How To Double 10K Quickly – 10 Realistic Methods To Try
We talk about flipping money a lot on WebMonkey. This is because putting your money to work is an effective way to earn passive income or create new income streams.
So, if you're wondering how to double 10k quickly, you're in luck!
I've been testing out different flipping ideas and hustles for the past few years. And this post is covering how to turn 10k into 20k using a variety of investing ideas, business models, and side hustles.
Want more money-making ideas? Checkout:
- Arrived: Invest in income-generating real estate with only $100!
- SoFi: Get up to $300 in bonus cash and earn up to 4.60% APY!
How To Double 10K Quickly
1. Flip Stuff For Money
One of the more entreprenurial ways to flip 10k into 20k is to buy and resell stuff for profit.
This is known as retail arbitrage, and it's a busines model that has ganied a lot of traction over the last several years thanks to the growth of ecommerce.
The idea with retail arbitrage is to buy popular products that sell quickly online at a discount so you can then resell them.
Examples of these products include apparel, books, cosmetics, electronics, shoes, toys, and video games.
Retail arbitrage sellers often buy goods from discount stores or on clearance at retailers like Walmart and Kohl's. From there, sellers often sell their merchandise through programs like Amazon FBA or on selling marketplaces like eBay or Mercari.
Of course, this is just one way to begin selling. You can also sell your retail arbitrage goods on websites and apps like:
- Poshmark: One of the best marketplaces for reselling sneakers, clothing, and accessories.
- Depop: An online marketplace that's great for selling thrifted or vintage pieces.
- The Facebook Marketplace: A great local selling site to sell retail arbitrage merchandise for cash.
- Garage sales: Another way to sell off your inventory for quick cash.
- OfferUp: Another popular selling app like Facebook Marketplace.
- Pawn Shops: An excellent option for getting fast cash for your merchandise.
Granted, learning the ropes with retail arbitrage takes time. You also need multiple rounds of inventory to turn 10k into 20k.
However, I interviewed a couple on WebMonkey who do retail arbitrage full-time, and they generate tens of thousands of dollars per month doing so.
The bottom line is this is a competitive, difficult way to turn 10k into 20k quickly. However, retail arbitrage is a viable business model. And, if you like to hustle, this idea is definitely up your alley!
2. Invest In Real Estate
If you want a more passive approach to double 10k quickly, you can always consider real estate investing.
Traditionally, real estate investing wasn't viable with just $10,000 since this amount of money hasn't been enough to buy a rental property for a long time.
But, with real estate investing platforms, you can now buy shares in income-generating real estate properties without being an accredited investor.
One of the most popular companies in this space is RealtyMogul, which lets you invest in exclusive commercial real estate deals starting with only $5,000.
What's nice about RealtyMogul is that it has numerous portfolios you can invest in depending on your goal. For example, there's both an income and dividend REIT you can use.
The platform also adds new properties regularly, letting everyday investors diversify through real estate. And RealtyMogul has seen 20.7% realized IRR since its inception.
You also have lots of other real estate investment options like:
- Fundrise: This popular platform lets you start investing in real estate with only $10. Note, this is a Fundrise endorsement and we get compensated if you use the provided link.
- Streitwise: A popular dividend income investment option that also invests in real estate.
- Arrived: Invest in individual rental properties with only $100!
Overall, real estate investing can be an awesome passive income side hustle and effective way to turn 10k into 20k if you try out the world of crowdfunding.
3. Start An Online Business
If you're interested in making money online, you can always try turning $10,000 dollars into $20,000 by using the money to start an online business.
Personally, the online businesses I run cost way less than $10k to start; I just make money blogging and make money on YouTube, both of which took under $500 to start.
However, using $10,000 to fund an online business where you need starting inventory or manufacturing equipment is a viable strategy.
My YouTube video covers some popular online side hustles and businesses you can try that have the potential to turn $10,000 into $20,000.
For example, if you want to make artwork or some sort of home goods to sell on Etsy, you're going to need raw materials, shipping supplies, and some money to get your store operational.
But, if you turn your Etsy store into a decent side business, you're well on your way to turning 10k into 20k quickly.
Selling stuff through Etsy is one example, but you can also open your own online store with ecommerce platforms like Sellfy or Shopify.
