-year period. Once you have assessed the profile, you would also have to carry out a risk assessment process to ensure that your money would be returned to you within the specified time limit.
You do not need to loan a large sum of money. Instead, you can loan any amount that you deem necessary and increase your earnings while also supporting small businesses in the process!
5. Rent your belongings
Treating yourself to expensive items coincides with the feeling of financial guilt. This feeling is dominant especially when you purchase products which are not used frequently. However, you can overcome your financial guilt and double your investment by renting out your belongings. You may temporarily rent any item or space that you already own, but are not using currently. Consider the following examples:
Rent a spare room
If you have a spare room, you can earn a decent income by letting it out. You can furnish the room to make it look comfortable and inviting, and post advertisements online, as well as in newspapers or community noticeboards. However, if you are putting a fully furnished room on rent, be sure to conduct inventory on your items to avoid theft. Don’t forget, Airbnb offers an amazing opportunity if you live in a cosmopolitan city like London or near an attraction like seaside.
Rent your camera equipment
Camera equipment is one of those purchases that can make you feel really guilty. However, it is also an easy source of income. If you have any camera equipment lying around, you can place an advertisement on your personal social media, or use online platforms, such as Fat Lama, and make money off renting it.
Rent your car
Renting your car is also an easy way to make some quick cash. You can advertise your car on your social media, although if you are looking to reach a wider audience, you can always take advantage of Peer-to-Peer car renting platforms, such as HiyaCar.
If you are renting out your personal belongings, be sure to conduct a brief background check on your borrower to ensure the safety of your assets. You can insure the belongings before renting them.
6. Sell your unwanted goods
If you are a compulsive shopper- or you live with one, you are more or less likely to own things that you have no use for. Unwanted items can only add to the clutter in your living space, so why not sell them to make some money. There are several ways in which you can get rid of your unwanted product in exchange for money.
Have an old school garage sale
The popularity of online selling platforms has significantly impacted the garage sale culture. However, garage sales are one of the most convenient methods of earning money, particularly, if you own items that are large in size. For instance, if you want to get rid of furniture, using an online platform may not fetch as much money due to the shipping costs that buyer will need to pay. Although, in a garage sale, the buyer is more likely to be a neighbour, who can arrange their own transport.
Sell using Gumtree
Gumtree is a platform that allows you to post advertisements to sell your personal items. With Gumtree, you can curate a post about an item that you want to sell, and make it visible to everyone. When a buyer is interested in your product, you have the advantage of meeting them at a public place to make the transaction. This is a convenient option if you do not want to go through the hassle of shipping.
Sell on eBay
If you do not want to go through the hassle of hosting a garage sale, you can always sell your undesired belongings on eBay. Selling on eBay is an expedient option as your products are visible to a broader audience. Additionally, with eBay, you can make yourself familiar with the price range at which an item can be sold. You can either set your price or let the bidders decide in an auction.
Get someone else to do the heavy lifting
Selling on eBay can be time-consuming, as you have to deal with answering customer inquiries, pricing, shipping and etc. If you lack the time and energy for this task, you can use online services such as StuffUSell. This facility charges a one-third commission on every item that you sell. However, using this platform can make the selling process easier and quicker.
The digital era has opened up many opportunities that you allow you to make money, simply by sharing your knowledge and staying relevant. If you are well-verse in a particular topic, you can build your own brand through blogs and social media. Consider the following platforms that can help you monetize on the art of sharing your wisdom.
Build a following on YouTube
If you have opinions or knowledge about a particular subject matter, you can share it with people all over the world by creating videos on YouTube. For example, if you can teach someone how to solve a maths problem, you can create a video and upload it on your account. However, to build a following, you must post content consistently that viewers really like watching. You can apply for YouTube Partner Program to start earning from your videos when:
- You have 4,000 watched hours of your videos in the last 12 months
- You have at least 1,000 subscribers
- You have good standing with YouTube (i.e. you haven’t violated their guidelines)
Next, you can either earn from ads by joining the YouTube partner program or display your videos on YouTube Premium.
Start a blog
If you have something to say, blogging is the perfect outlet. However, if you are good at writing, blogging shouldn’t stay limited to being just a hobby. You can earn through writing by creating your own blog. Once you have your own blog, you can attract attention or traffic through social media or by search engine optimization (SEO). When your blog gauges followers, you can monetize from it in the following ways:
- You can post advertisements on your blog
- You can blog about sponsored products
- You can feature sponsored content in your blog
- You can let guests post to your blog
Start a podcast
Parallel to a blog or a YouTube video, podcast provides you with a platform to share your knowledge with a large group of people. If your content is engaging and inviting for the listeners, you can earn from it by featuring ads or marketing other marketers’ products within the show. Additionally, you can also market other podcasters’ podcasts within your show and earn a commission for promotion.
Sharing your knowledge with the world is the greatest gift you can give. With that said, if you are able to monetize your knowledge, take it as a welcomed reward!
8. Invest in your own knowledge – The long-term plan!
The preceding tips can increase your cash intake in the short-term. Although, it is important for you to plan ahead and secure your financial situation for the future. The best way to double your money, in the long run, is by investing in yourself.
Investing in yourself means you continuously grow and enhance your skills so that you are able to monetize from them in the future. Consider the following options.
Take an online course
Joining in an online course is one of the most convenient ways in which you can enhance your knowledge. You can take a course in a subject that is either relevant to your field of study/profession or of interest to you. For example, you can learn graphic designing through an online medium. With a certificate in hand, you can take up freelance jobs for graphic design, while simultaneously pursuing your passion (which may not pay enough). You can use online platforms like Coursera to invest in your knowledge. Some courses on this platform are free of cost, however, you may have to pay a fee to get an official certificate from the educational institution.
Spend time in reading
In this fast-paced world, reading for pleasure may seem like a luxury you cannot afford. However, reading is one of the best ways you can enlighten and broaden your vision. Books can expand your knowledge in different fields. Subsequently, you can apply that knowledge in the real world and earn from it. For example, if you spend time reading self-help books, and reflect on their content, you may be able to change your perspective on life. You can share this newfound knowledge with others by either starting a podcast/blog, by giving workshops or by potentially pursuing a career as a life coach.
Keep in mind that as long as your mind remains your best asset, you would always be able to find ways to double your money.
Conclusion
There is no instant way to multiply your income. By implementing the aforementioned tips, you can increase the amount of money that you have, simply by taking appropriate action. Your investments may include day trading, P2P lending, opening up a high-yield savings account or renting/selling your personal belongings. You can also invest in your natural talents to generate an additional source of income. Ultimately, having enough money is the only way you can lead a life of content, so invest it wisely!
