How Can I Double My Money Fast?

The thought of doubling your money effectively is surely an attractive thought. There are many ways to double your money in short intervals. We must choose safe ways to double the money. To be able to legally grow, we must consider effective and safe ways by considering all the options and pick a favorable one. 

5 Ways To Double Your Money

Below are 5 ways to effectively double your money.

• Stock Market

The return rates have always been high to the investments made in the stock market. The stock market has given the annual rate of return being 15 percent per annum in the last decade. One way to increase or double your money in a span of 5 to 7 years is to invest in a highly reputed company.  One aspect that plays an important role is knowing the fundamental and technical aspects of the stock market’s previous investments, and the risk of losing money. One should always make sure they have enough financial stability to be able to survive even when the returns go down.

• Mutual Funds

One popular way to grow is by investing in mutual funds. There are various benefits of investing in a mutual fund. The options as to where to invest are numerous in the market such as ELSS, Balanced or Hybrid Mutual Funds, debt-oriented, equity-oriented, etc. Despite the risk factor in investing in a mutual fund as the fund managers invest pooled money, the return rate in MFs is considerably higher compared to other investment methods. 

• National Savings Certificate

One of the safest ways to invest, grow or double your money without having a large investment appetite is through NSCs that are issued by the Indian Postal Department. The fixed tenure of these certificates is 5 to 10 years. The rate of interest is fixed in NSC. A 5-year tenure NSC has a rate of interest of 8 percent per annum. The NSCs have an exemption under Section 80C of the Income Tax Act, 1961 for up to Rs 1,50,000 p.a. This can be used to avail loans from any bank.

• Child Plans

Child Plans are both investment and insurance plans which help a child have financial stability even in the absence of their guardian. On maturity of the plan, the life assured will receive a maturity bonus that can be used to pay the college fees or marriage expenses of the child. If the parent dies, the child will also receive annual payments every year after the demise. 

• Term Plans

Term insurance is the purest form of life insurance policy that provides financial protection to your family members. Depending on the term insurance plan you buy, your family will receive life cover in case of your untimely demise within the policy period.  Once you know what term insurance is, and choose to buy one, you can add riders to your term insurance plan.

Conclusion

When it comes to doubling one’s money, almost everybody wants to do what it takes unless there are some huge risk factors in the way. We tend to identify which investment companies can double our investment as early as possible. Thumb rule 72 gives us the idea of investing and doubling. Through the above-mentioned ways, one can double their money with minimum risk and in a short span. The ways include investing in Stock Market, Mutual Funds, National Savings Certificate, Kisan Vikas Patra, and Corporate Deposits.

Also read 

How to Choose the Best Child Insurance Plan?

Which Scheme is Best for a Boy Child?

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.