How to Double Your Money: 7 Proven Strategies
If you’ve ever searched the “quickest way to double your money,” you might have been overwhelmed by the results, finding everything from fix-and-flip homes to investing in gold ETFs.
Whether you're saving for a big purchase, planning for retirement, or trying to build wealth, finding ways to double your money fast is a universal goal. But let’s be honest: There’s no magic trick or overnight hack. Doubling your money takes time, strategy, and a little bit of risk.
Below are seven proven strategies — some faster than others — that can help you reach your goal, depending on your risk tolerance and timeline.
7 strategies for doubling your money
If you’re here to learn how to get rich quick, that’s not the takeaway. The truth is, doubling your money requires planning and patience (plus a bit of calculated risk-taking).
The strategies below are a great first step.
1. Invest in a 60/40 portfolio
A 60/40 portfolio means putting 60% of your investment into stocks (aka shares of companies) and 40% into bonds (loans you give to companies or governments in exchange for regular interest). Bonds can be more stable but grow slower. Together, they create a balanced approach that’s ideal for long-term growth. This strategy is a classic for a reason: Historically, a 60/40 portfolio has delivered solid returns while cushioning against market downturns. It’s not the quickest way to double your money, but it’s one of the most reliable.
- Timeframe: Approx. 7–10 years at average returns
- Risk level: Medium
- Best for: Moderate, long-term investors
2. Explore real estate investments
Real estate is one of the most popular ways to double your money quickly — if done right. You can invest in rental properties, flip houses, or even buy into REITs (Real Estate Investment Trusts). Real estate offers passive income and potential appreciation. But real estate investing is not without risk — property values can drop, and tenants aren’t always reliable. Still, if you’re strategic, it can be a powerful wealth-building tool.
- Timeframe: 5–10 years depending on market and strategy
- Risk level: Medium to high
- Best for: Hands-on investors or those with capital to deploy
3. Reinvest dividends
If you own dividend-paying stocks, reinvesting those payouts instead of cashing them out could supercharge your returns. It’s a slow burn, but compounding works wonders over time. Reinvesting dividends means your money can keep working for you. Over time, you can own more shares, which can mean more dividends — a virtuous cycle. It’s not flashy, but it’s effective.
- Timeframe: 10–15 years
- Risk level: Low to medium
- Best for: Patient, long-term investors
4. Maximize your employer’s 401(k) match
This is one of the easiest ways to double your money. If your employer matches your 401(k) contributions, you’re getting a 100% return right at the start. Let’s say you earn $50,000 and contribute 5% ($2,500) to your 401(k). If your employer matches that 5%, you now have $5,000 invested. The entire amount grows tax-advantaged over the decades until you retire. That’s literally doubling your money.
- Timeframe: Immediate match + long-term growth (10–20 years)
- Risk level: Low
- Best for: Employees with access to a 401(k)
5. Try options trading (if you’re adventurous)
Options trading is not for the faint of heart, but it can be one of the quickest ways to double your money — or lose it just as fast. It involves betting on the future price of stocks. And, when done right, the returns can be explosive. Unlike simply buying a stock and hoping it goes up, options give you the right (but not the obligation) to buy or sell a stock at a specific price by a specific date. This leverage could lead to huge gains, but it also amplifies your risk. This is a highly speculative strategy and requires extensive research, a deep understanding of the market, and nerves of steel.
- Timeframe: Days to months
- Risk level: High
- Best for: Experienced, risk-tolerant investors
6. (Carefully) consider investing in cryptocurrency
Crypto can be volatile, unpredictable, and controversial — but it’s also made millionaires. Bitcoin, Ethereum, and other altcoins have seen massive growth, though not without dramatic crashes. If you’re wondering how to double your money fast, investing in crypto might seem tempting. But it’s essential to do your homework and never invest more than you can afford to lose. Platforms like Coinbase and Kraken offer beginner-friendly access.