Personally, I think Etsy is the most beginner-friendly, and I actually sold print-on-demand products on Etsy a few years ago as one of my college side hustles.
The bottom line is a $10,000 fund is enough to start a variety of online businesses, and you don't even need this much money so you can keep some in your bank.
Extra Reading – How To Sell Stickers On Etsy.
4. Start A Side Hustle
I mentioned starting a new side hustle as a way to double $10,000 quickly.
By this, I don't mean trying traditional side hustles like using gigs apps like DoorDash, Uber Eats, or Instacart to make money. Rather, I mean using your starting $10k to start a more creative side hustle.
Here's an example: imagine you have an unfinished bedroom or space in your basement. You could use the $10k to help finish it and then rent it out for profit on platforms like Airbnb.
If you rent out the space for $100 a night and get 10 bookings a month, that's $1,000 in free money before Airbnb takes their cut from booking fees.
And, if you have a nicer space or live in a major tourist area, you can probably charge even more than $100 a night, especially if there's an event in town.
This is just one example of how to get creative with your money to turn $10k into $20k. Other people purchase cars and rent them out on HyreCar or Turo, so again, there are plenty of ways to buy assets and then monetize them!
Extra Reading – Neighbor Review – Make Money Renting Out Your Storage Space.
5. Invest In Stocks & ETFs
If you're still wondering how to double 10k quickly, one more traditional route would be to invest in stocks and ETFs.
Again, like I mentioned in the disclaimer, the definition of “quickly” needs to be kept in mind here. You can theoretically plop your $10,000 in various index funds, or something like the S&P 500, and earn around 8% per year based on annual historical returns.
Now, let's use a compound interest calculator from Investor.gov to show what the math is behind doubling your 10k.
Here's what we'll assume:
- You start by investing $10,000
- You earn 8% annually
- You contribute another $100 per month to your investments (should be somewhat realistic)
With this math, it takes around 5 years for you to double 10k to 20k.
Is this quick?
Well, for not lifting a finger, I'd say the power of compound interest is pretty cool! And this only assumes you contribute an additional $100 per month.
If you're interested in investing for income, you also have lots of options to start, and there are so many free guides and resources online you can use.
And these days, most online brokerages are commission-free. So, you can invest in assets like mutual funds, ETFs, and dividend stocks without paying too many fees.
6. Fixed-Income Investing
Fixed-income investments involve investing in assets that generate a stable, set return.
This investment style is a lower-risk method to generate income. And you have plenty of options you can consider, including:
- Bonds
- Certificates of deposit (CDs)
- High-yield savings accounts (you can use ones like Current which pays 4% APY and has a $50 sign up bonus)
- Treasury bills
- Preferred stocks
This strategy doesn't generate as high returns as many other methods, like flipping things or investing in stocks. But it's a more stable and predictable income source that you can consider.
Pro Tip: Find the best savings accounts, money market accounts, and CDs with Raisin! This fee-free online marketplace partners with dozens of banks, and you can open an account with just $1 and find high-yield products that match your goals.
7. Alternative Assets
One creative way to double 10k quickly is to invest in alternative assets.
Alternative assets are non-traditional asset classes, so you're not investing in regular stocks and ETFs. And they're a popular choice for some portfolios since they can offer outsized returns and help improve diversification.
Some of the top alternative asset classes include investing in:
- Artwork (you can use platforms like Masterworks to buy shares of famous artwork)
- Collectibles like antiques, coins, sports cards, and Pokemon cards
- Gold and silver
- Land
- Private equity or debt (you can use platforms like Yieldstreet to find these types of investments)
- Wine (you can invest with companies like Vint starting at only $25)
The main downside to alternative assets is that they don't typically generate income.
However, some investors utilize them to create a more diverse portfolio. And the right asset can provide outsized returns over the years versus more traditional strategies.
8. Invest In Debt
I know I mentioned real estate investing as a way to double 10k.
However, another option for investors is to invest in real estate debt projects with companies like PeerStreet.
With PeerStreet, you can help fund real estate loans for developers and borrowers. As they pay back their loans, you generate interest on your initial investment
According to its website, PeerStreet has seen over $4 billion in transactions and generated over $225 million for investors.
There's a healthy variety of properties, each with different funding requirements, risk levels, and interest rates.
