How to Turn $15k into $100k in 2024 Proven Methods
Forrest is a personal finance, investing, and entrepreneurship blogger at DontWorkAnotherDay.com. One final option to flip 10,000 dollars is to invest it by using a robo-advisor. However, some investors utilize them to create a more diverse portfolio.
If you’re interested in investing in small businesses but prefer to start with smaller amounts, crowdfunding platforms can be an excellent choice. The best money market accounts strong rates and low fees to help you grow your bank balance. They are generally considered a safe investment, as the money doesn’t go away if market conditions change.
- Plus, our writers have years of experience covering the various topics across WebMonkey.
- The income from rental properties can take a few years to start growing.
- There is the chance that you may come across a historic opportunity, but the chances are slimmer than they once were.
- If you’re still wondering how to double 10k quickly, one more traditional route would be to invest in stocks and ETFs.
It starts with a minimum deposit of just $500, making it accessible for various budgets. This makes it the perfect investment opportunity for investors who want to promote products, share their expertise, entertain their audiences, 5 biggest cryptocurrency exchanges in the world you should know about and more. Starting a business from scratch can be intimidating, but buying one that’s already set up makes the process a lot easier. Most established businesses have space, employees, and leases already set up so you can manage them properly for the highest returns.
As an investor, you get paid a portion of profits from the businesses you invest in. Mainvest aims for 10% to 25% returns for investors, but some opportunities can potentially double your initial investment. Regular investing is a tried and tested way of earning passive income from your initial investment.
Buy an Established Business
This could take a long time before you’re making $100k off flipping houses. But since you already have $15,000 dollars, you can buy a house and flip it to make an extra thousand or a couple thousand dollars in profit. You can take steps to start your own blog or e-commerce business or buy an existing website using a platform called Flippa.com. Save Better is a great platform for CDs because they offer competitive yields and plenty of terms to choose from.
How Can I Turn $10k Into $100k Passively?
Blogs and websites can start making money through a variety of ways. Display ads, affiliate marketing, and online courses are just a few examples of possible monetization methods but there are many others. In addition, because real estate is an appreciating asset, it will likely go up 2% to 3% annually in value. On the $200,000 property, this can amount to $4,000 to $6,000 per year or $330 to $500 a month. When compared to index funds or ETFs – mutual funds tend to have higher fees because they are actively managed portfolios. However, many of these fees are typically offset by the stronger performance of the fund.
Start a Business to Turn 10K into 100K
Just like physical items, flipping can be done to websites to make money. When it comes to investing, one of the most popular avenues to grow your money is through real estate. While there are tons of different ways you can invest, my favorite is in rental properties.
Dividend stocks allow you to share in the profits of a particular company each quarter or annually. We’ve gone over ways to double $10K quickly, but let’s think bigger. With the right investments and a goal-oriented mindset, it’s guides to open bitcoin wallet account possible to turn $10,000 into $100,000. Investing in farmland can provide a steady income stream through leasing the land to farmers, as well as the potential for appreciation in land value over time.
No only is the cash you invest pre tax income, but it will also grow tax free. Many employers will match your investment into a 401(k) for an added bonus. Investing in retirement accounts like a Roth IRA or 401(k) is an exceptional way to build wealth while limiting your tax bill. Groundfloor is a platform that allows you to invest in real estate debt with as little as $10. If you’re searching for a guaranteed way to turn $10,000 into $100,000 no matter how long it will take, a high yield savings account is your best bet. Just like with index funds, you can use a variety of investing platforms like M1 Finance or Acorns to get started.
From wooden crafts to digital files, there are plenty of options to help you make more money. For example, if you could increase it’s earnings to $7,000 a month – you could sell if getting started with bitcoin mining for around $300,000 for a $150,000 profit. To flip the website, you’ll need to understand how to grow it’s profits so you can sell it for a gain. You can start making money from your side hustle through affiliate marketing, show sponsors (for podcasts), and YouTube’s advertising platform. As your blogging knowledge starts to grow, you’ll become more efficient and you’ll be capable of making more money.
Doubling your money is not a simple task and it’s going to come with some additional risk, especially if you’re in a time crunch. You might consider picking up a side hustle or growing your knowledge rather than using your cash to invest. Corporate bonds are some of the highest yielding options, but they also come with more risk.
Now, $10k isn’t enough to buy a rental property, so you can’t invest in real estate in the more traditional way like landlords do. However, you can still invest in real estate with $10,000 or much less. With Binance, you can buy and sell a wide range of cryptocurrencies, including Bitcoin, Ethereum, and Litecoin. Binance is known for its low fees, which can help maximize your returns.
If you want a more passive approach to double 10k quickly, you can always consider real estate investing. However, I interviewed a couple on WebMonkey who do retail arbitrage full-time, and they generate tens of thousands of dollars per month doing so. The idea with retail arbitrage is to buy popular products that sell quickly online at a discount so you can then resell them.
There are other methods to turn $15,000 dollars into $100,000 thousand dollars, but the ones up here are some of the most realistic and efficient. In this blog post, I’ll carefully highlight some of the realistic ways to take $15k to $20k, from $20k to $50k, and from $50k to $100k.
A high-yield savings account can be a good choice for those who want to invest their money without taking on too much risk. It’s a great way to earn interest on your money while keeping it easily accessible for emergencies or other unexpected expenses. Unlike investing in real estate, which often requires active management, bonds can offer you a more passive income stream.
Invest in Index Funds
Are you looking for an investment that has a strong growth potential? By investing in index funds you’ll get the benefits of a well diversified portfolio with low fees that has relatively little risk in the long term. By utilizing index funds you can maximize your returns while also limiting risk. Index funds are a group of stocks that track an entire index like the S&P 500, for example, and they can be a great way to turn money into more money. It’s something you can start with $500 dollars or less (or more depending on what you want).