- Timeframe: 1–5 years (or less, depending on market swings)
- Risk level: Very high
- Best for: Tech-savvy, aggressive investors
7. Look into short-term stock plays
Short-term stock trading involves buying and selling stocks over days or weeks to capitalize on price movements. It’s risky. But with the right strategy, it can be one of the quickest ways to double your money. This type of trading requires constant monitoring and a solid understanding of technical analysis.
- Timeframe: Weeks to months
- Risk level: High
- Best for: Active traders with market knowledge
How long does it take to double your money?
The time it takes to double your money depends on the rate of return you’re earning. One simple way to estimate this is by using a basic financial formula called the Rule of 72. To use it, divide 72 by your annual rate of return. The result is the approximate number of years it will take to double your investment.
Here’s how the calculation plays out at different rates of return:
- 8% annual return (common for long-term stock market investments): 72 ÷ 8 = 9 years to double your money.
- 4% annual return (typical for bonds): 72 ÷ 4 = 18 years to double your money.
- 12% annual return (possible with aggressive investments): 72 ÷ 12 = 6 years to double your money.
The Rule of 72 can also help you compare different investment options to determine which aligns best with your timeline and risk tolerance. But keep in mind that actual returns vary based on market conditions. So these calculations are estimates.
Practical ways to minimize your risks
Account for inflation
Inflation quietly erodes your purchasing power, reducing the real value of your returns. For example, an 8% nominal return minus 3% inflation equals just 5% real growth. To stay ahead, consider assets that historically outpace inflation — like stocks, real estate, or Treasury Inflation-Protected Securities (TIPS).
Consider taxes
Taxes can chip away at your gains. Even if your stock or mutual fund investment earns a 10% return, you won’t necessarily pocket all of it — because taxes apply to your gains. If you owe 20% in taxes on that profit, your real take-home return drops to 8%. That’s why using tax-advantaged accounts like IRAs or 401(k)s can make a difference in how much you actually keep.
Watch out for fees
Even small fees can add up. A 1% annual fee on a portfolio earning 7% drops your net return to 6%. Over time, that difference compounds. Consider choosing low-cost index funds and fee-free platforms when possible. The less you pay in fees, the more your money can grow.
Start small and grow big with EarnIn
If you’re just getting started, the best place to invest money without risk is in your own bank account. With EarnIn’s Tip Yourself1 tool you can set aside small amounts of money whenever you want, even automatically. This helps you avoid taking out a cash advance — which could have interest or fees associated — or borrowing from friends when you’re in a pinch. Over time, those contributions add up, giving you a cushion for emergencies — and building a strong foundation for future financial growth.
Download EarnIn today to start saving for tomorrow.
FAQs
Can you double your money through savings alone?
Technically, yes — but it will take a long time. Most savings accounts offer under 1% interest. At that rate, it could take 70+ years to double your money. High-yield savings accounts or CDs might help, but investing can be faster.
Should you talk to a financial advisor before investing?
Absolutely. A financial advisor can help you assess your goals, risk tolerance, and timeline. They’ll guide you toward strategies that make sense for your situation. It’s especially helpful if you’re new to investing or planning for retirement.
Is cryptocurrency a good way to double your money?
It can be, but it's risky. Crypto markets can be volatile and unpredictable. While some investors have doubled (or tripled) their money quickly, others have lost everything. This isn't a guaranteed path and should only be considered with money you are comfortable losing.
How long does it take to double your money?
It depends on your rate of return. A simple way to estimate is using the Rule of 72. Just divide 72 by your annual return rate to get the approximate number of years it will take. For example, a 6% return takes about 12 years, while a 12% return takes 6 years.
Please note, the material collected in this post is for informational purposes only and is not intended to be relied upon as or construed as advice regarding any specific circumstances. Nor is it an endorsement of any organization or services.
This Blog was sponsored by EarnIn. While the author received compensation, the information shared is grounded in independent research and intended to provide helpful and accurate guidance to readers.
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