One perk for real estate debt investing is that loan terms can be short; think 6 months or just a few years. However, a risk if that borrowers can default, which is why platforms like PeerStreet let you invest in multiple loans to mitigate some risk.
In any case, this is just another way you can put your money to work to build wealth, so it had to make this list!
Extra Reading – How To Double Money In 24 Hours.
9. Invest In Cryptocurrency
Cryptocurrency has been immensely popular over the last year or so, and there has definitely been a lot of excitement in the investing community.
The thing with cryptocurrency and DeFi is that there is so much to learn about and so much exciting stuff out there.
There are also tons of altcoins and projects that are scams or are being shilled by people so they can pull out the rug. But in any case, this recent surge in cryptocurrency has made a lot of people money, as well as caused some people to lose a lot of money.
So, if you're willing to become an educator investor in this space and do your research, you can consider investing in cryptocurrency to try and turn 10k into 20k.
Personally, I invest in Bitcoin, Ethereum, and Cardano at the moment through some ETFs and on Coinbase.
Coinbase is one of the most popular cryptocurrency exchanges, but there are plenty of others as well, like Binance and Gemini.
Additionally, I just mentioned a few cryptos; there are thousands of other ones out there, each with their own level of risk and potential return.
It's honestly a crazy space right now. I mean, people are investing in metaverse game tokens like SAND and META, or meme-coins like DOGE and SHIB.
Again, being an informed investor in this space is critical. But there's no denying there's plenty of opportunities in crypto right now.
Extra Reading – How To Make $1,000 A Day.
10. Use A Robo-Advisor
One final option to flip 10,000 dollars is to invest it by using a robo-advisor.
Robo-advisors are incredibly popular these days and invest your money in a portfolio that matches your investing goals and risk tolerance. Usually, this means investing in a variety of ETFs, index funds, stocks, and bonds to generate returns.
People like robo-advisors because they let them make money on autopilot and are also cheaper than traditional financial planners.
For example, one leading robo-advisor is Betterment. It only costs 0.25% in annual management fees and there's a $0 account minimum requirement.
What's nice about Betterment is that it has so many different portfolios you can invest in, including ones that focus on environmentally-friendly companies or socially responsible companies.
Betterment also has useful features like automatic portfolio rebalancing and tax-loss harvesting to help you get the best returns and keep the same portfolio structure.
Overall, it's a more passive way to turn $10k into $20k over time, and it's low fee as well.
Extra Reading – How To Make Money Doing Nothing.
A Quick Note On Doubling 10k Quickly
When people talk about doubling $10,000 dollars, it's important to clarify some expectations first.
If anyone promotes get-rich-quick schemes or something that seems too good to be true, it's probably best to turn the other way.
Plus, before trying to turn 10k into 20k, you need to outline:
- Your level of risk tolerance
- How hands-on you want to me
- Your timeframe
Making money more quickly often presents more risk. So, always do your due diligence, research, and be sure to consult a financial professional if you're considering any investing options.
Frequently Asked Questions
How Can I Turn 10k Into More Money?
There are so many ways to turn $10,000 into more money, including:
- Investing in real estate with companies like RealtyMogul or Fundrise
- Investing in stocks and ETFs
- Starting an online business or side hustle
- Investing in cryptocurrency
Ultimately, you need to decide on your level of risk tolerance and investing goals to make the right decision for you.
How Can I Flip $10,000 Fast?
In my opinion, getting into retail arbitrage is the most realistic way to flip 10k quickly. You can also try investing, but traditionally, it takes more time for compound interest to get to work.
We have a post on how to turn 10k into 100k if you want some additional ideas for doubling 10k into 20k quickly.
Final Thoughts
I hope this guide on how to double 10k quickly gives you a few realistic ideas for putting your money to work.
Again, I think it's critical to do your research and to also think about your level of risk tolerance, investing timeframe, and overall goals.
Personally, I'm keeping things simple with my own investing and online businesses, but there are so many ways to turn 10k into 20k if you get creative.
And, some of these options are also fun side hustles, so don't be afraid to explore all of the options out there.
Best of luck with your money-flipping endeavors!
Looking for more flipping ideas? Checkout:
- How To Turn $10 Into $100 – The Best Methods.
- How To Flip $500 For Profit – The 9 Best Methods.
- How To Flip $1,000 For Profit – 8 Best Methods.
- How To Turn $50,000 Into $100,000.
