4 Simple Ways to Make Your Money Grow Faster

Can You Really Double Your Money in a Day?

The truth is, yes you can double your money in one day – but it’s extremely difficult and in most cases, will rely on a little bit of luck to make it happen.

Most people will not be capable of doubling their money using traditional investing methods.

If you want to make money fast, you’re going to have to take on some risk – and sometimes a significant amount of it.

As an investor, your goal should not be to double your money in a day. Instead, you’ll want your investments to increase over time steadily.

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5. Use peer-to-peer lending

Peer-to-peer lending is a hot investment vehicle these days. While you might not get rich investing in a peer-to-peer lending network, you could definitely make a bit of coin. Which lending platform do you use? Today, there are many to choose from, but the most popular ones include Lending Club, Peer Form and Prosper.

How does this work? Peer-to-peer lending platforms allow you to give small bursts of capital to businesses or individuals while collecting an interest rate on the return. You get more money than you would if you placed it in a savings account, plus your risk is limited because the algorithms are doing much of the work for you.

Once you identify the offer, you can dig in and do some research — then, you can either take the deal or not. You’ll have your risk evaluated based on a proprietary algorithm that includes employment and credit history, and you’ll be able to make the decision to invest based on a variety of well-thought-out data.

Related: Why Peer-to-Peer Lending Could Be a Good Investment Choice

4. Enroll in a Course or Certification

Risk level: Low 

There are thousands of different online courses you can take for less than $100, including ones that’ll expand your knowledge in any area you want. Whether you want to learn how to be a better writer, how to use Photoshop, or how to get paid to be a speaker — the options are endless!

How It Works: A variety of online platforms let you purchase online courses and certifications in almost any industry. Consider what skill can be useful in your professional or personal life. Perhaps a certification would help you get a promotion at your current job, or maybe a new skill would help you drop your 9-to-5 job and begin working in a brand new field. 

Where to Get Started: MasterClass is my top pick for enrolling in courses and certifications. With this online platform, you can pay a small weekly fee (just $3.45 per week) and enroll in hundreds of courses in arts and entertainment, music, business, and more. Your initial $100 investment in this platform would currently pay for more than six months of unlimited learning.

Who It’s Best For: Online courses and certifications can be a good investment for anyone, but MasterClass in particular is a good choice if you don’t know exactly which courses you want to take. With a small weekly fee, you can take a bunch of different courses until you find the right fit.

MasterClass ProsMasterClass Cons
Take courses in nearly any fieldTaking courses requires time and energy
Certifications and courses can help you learn new skills or get promoted in your careerAnnual subscription required
Low weekly investment

5. Be regular

In saving and investing, it’s a good idea to be re

In saving and investing, it’s a good idea to be regular! Even if you have only a small amount of money left over each month, in the long run it’s much better to set up a standing order from your bank account into an investment each month so that the money is put away before you even see it.

Also, by putting money in at regular intervals – ideally once a month or once a quarter – you benefit from what is called ‘pound cost averaging’  which means you catch the ups and the downs of a volatile investment (like the stock market) and in the long run this smooths out to an average, decent return.


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  3. #3 Add New Savings Regularly
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3. Pay off your mortgage

One of the safest and most tax-efficient investmen

One of the safest and most tax-efficient investments you can make long-term is to pay off your mortgage early. Being mortgage-free gives you a wonderful amount of freedom as usually so much of our pay goes into paying the mortgage that we can find ourselves tied to a job we don’t like ‘just to pay the mortgage’!

Take note: financial advisers tend not to tell people to pay off their mortgage. They are, however, taught to push insurance products and insurance-based investments. Coincidentally, financial advisers make no money from you paying off your mortgage or existing debt, but they DO stand to make commissions from recommending insurance products and investments. Funny that.

We love the idea of paying off your mortgage early because:

  1. It gives you freedom (particularly if you’re self-employed and have to create work each month to make the payments)
  2. It is tax-free – any money you overpay into your mortgage saves you the full amount of interest, unlike savings accounts that will tax you on the interest you pay
  3. It is one of the safest investments you make – when you pay off your mortgage, you pay it off and that’s it. There is no uncertainty about what will happen to your money
  4. Once it’s paid you own your home outright – no longer does it belong to the bank manager
  5. The mortgage companies hate it because they lose money! And don’t we just love the upper hand?

To pay off your mortgage as quickly as possible you will ideally need a flexible type of home loan. If you currently have a fixed mortgage, the chances are you can only overpay about 10% a year. Depending on how long you have remaining on the fixed deal and how much the lender would charge you to switch out of it early, it may be worth staying with the fixed loan until the end of its term and then switching to a more flexible product. While you’re with the fixed loan you could pay off the 10% (or whatever the maximum is) and also set aside money in a savings account to pay off a lump of the mortgage as soon as you come out of the fixed term.

