Lets break this down and talk about how you can actually double your money and exactly what’s involved in doing so. Enjoy! Add me on Snapchat/Instagram: GPStephan
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So when it comes to doubling your money, here’s how this works…in order to actually double your money, you MUST put your money to work by INVESTING IT. In terms of where to invest, it really comes down to one of two choices:
Do you have TIME?
Are you ok with RISK?
Now the reality is that if you have NO time and a don’t care about how high risk it is, you just want a chance at doubling it… go and put it on the Roulette table. On the other hand, if you have some TIME and DON’T want to risk losing all of your money in a matter of seconds, you need to be more strategic with what you decide to invest.
All investments fall in these four categories:
HIGH RISK / HIGH RETURN
HIGH RISK / LOW RETURN
LOW RISK / HIGH RETURN
LOW RISK / LOW RETURN
Given this, the first thing you need to ask yourself is how much RISK you’re willing to take to double your money? Are you okay with potentially losing money in an effort to double it? Are you OK taking a short term loss? Or do you have all the time in the world to nearly GUARANTEE you can double it in a reasonable time?
First of all, if you want a fairly safe way to double your money because you have TIME… it’s as simple as Compound Interest and Waiting. And that is what’s called The Rule of 72.
The Rule of 72 is an easy calculation to determine how long it’ll take you to double your money. You simply divide the number 72 by the expected return of your investment and THAT is how many years it’ll take to double.
If you generally want to achieve a return HIGHER than what the overall market returns, which is averaged around 7-9% annually long term, you’ll either need to make RISKIER investments to aim for a higher return, OR invest your own time to speed up the process.
If you’re the type who’s okay making some riskier moves, you might want to make some speculative investments in cryptocurrencies, Forex, penny stocks, individual stocks, or maybe you day trade stocks on margin…but remember, it’s VERY easy to lose money just as easily as you can MAKE money.
If you don’t take the you’ve gotta compensate for that by WORKING to double your money, instead. For instance, consider flipping items on Craigslist or eBay. If you have more money, steady income, good credit, and the time to learn the business – I’ve seen many real estate investments where you can double your money within 3-6 months. But other options here can be using this to start a business.
So if you plan to go this route, you can ABSOLUTELY find some great ways to double your money within a year by doing most of the work yourself…but you have to be prepared to WORK, because that’s the only factor that will replace RISK for a high return.
And that’s how you can double your money!
For business inquiries or paid one-on-one real estate investing/real estate agent consulting or coaching, you can reach me at GrahamStephanBusiness@gmail.com
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