Question: What’s The Easiest Way To Double Money?

Three simple steps to double your money

  • Step 1: Invest in your Traditional 401(k) plan. To double your money this way, you need help from two places: your boss and Uncle Sam.
  • Step 2: Accept your employer’s matching contribution.
  • Step 3: Pay less in taxes.

What is the easiest way to double your money?

The easiest way to double your money

  1. Three simple steps to double your money.
  2. Step 1: Invest in your Traditional 401(k) plan.
  3. Step 2: Accept your employer’s matching contribution.
  4. Step 3: Pay less in taxes.
  5. What should you do with your invested 401(k) money?
  6. The money is only there if you take advantage of it.

How can I double my money in 5 years?

This is the number of years it will take for your money to double. For example, if your money is earning an 8 percent interest rate, you’ll double your money in 9 years (72 divided by 8 equals 9). Or, if your money is earning a 5 percent interest rate, you’ll double it in 14.4 years (72 divided by 5 equals 14.4).

How long does it take to double your money?

The rule says that to find the number of years required to double your money at a given interest rate, you just divide the interest rate into 72. For example, if you want to know how long it will take to double your money at eight percent interest, divide 8 into 72 and get 9 years.

How can I invest $1000?

10 Smart Ways to Invest $1,000

  • Reduce Debt.
  • Try Peer-to-Peer Lending.
  • Invest in Index Funds.
  • Get Help From a Robo-Advisor.
  • Open a Roth IRA.
  • Invest in Yourself.
  • Create an Emergency Fund.
  • Start a Small Business.