Look at the figures:

  • On a £100,000 repayment mortgage at 5% interest, over 25 years your monthly payments would be £585 and the total amount of interest you would pay would be £75,377.
  • However, if you reduced the payment term to 15 years, your monthly payments would be £791 but the total amount of interest you would pay over that time would be just £42,343, a saving of £33,034.


What s the Single Best Way to Double Your Money?

It really depends on your risk tolerance, investment time horizon, and personal preferences. A balanced approach that involves investing in a diversified portfolio of stocks and bonds works for most people. However, those with higher risk appetites might prefer dabbling in more speculative stuff like small-cap stocks or cryptocurrencies, while others may prefer to double their money through real estate investments.

Your Investment Style

If you only have $100 to invest right now, you’ll want to be careful you’re investing in a way that aligns with your investment style. This style will probably depend on a whole host of factors, which may include:

  • Whether you’ll need easy access to your money
  • How much risk you want to take
  • Your investment timeline
  • How much research you want to do

If you want to invest for the long haul and you won’t need your $100 right away, then you may want to look into options like opening a Roth IRA, investing in cryptocurrency, or getting started with fractional shares. Each of these lets you grow your money over a long timeline, and potentially without a lot of fine print or hidden fees.

On the flip side, you may want a “safer” option if you need access to your $100 when emergencies come up. In that case, Worthy Bonds or a high-yield savings account might be a better choice. 

2. Establish financial goals

It isn’t easy to fulfill your dreams if you don’t know what you want. Similarly, it’s difficult to achieve your financial goals if you don’t have something to work toward. If your goal is to grow your money, it helps to know precisely why you want to grow it.

What are your financial goals? Consider your needs and what you want to work toward. Do you want to set aside money for a down payment for a house? Are you saving to start a business? A travel fund? Education for your children? Retirement?

All of these goals (and more) are common things that people say they want, but not many take the time to sit down and really lay them out. When you pinpoint exactly what you want your money for, you’ll be in a better mindset to put the tools in place to help it grow.

Invest in brokerage accounts that reduce taxes

Just as owning the right investments will help you reach your financial goals, where you invest is just as important. The reality is, people don't consider the tax consequences of their investments, which can leave you short of your financial goals.

Simply put, a little bit of tax planning can go a long way. Here are some examples of different kinds of accounts you may want to use on your investing journey. In each of these accounts—except for a taxable brokerage—your investments grow tax free..

About the Author

Lydia Kibet is a freelance writer specializing in personal finance and investing. She’s passionate about explaining complex topics in easy-to-understand language. Her work has appeared on GOBankingRates, Investopedia, Business Insider, The Motley Fool and Investor Junkie. She currently writes about investing, banking, insurance, real estate, mortgages, credit cards, loans and more. Connect with her on Twitter or moneycredible.com.

1. The Classic Way—Earning It Slowly

Investors who have been around for a while will remember the classic Smith Barney commercial from the 1980s in which British actor John Houseman informs viewers in his unmistakable accent that "they make money the old-fashioned way—they earn it."

When it comes to the most traditional way of doubling your money, that commercial is not too far from the truth. The time-tested way to double your money over a reasonable amount of time is to invest in a solid, balanced portfolio that’s diversified between blue-chip stocks and investment-grade bonds.

The S&P 500 Index—the most widely followed index of blue-chip stocks—has returned about 9.8% annually (including dividends) from 1928 to 2020, while investment-grade corporate bonds have returned 7.0% annually over this 93-year period. Thus, a classic 60/40 portfolio (60% equities, 40% bonds) would have returned about 8.7% annually during this time. Based on the Rule of 72, such a portfolio should double in about 8.3 years, and quadruple in approximately 16.5 years.

Note, however, that a significant amount of volatility generally accompanies such sterling results. Investors should brace themselves for occasional sharp drawdowns, such as the 35% plunge in the S&P 500 within a six-week period in the first quarter of 2020 as the coronavirus pandemic erupted worldwide.

In addition, very high returns compared to the historical norm may reduce the potential for future returns. For example, the S&P 500 recovered from its 2020 plunge in record time and powered its way to new record highs by year-end 2020. Although it returned a jaw-dropping total return of 100% from 2019 to 2021, such stellar returns may mean that future returns from the S&P 500 may be significantly lower.

S&P 500 Doubles in 3 Years! The S&P 500 returned a phenomenal total return of 100% in the three years from 2019 to 2021, despite plunging 35% within a six-week period in February and March of 2020. An investor who held an investment like the SPDR S&P 500 ETF (SPY) over these three years would have seen it double in value.

