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How To Double Your Money In A Day? 18 Top Value Tips!

Want to know how to double your money in a day? Learn the fastest way to double your money fast in a day, a month or a year. You will be surprised at how easy it is to quickly make extra money.

The 18 suggestions below will show you how to double your money fast and spend less time working for it. All of the methods are legitimate ways of making extra money that require your due diligence!

Financial doubling happens when there is a 100% return on an investment. There are several ways to achieve this, you could be looking to double your investment, savings, retirement benefits, daily earnings, the cost of purchasing something, or even the cash you have on you.

These possibilities open you to lots of opportunities, some of which may involve financial risks and others that are not as risky but come with limited possibilities.

Now, whether you would rather go for the exciting high-adrenalin ways to double your money in a day or the slow but sure ones, I have got your back covered. 

Further, if you can master a little more patience and allow your money more time to double, I have something to explain to you; the 72 rule.  

If you are ready, let’s dive right in!

How To Double Your Money In One Day?

How To Double Your Money In One Day

Since everyone is keen about the fastest ways to double the money, let us start with the best (+quickest) ways to double your money in one day. The quickest way to double your money in 1 day is through sports betting.

1. Trading

Day trading is one of the fastest ways to double your money. It involves buying and selling of financial instruments within a day or severally in a single day. These financial instruments include stocks, options, and currencies, including cryptocurrency.   

Day trading is speculative since you time and play with the change in prices. You need to be able to exploit the price movements and understand when to buy or sell. Unfortunately, this also makes it a risky venture especially if you have no idea how to go about it.

To double your money in one day, there’s also the high-risk investment strategy of margin trading for Bitcoin on Bitmex. When you buy Bitcoin at 10x leverage (meaning you can borrow up to 10 Bitcoins), if the price goes up by 1%, you can make 10% of your original investment.

If you buy $1,000 worth of Bitcoin with 10x leverage and the price of Bitcoin goes up 2%, you’ll get $200 for an initial investment of only $1,000. This is roughly equivalent to doubling your money in 1 day. 

Imp Note: In light of the huge risks involved in trading, before you become a day trader, you need to:

  • Ensure that you are aware of how the security market works.
  • Invest what you are comfortable losing to avoid hurting financially.
  • Be equipped with a perfect day trading strategy.
  • Be disciplined while implementing your trading strategies.

Similarly, there are different trading strategies you can implement to meet your trading targets.

Day Trading Strategies

  • Money flows – Money flow indicators help a day trader understand market price development now and the direction the price will change to. To calculate money flows the average of the high, low, and closing prices is multiplied by the shares traded.

By comparing the money flow of a day with that of the previous one, you can speculate an increase or drop in price for the next day. In other words, a positive money flow indicates a likelihood of prices increasing while a negative money flow indicates the likelihood of prices dropping.

  • Trend trading – As the name suggests, trend trading simply means analyzing the style in which the prices move until they reach a certain trend. You can time the day when the odds are in your favor and use it to double your investment.
  • Swing trading – This is another speculative strategy whereby you hold your financial instruments for a certain period to take advantage of a ‘swing’ in prices.
  • Scalping – Through scalping, you make multiple trades in a day by profiting off many small price changes.
  • Option Trading – It’s undoubetdly one of the best ways to double your money in one day, even as a new investor. However, you must still be aware that you can lose money just like any other investment and losses may be substantial. 

Hence, it’s highly important that you not only understand the various terminilogies involved but also learn how the strategies work in order to acheive success.

There are many different types of option trading strategies available, including using leverage (margin), spreads, straddles, bull and bear spreads, covered writing, naked writing and more. 

  • Mean reversion – Mean reversion is basically for long-term investors. You assume the price of an asset will return to an average price after a big price change. With the average price in mind, you buy when the prices are on the lower end and sell when they are on the higher end.

2. Service Arbitrage

Service arbitrage means selling services at a lower price to make a profit. You become more of a middle man. For instance, if you are a freelance writer, you can get jobs from clients with your rates set. Let us assume you are charging 40 cents per word for your writing services.

Then you hire someone with good writing skills who can do the work for a cheaper price, for example, 20 cents per word. So, your freelance writer will do the work and send it to you for editing then you will forward the work to your client then get paid. By the end of the day, you get to double your money and pay your freelance writer with minimal commitment.  

3. Get A Side Hustle

Double your money in a day by pursuing a side hustle. You can make good use of your hobby and talent and stand to make twice your income in a day. Besides having your full-time job, you might want to consider the following side hustles.

a) Pet Sitting 

If you are a lover of pets, then this is one of the best ways to double your money. You can sign up with Rover or Pawshake and start earning, not to mention the therapeutic benefits that come with playing with pets.

b) Offering Delivery Services 

You can offer food delivery or package delivery and make enough to double your daily earnings. Even better,  you don’t need to own a car for you to offer delivery services. Check out all the best-paying delivery jobs on Indeed.

c) Offering Taxi Services 

Depending on how much free time you have, you can drive people and double your money within 24 hours. During peak hours the charges increase with most companies and you can make even more. You can check out the requirements for driving for companies like PTG Travels and TT Ride Share.

