When doubling your money, it is important to remember that it takes a long time. However, you can aim to double it at a reasonable rate. For instance, if you invest $1,000 a year, it would take 17 years to double your money. However, if you invest $3,000 a year, it would take 18 years.
The trick is to invest aggressively and consistently. This requires you to invest about 20% of your income each year. It is also important to make investments that will grow significantly. A low-fee broad-market index fund is a good choice for this because it will give you the same amount of return as the market overall.
Aside from investing your money in stocks, you can also invest in retirement accounts. Investing in these plans will help you grow your money and earn tax benefits. Many employers will match a certain percentage of employee contributions. For example, if you contribute 5 percent to your 401(k) plan, your employer will match it with another five percent. Even if your employer matches the entire amount, you’ll still receive the tax benefits that come with a 401(k) plan.
Another great way to double your money is to invest it in real estate. There are many opportunities to invest in real estate. Real estate is one of the safest ways to double your money. This investment will double in a few years.