What about real estate?

Real estate is another traditional way to build wealth, although it is a far less attractive proposition at times like the present when housing prices in North America have surged to record levels in many regions. The prospect of rising interest rates also reduces the appeal of real estate investment.

That said, during a real estate boom, the prospect of doubling one's money proves irresistible to many investors because the huge amount of leverage provided from mortgage financing can really juice up returns. For example, a 20% down payment on an investment property worth $500,000 would require an investor to plunk down $100,000 and get a mortgage for the balance of $400,000. If the property appreciates 20% to $600,000 in the next few years, the investor now has equity worth $200,000 in it, which represents a doubling of the original $100,000 investment.

2. Save More

Saving money is another crucial step in building wealth. Once you have enough income to cater to your basic needs, it’s time to save. Remember, saving small amounts regularly compounds to substantial wealth over time.

Create a Budget

A budget is your financial plan, with expenditure estimates versus your income. A budget is an important tool in wealth creation. It gives you a view of your expenditure — the things you can cut on to increase your savings.

To maintain a feasible budget, it is advisable to create a new one every month. Can you imagine a sailor without a compass? That’s what a person who spends their money without a budget is like. Such a person will likely eventually suffer a devastating financial crash.

One of the most popular and effective budgeting techniques is the 50/30/20 rule. This method suggests that 50% of your income goes to essentials, like food, rent and healthcare. 30% allocation goes to non-essentials, such as shopping and luxury activities. The remaining 20% is the most important allocation, which should go to savings.

Build an Emergency Fund

Emergency fund kits prepare you for unexpected events, like losing a job. Such occurrences can disorient your wealth-building without emergency funds. Two common outcomes are selling the investment or incurring debts.

If you incur debts, your wealth starts diminishing. Also, you’ll have to pay interest for the debt. If you sell your investment, you lose the capital and interests you would otherwise earn. So, to avoid such scenarios, build an emergency fund as your backup money to settle surprise expenditure.

Pay Off Debt

Debt –whether it’s credit card debt, mortgage debt, student loan debt or any other kind — can pull you down every time you try to build your fortune. You can start by paying off high-interest debt, so you can save money and start building wealth.

Live Below Your Means

Overspending can dramatically impact your ability to build wealth. Cut spending on unnecessary things like eating out, buying designer clothes and regular vacations. While being frugal can be boring and unsatisfying, you’ll amass wealth over time and find it rewarding.

5. Pay off your debt

With debt hanging over your head (and possibly increasing monthly), it can be hard to imagine how you could possibly grow your money. But it absolutely can be done. The first step is to come up with a plan to pay off your debt.

Loans are important financial tools that help us accomplish all kinds of things, like getting an education or paying for a house. However, high-interest-rate loans can lead to all sorts of unnecessary costs.

In fact, it’s estimated that the average American will spend over $160,000 in interest payments alone over the course of their lifetime.

By paying off your debt, you’ll reduce the amount of money you spend on interest payments and have more money to use toward making your money grow, like investing in the market or investing in yourself.

The best thing about coming up with a plan to pay off your debt? With the right strategy in place, you can pay off debt and save and invest, all at the same time. Paying off debt doesn’t have to come at the expense of growing your money.

5 Tactics to Build Wealth Fast

The hardest part about building wealth is just starting. After that it gets easier, as you build and build on the initial momentum.

At first, there’s so much information to absorb, and so many different routes you could go in.

So, here’s general order of what things to tackle first.

Some of them you’ll likely want to do in parallel, and that’s great. But overall, some things are best saved for later (like investing), while other things need to get done right away (like paying off debt).

So here goes:

1) Pay off high interest debt now

High interest credit card debt, unsecured loans, and basically anything over 6% per year needs to be paid down right now.

Keeping some low-interest debt like a mortgage or student debt can actually be a good thing, because it lets you save money in assets that produce a higher rate of return and start building wealth. But those other high interest debts need to go, so channel money aggressively into them until they’re done.

Seriously, if you have high-interest debt, consider it an emergency and work extra hours or do whatever it takes to fix that this year. You’ll thank yourself later.

This will also help boost your credit score, which saves you a ton of money with interest payments and gives you access to great rewards cards. I have a detailed article called “How to increase your credit score to 800 and Above” if you want more information on optimizing it.

2) Establish an emergency fund for liquidity

Around the same time as you’re paying off debt, you need to have some money on the side. Not necessarily a ton, but some.