Don’t forget to check out these side hustles that make the most money.

4. The 72 Rule

The 72 rule is mostly applicable when you want to understand the number of years needed for you to double your money in an investment. In simpler terms: 

Years to double = 72 divided by the rate of return on investment.

For instance, if the rate of return on investment is 9%, then it will take you 8 years to double your money. That is 72/9% = 8 years. The higher the interest rate the lesser the period your money will take to double.

5. Sports Betting

The quickest way to double your money in 1 day is through sports betting.

Let’s say you’re planning to bet $100 on Team A winning against Team B. The odds for Team A winning are given as 2/1, which means you’re going to get $200 when they win, that’s equivalent to having a chance of 50% in Team A winning against Team B.

So if it really takes only an hour or two to make your bet, you’ll have a chance to make $200 in an hour or two.

How To Double Money Online

There are many opportunities to double your money online if you know where to look.

6. Flip Items Online

Flipping an item simply means buying an item at a low/good price and selling it elsewhere at a profit. Surprisingly, some individuals flip items for a living. Where do I get the items to flip online? 

Simple, you get them from places like yard sales, flea markets, auctions, thrift stores, and resale apps.

Depending on the item and its condition, you might have to spruce it up to collect a good price. You might also consider bargaining for the cheapest price.

For you to flip items online, you need to list the item on a site of your choice. You might consider; Amazon, eBay, Facebook, Etsy, or even Craigslist. Why don’t you take a good picture of that item in mind and flip it online?  

6. Do Dropshipping

Dropshipping is another option you can consider. Dropshipping is a retail business where the seller/store never keeps products or goods they are selling. The seller does not handle the goods directly; they market and buy products from a third party which could be a manufacturer, supplier, or another retailer who then ships the product to the consumer.

Your profit comes from the difference in the price you sell to the consumer and the cost of buying from a third party. 

7. Affiliate Marketing

If you are looking to double your money online patiently, then affiliate marketing is the way to go. Affiliate marketing involves generating traffic to a company’s product from consumers. And in return, you earn your commission. You can use a website or any social media platform you prefer including YouTube, Facebook, or even Instagram.

Want to do affiliate marketing like a pro? Here are affiliate marketing tips that can sky-rocket your income.

Affiliate marketers may earn through:

Pay per sale – this means there is a fixed commission that you will receive for every successful sale.

Pay per lead – you receive a fee once a lead is successful or when a client makes an inquiry.

Pay per click – once visitors on your site click on ads you receive some cash.

8. Sell Unwanted Stuff On eBay

On eBay, you can sell everything from electronics, cars, furniture to books. Creating an account on eBay is free but once you make a sale, you pay a 10% fee. You can easily double your money and also declutter your house by selling unwanted stuff on eBay. If you are wondering how much you will charge your items, just check for sold items and use that price to determine your base price.

Have no idea what to sell and where else to sell besides eBay? Check out these 30 things to sell to make money online.

9. Social Media Marketing

Social media marketing can take various directions including affiliate marketing as I stated earlier, sponsored posts, selling your products or services, or sharing your knowledge on a certain subject, and social media influencing. 

In a nutshell, I’m talking about blogging, making YouTube videos, Vlogging, and podcasting among other things. For you to double your money through social media marketing, you need to be creative, unique, and to have relevant content to attract more followers to your page. Your choice of product will also determine how much you earn.

10. Peer To Peer Money Lending

Peer-to-peer money lending websites offer loans at a low interest rate.  Instead of letting your money lay dormant, you can be one of the investors on the websites and lend money to those in need. Peer-to-peer money lending eliminates the need for lots of paperwork making it a faster process of doubling your money online. 

Check out Peerform, one of the best peer-to-peer lending platforms.  

How To Double Your Money Fast

Certain ventures will not double your money in a day but compared to other ways of increasing your money, they double your money faster. These include: 

11. Opening A High Yield Savings Account

A high yield savings account is different from other regular savings accounts because it pays 20-25 % higher than the national average.

You need to have some capital in your bank for a certain period so that it can attract and earn interest. Before you open high yield savings account with any bank though, you should consider the following:  

  • If the banks’ interest rate is flexible
  • The minimum bank balance required in your account and if they charge a penalty fee when you don’t have the required amount
  • Whether opening a high yield savings account is free
  • Whether you can access your money anytime or there’s a limit for a fixed period  

12. 401(k) Matching

A 401(k) matching plan is the best way to double your money if you have a full-time job. If you sign up for the employer plan, you have an agreed amount paid to your retirement account promptly for every dollar you put into your account.

