In the business and investment world, some things are generally deemed impossible. And doubling your money within one year is one of such. Most entrepreneurs and business experts are of the view that doubling your money in one year is a dream that can only be achieved on paper or via word of mouth. But this is wrong.
While it’s true that being desperate to double your money in just 12 months can land you into the trap of dubious elements or lure you into impulsive mistakes, it’s a realistic goal. And there are still many ways to attain it without going unethical or heading for the casino. Here are four realistic ways to double your money within one year.
4 Realistic Ways to Double Your Money Fast in a Year
1. Invest in high-yield investments
While there are few investments that could help you double your money in one year or less, they come with significant amount of risk; you could end up losing your money. But if you are lucky not to lose your money, then you are left with only one other outcome: having your money doubled.
However, you must bear in mind, once again, that high yield investments that could fetch you 100 percent profits or more within a year are highly risky. Only invest money that you can afford to lose. You don’t want to place your child’s college education funds on the line because you want to double your money.
2. Invest in distressed property
Sometimes, home or property owners who are facing huge financial difficulty and are desperately in need of cash can offer to let go of their valued property for ridiculous prices. If you can always be on the lookout for such opportunities, you can make a killing by selling them for twice the buying price or even more.
A friend of mine once had some money—his savings—lying fallow in his bank account. He then heard of the case of a woman who was battling cancer and had to sell her house to pay off her accumulating hospital bills. The woman’s house was worth about $75,000 at the time, but she was willing to let it go for just $40,000. Guess what? My friend snagged it immediately he heard about it. He sold it seven months later for $85,000! That’s even more than 100 percent profit.
Similarly, you can buy businesses that are going bankrupt and are willing to let go of their assets for ridiculous prices to pay off their debts and close down. You can later sell the assets for their real market worth or even more within the one year, and double your investment in the process.
EBay is one of the world’s largest online marketplaces. Through the website people buy products—mostly used products—at auction prices. Selling used items on EBay is so lucrative that some people have turned that into a full-time business, fetching a huge monthly income from it and living comfortably.
How can you double your money by selling used items on EBay? You simply ask your friends, neighbors, or other people in your locality to sell you the goods they no longer need. Because such goods are no longer useful, their owners are willing to sell them for very cheap prices. Even if such goods are no longer in good working conditions, you can spend a few bucks to have them fixed before selling them.
Most of the time, such goods sell for twice their buying price or even more, because they are purchased by buyers who need and value them and are ready to pay your asking price.
Starting a real estate business requires huge startup capital. But there are other ways to take your share of the billion-dollar real estate industry without investing a killing. One of such ways is to become a real estate broker. Many real estate businesses, like other businesses, are constantly in need of customers. Your role as a broker is to link a real estate company with customers looking to buy property. For each deal that goes through, you earn a commission, which is always very attractive.
A good example is when you bring a customer to a real estate company, and that customer ends up buying a house worth $90,000. If the agreement between company and you is that you will get 3% of any sale as commission; that means you will get $2,700 from that $90,000 deal. That cool, right? Now, imagine how much you would make if you help close 5 to 10 deals per month. That’s huge profit, considering that fact that you invested very little money while starting out.