The statistics are alarming for the percentage of people that couldn’t come up with $500 if they had to. There are so many things that can go wrong, like a car breaking down, or a medical issue, or a death in the family, or a variety of other things, and you need to have liquidity to act on those things without turning to a credit card.

3) Mercilessly cut spending on things that don’t serve you

This is where I differ from a lot of people.

I don’t like frugality, and am not frugal. Instead, I believe in minimalism.

I spend plenty of money on high quality, ethical, and sustainable food, without caring about the price tag. I travel to other continents and spend time in luxury hotels, and those experiences are some of the best times in my life.

But my car? I don’t care about it at all other than it being reliable and safe. It’s cheap and I’ll run it into the ground before buying another one. I have no cable television. My apartment is so sparse that my landlord once asked if I even live in it, and assumed that I’m always on business travel or something.

That’s how I like it, because it lets me focus.

I’ve found that having a passion for something, and cutting expenses, goes hand-in-hand. The first naturally leads to the second.

Being frugal and pinching pennies can be really boring and unsatisfying as you focus on what you lack. But simplifying the possessions around you, traveling lightly through life, and spending your time and energy on projects that interest you (and that often produce money), can be incredibly satisfying.

The main reason I avoid buying things is that I just think of how much time and energy they’ll drain from me, and how distracting they’ll be. I’m allergic to clutter.

Everyone’s different, but this works for a lot of people. Spend liberally on what you love, and cut ruthlessly what you don’t.

4) Seek out higher income streams

There are three main ways to approach this:

  • Focus hard on your career and earn a high income for your expertise
  • Work a decent job and have a profitable side-hustle as well
  • Go full-on entrepreneur and start a bigger business

If you go the first route, it usually means spending time and money on education and continued training, making the effort to be a top-performer at work, and maximizing your return through effective negotiation. This is the route of doctors, lawyers, lead engineers and scientists, upper level management, and so forth. You can have a side hustle as well, but it’s hard because your job takes so much focus.

If you go the second route, your job might not be as glamorous and you may not have a really high-level education, but you may have extra time for building more income streams on the side. Whether it’s freelancing, tutoring, dog-sitting, or whatever, there are countless ways to make money on the side to accelerate the process of building wealth.

The third route is the rarest, where you drop your main job and go hardcore into founding and growing a business. The payoff could be huge here, but it could also go bust and result in wasted time and capital.

Pursuing any of these three options is a historically reliable way to get rich over time. The only mistake would be avoiding all three by working a regular job, not having a side hustle, and not doing any business. Millionaires don’t work 40 hour weeks.

5) Invest money as soon as you get it

For each paycheck (or each month if you don’t have regular paychecks), the first priority should be putting a lot of that money into investments before it becomes spendable. This is called paying yourself first.

  • If you have a 401(k), automatically put at least 5% of each paycheck into it.
  • Max out a Roth IRA each year, if applicable. Set it up for automatic withdraws from your checking account if possible.
  • Put additional money into your 401(k), or start putting cash into taxable accounts.
  • By saving at least 20% or more of your income each year, you’ll begin aggressively compounding your wealth.

After much of this is automated, and you’re putting a ton of money into your accounts each month, you’ll be more free to spend what’s left on whatever you wish.

2. Pay yourself first

It might seem obvious, but if you want to grow your money, you need to commit to saving some of it. But as many of us know, that’s easier said than done!

The good news is that it doesn’t have to be. It really depends how you approach saving. If you plan to save only what is left after paying bills and setting aside spending money, guess what? You’re going to end up with a lot of money spent and not much saved.

The secret is to treat savings like an expense. That’s right: Act as if your savings is a bill you need to pay. 

People tend to treat bills as a priority and saving as an afterthought. Train yourself to think of saving as being just as important as your other bills – because it is. 

Here’s how: 

  • Build a budget that includes a pre-determined amount of savings.
  • Automate those savings.
  • Don’t forget to reassess your plan every now and then to see if you can increase that pre-determined amount.

You know how bank accounts and credit cards allow for automatic bill pay? You can do that with your savings too! Set it up so that your savings are automatically transferred from your primary account to a separate savings account every payday. 

This way, you ensure you always pay yourself first. Saving never falls by the wayside because it’s built into your budget. You never get a chance to miss the money because it feels like you never had it at all. Your savings account is separate from your main transaction account, so you’re less likely to dip into it. 

What’s the best part? If you stick to this strategy, your savings account will grow quickly and continuously. 

Wrapping up

Growing your money takes discipline, but with these four strategies, it’s easier than you might think. 

Start with a budget, get comfortable tracking your money, and make sure you pay yourself first. Earn extra income through a side hustle and at least one residual income stream, and your money is guaranteed to grow. 


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