Assuming your employer matches every dollar, you put in your account with 50 cents, this will eventually add up to a certain percentage. Also, some employers might decide to match small contributions by 100%, say 5% of your salary matched by 5%. This makes it so easy for your money to double.   

On the flip side, some companies may require you to work with them for a certain amount of time before the plan takes, and also, you can’t save all your money in the 401(k) plan because it is a retirement plan. 

Best Ways To Double Your Money

The following are some of my top selections on how to double your money fast.

13. Rent Out Your Stuff

Renting out your stuff is the best way to double your money without lifting a finger! This can be stuff you only use occasionally, extra space, or those things that you no longer use but are too attached to them to sell including a camper van,  room in your house, garage space, equipment, or even a car. 

For example, you can rent out a spare room by putting it on Airbnb or rent out your car on Turo, one of the best peer-to-peer car renting platforms.

Check out other numerous things to rent out for money. 

Notably, ensure that you conduct a background check on the person borrowing/renting your belongings as well as laws and regulations that may affect the renting process in your locality.

14. Trade Cryptocurrency

Trading cryptocurrency gives higher returns than traditional investments. It’s easier if you are both interested and also understand the art of cryptocurrency trading.

More importantly, it is for people who are prepared to take the risk of making losses because the market is highly volatile and characterized by sudden price fluctuations.

On the other hand, you can reduce the risk of losing your money to the market and increase your earnings by buying and holding on to your cryptocurrency until prices become favorable. This way you can double or even triple your money after a while. 

Consider this, back in 2013, one Bitcoin, the largest cryptocurrency currently, traded at $100. Today, at the time of publishing, the same is trading at a whopping $61,128.60! How’s that for doubling your money? 

Learn more on how to trade Cryptocurrency

15. Garage/Yard Sale

A yard sale is easier to plan and execute than selling stuff online and a great way to double your money fast. You can decide on a free weekend to sell what you don’t need in your house including toys that your kids have outgrown, sports equipment, electronics, and furniture among others.

16. Personal Finance

You can easily double your money in 24 hours by managing your personal finance through planning and budgeting. The main objective should be to spend less and save up to double your current savings! 

The best budgeting planner books can help you streamline your budget, lower your bills and save more.

17. Save For Retirement

Focus on starting saving for your retirement now! This is a long-term way to double your money. Set a goal of how much you want to achieve before your retirement. Use the 72-rule plan to know for how many years you need to save for your money to double.

Another way to contribute to your retirement benefits and double your money is to contribute to the 401(k) plan as I mentioned earlier. When it comes to saving you need to be disciplined to achieve your goal.

18. Investing In Real Estate

Real estate is one the best investments that can double your money given enough time. You can buy a property to sell or rent out. Before you do this though, you need to do thorough research and collect enough data to understand the market as well as the margins of a particular property before investing in it. 

There are different ways to double your money by investing in real estate including renting out, fixing and flipping, and buying and holding. If you don’t have the budget for the above options, you can also join real estate investment groups or real estate investment trusts.

According to the experiences of most real estate investors, the best strategy to double your money with real estate is renting out each room in your property separately especially in a high-demand location like a college town rather than renting out the whole property to a single tenant. 

You could also try short-term renting such as listing your property for Airbnb services instead of the traditional long-term renting. Ideally, the property should be in an area with potential short-term clients. It will also require more effort in management , maintenance, and advertisement. Still, the effort is worth it

FAQs

1. How Can I Double My Money With $1000?

Depending on the amount of time you have, and the level of risk you are willing to take, an option like day trading can help you double your $1000 fast but it also comes with significant risk.

Alternatively, you can take on safer and long-term options such as saving in a high-yield saving account, investing in a retirement account, or investing in a certificate of deposit(CD).  

2. What Is The Easiest Way To Double Your Money?

The easiest way to double your money is to contribute to 401(K) matching. In addition, options like a high yield savings account and Certificate of Deposit are also hassle-free, especially if you are already saving up your money.

3. How Can I Double My Money In A Month?

You can engage in a side hustle of choice especially if you are looking to double your monthly income. Renting out or selling stuff you don’t need can also make you good money within a month. If you are not afraid of taking risks, you can also invest in the stock market, cryptocurrency or NFT trading.

Final Thoughts

Doubling your money in a day is possible and risky for the most part especially if you are looking to invest cash and double it in return. Another perspective of looking at it is doubling your savings, daily earnings, or the amount of cash at hand in which case the options are numerous.

There’s more; if you have the time, there are lots of ways to eventually double your money online or otherwise. With all the above to choose from, there’s nothing to stop you from making your choice and getting the best out of your invested time, money, and effort. So, what is your best choice for doubling your money?

To sum up, the above is just a scratch on the surface of the countless opportunities out there. as usual, if you have an idea that we haven’t covered, we are itching to hear what you are already doing to double your money!