Do you have $500 lying around that you want to invest?
Great, let’s quickly turn that into $1,000. If that sounds too good to be true, it probably is. In reality there is no sure way of doubling your money. But if you’re wondering how to turn $500 into $1000 in a hurry, then we certainly have some suggestions that are worth trying out!
Turning $500 into $1000 isn’t easy, but it also isn’t impossible. We’ve compiled a list of 5 ways to quickly double that initial investment. Remember that none of these are a guarantee and this article is not meant to be taken as financial advice.
It’s just a fun way for us to brainstorm with everyone on The Financial Geek about how to double our money.
So if you’ve got that $500 or even if it’s just $200, let’s talk about how we can double your investment in a short amount of time.
We like to pick ways that are achievable and accessible by everyone, as well as being repeatable over the long-term.
So let’s get started!
5 Ways You Can to Turn $500 into $1000
The true X Factor in this question is how fast is quickly?
Is it one day? Is it one week? One month? One year?
To be honest, a 100% return on investment in a year is actually pretty good. It might not seem like it because it’s just a $500 gain, but I’ll bet that most investors will take a 100% return any day.
Some of these strategies will work in a day, some over months, and some over years.
1. Investing in Stocks or ETFs
The stock market is probably the first place many of us will think about when investing $500. Whether you want to buy shares of a company or shares of an ETF which is a basket of different stocks, investing in the stock market over the long-term is a great way to build your wealth.
But like I said, this could take years to double your money. What if the stock you buy goes down in price?
Then it will take even longer! In general, stocks shouldn’t be looked at as a way to double your money overnight. If you want to invest in the market but want a faster return, maybe try the next strategy…..
2. Options Trading
Okay, I want to preface this by saying that options trading isn’t for everyone. It is actually considered an advanced way of investing in the stock market, and requires some knowledge of how options contracts work. So while this can be a really fast way to turn $500 into $1000, it will likely require you to dedicate some time to learning.
Options trading has its benefits. It allows you to make some significant gains (and losses) with a small amount of capital. You are essentially betting on the direction of a stock’s price. If you bet right, then you can easily double that $500 in a day. But if you bet wrong, that’s a significant hole you’re going to have to dig yourself out of.
3. Invest in Cryptocurrencies
Hey, if you want to double your money in a short amount of time you’re going to have to take some risks. Cryptos can be risky, but they can also be lucrative if you learn how to trade them. We’ve all heard about the traders that have turned $500 into $100,000 overnight by trading cryptos. All we need to do is turn $500 into $1000!
Now, this will also need some research because you don’t want to just blindly bet on any random token. Learning technical analysis can help as you can see how the coin has performed in the past. In general, most tokens follow the price action of Bitcoin and Ethereum so if you want an indication of direction, check out those blue-chips!
4. Start an Online Business or Blog
This one is going to take some time, but with an initial investment of $500, you can turn that into way more than $1000 in the future. Starting an online business takes time and work. The good news is that $500 is more than enough to get your website off the ground.
If you aren’t business savvy but you love to write, then maybe starting a blog is the way to go!
Now running a business can be pretty labor intensive. I don’t necessarily mean heavy lifting but you do have to always be on the clock, especially if you have international clients. It’s a lot of work, but if you can make it successful, this has the potential to be the option with the highest long-term gains in the future.
5. eCommerce Arbitrage
Call it arbitrage, call it re-selling, but if done correctly, you can easily turn your $500 into $1000 within a couple of weeks, if not sooner. People use sites like Amazon or AliBaba to buy items in bulk and then resell them for a higher price. It is as simple as it gets but once again, it does take some effort and time.
But hey, we’re not afraid of hard work here are we? All good things in life come at a price!
Learning how to become an Amazon arbitrager isn’t difficult. In fact it’s quite easy and Amazon will do most of the heavy lifting for you, they’ll just take a small fee off the top.
If this is something you’re interested in, there’s plenty of YouTubers who will walk you through the process of setting up your Amazon store.
Conclusion: 5 Clever Ways You Can Quickly Turn $500 into $1000
So that’s five different ways that you can double your money in a relatively short amount of time. Whether it is learning about investing in the stock market or starting your own business, turning $500 into $1000 is absolutely possible if you’re willing to put in the work.
If you’re not, then you’re better off heading to a casino and putting $500 on Red! Which method are you going to use to double your money?
Thanks for reading folks!