How can you double your money in 1 hour?
Doubling your money in 1 hour is a difficult task and often risky to do. However, you can double your money by day-trading, flipping items, dropshipping, service arbitrage, and selling a high converting product.
Imagine, being able to double your money quickly. What would you do if you could double $100 or even $20,000?
Doubling your money is possible, but extremely difficult to do.
Luckily for you, I’m going to show you some strategies for doubling your money. I will even show you how long it should take you to double your money and the best strategy to do so. Keep in mind, doubling your money involves risk.
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How to double your money in one hour?
You can double your money by day-trading, flip items online, dropshipping, performing service Arbitrage, and selling high converting products online. However, the faster you want to double your money, the riskier it gets. Doubling your money should take time in order to do it safely.
Remember, trying to multiply your money comes with a certain risk factor. Should you want to multiply your money faster, it often carries more risk.
Someone who wants to double their money in one hour will probably try risky strategies. However, should you want to double your money over the course of many years, the risk becomes less.
I can certainly understand the appeal to wanting to double your money quickly. However, jumping into something you don’t fully understand is an easy way to lose your money.
Whatever you do, make sure that you are making a smart choice with your money. Don’t rush into something risky just because you want to double your money.
That being said, let’s take a look at some of the best strategies for doubling your money quickly. Some of these strategies are riskier than others and some take more time. Just make sure you choose a strategy that works best for you.Click to Tweet! Please Share!Click To Tweet
Day Traders can often double their money by trading stocks at the stock market open. The stock market is most volatile the first hour after opening. Day Traders can take advantage of the volatility to increase their money.
Most people struggle to make day trading work. Day trading is an extremely difficult skill to acquire, so you should start small if you’re wanting to learn.
The basic premise is that you scan the stock market prior to opening. You’re looking for stocks that have the potential to shoot up in value. When the stock market opens, you are frequently trading the stock trying to take advantage of small price increases.
You should also consider swing trading if you’ve got more time than just an hour. Swing traders buy and hold stocks for a few days to a few months at a time.
An example of Swing Trading is when a quality stock drops by 30%. You expect this stock to recover in the near future, so you buy it while the price is down. When the stock recovers, you sell the stock and pocket the 30%.
Flip items online
Flipping items online as a good place to increase the amount of money you have. Essentially, you are looking to buy an item cheap somewhere and sell it for higher somewhere else. Most people flip items between Craigslist, Facebook Marketplace, Amazon, and eBay.
For example, you might be looking at the Craigslist free section and notice someone is giving away bikes. You take the time to pick up the bikes, clean them up, and list them on Facebook Marketplace.
The bikes might sell for $100. You made $100 by taking the time to find a deal and flip the items.
In order to be a successful flipper, you’re going to have to know the value of items. The more you flip items, the easier it will become to see the value of different items.
Dropshipping is another good way of making money when you don’t have much. Essentially, you are listing items for sale at one marketplace when you know you can buy it for cheaper elsewhere. When the item sells, you buy the item and ship it to the customer.
For example, you might find some tools at Home Depot better selling online for $10. The same set of tools is listed on Amazon for $20. You list the tool set for sale on Amazon for $20.
When the item sells on Amazon, you’ll get a notification that you need to ship your order. You take your customers information and buy the tool set on Home Depot’s website. The item ships directly to your customer and you never saw the item.
As you can see, it’s easy to double your money because you don’t need to buy inventory. You only need to buy something when you’ve sold an item.
Service arbitrage is a way to use someone else’s money to make money. Essentially, you are hired to do a task that you can hire someone else for cheaper. You are the middleman that ensures a quality job is being performed.
Freelancing is one of the best examples when it comes to service arbitrage. Let’s assume that you have excellent writing skills.
You advertise yourself as a freelance writer. Contact your favorite bloggers or content creators and see if they’re willing to hire you to be a freelance writer. You can also check different freelance writing Facebook groups to see if any work is available.
Essentially, your first task is to find freelance writing work.
Eventually, you’re going to get someone that hires you. You need to have your rates already set. For example, you might charge 10 cents per word for article writing services.
Next, you need to hire a freelance writer that you manage that can perform the work for cheaper. Let’s assume that you find a freelance writer willing to do the article for 5 cents per word.
Your freelance writer writes the article and then you take a little bit of time to edit the article. You send the written article to your client and get paid. Finally, you give half of what you were paid to your freelance writer.
So let’s assume your first article was to write a 1500 word article. You charged your client $150. However, you still had to pay your freelance writer $75 which means you get to keep $75.
Your time commitment was very minimal. All you had to do was find the client, a freelance writer, and perform some edits.
Sell a high converting product online
You can also double your money by selling a highly converting product online. Selling a high converting product is difficult to do and should be avoided unless you have experience. Most people will lose money when they first try and sell products online.
Essentially, you are performing affiliate marketing. Affiliate marketing is when you earn a commission for selling someone else’s product. Some products happen to sell better than others.
Your job is to find a product that has a high conversion rate and good profit margins. You then need to find a way to sell this product to people online.
For example, you might do some Facebook advertising to sell the product. Let’s assume the product sells for $100, with a 30% commission, and a 20% conversion rate.
You spend $100 in Facebook advertising at a $0.40 per click advertising cost. The product would get 250 views and 50 purchases. Your commissions would be worth $1,500.
However, most people are not good at Facebook advertising. In addition, most products don’t convert that well or have a commission worth promoting.
How long should it take to double your money?
It should take around 7 years to double your money which assumes you are receiving a 10% return on investment. A 10% return on investment is often achieved by investing for the long-term through the stock market. In order to double your money faster, you need to find a better rate of return.
The rule of 72 is a common way of estimating how long it will take to double your money. Essentially, divide 72 by your expected rate of return to estimate the time it takes to double your money. At 10% return on investment, it would take 7.2 years or 72 / 10.
However, what if you found an investment return of 20%? Using the rule of 72, It would take you 3.6 years to double your money.
What is the best way to double your money?
The best way to double your money is to invest for the long-term in the stock market. Investing in a simple Index Fund like the S&P 500 has shown to produce a 10% annualized return on investment. Investors who invest for the Long Haul tend to see positive returns.
As you can tell, the best way to double your money is thinking for the long term. It is very difficult to double your money in a very short amount of time. That being said, it is not impossible to double your money quickly.Click to Tweet! Please Share!Click To Tweet
Summary: How to double your money in one hour
As you can see, there are many ways to double your money quickly. However, the best way to double your money is through consistent investing for the long-term. Typically, you can double your money in 7 years if you are getting a 10% return on investment.
Some ways to double your money include day trading, flipping items, dropshipping, service arbitrage, and selling products. Some strategies are riskier than others, so make sure you understand the risk.