The question “How do I make more money?” is very common. It’s the number one financial goal on most people’s lists. The answer is relatively simple: you need to increase your income potential. If you are wondering how to make extra money and start building wealth, you are in the right place.
The good news is that there are several ways out there through which you can grow your money. It can take some time to grow your money from 10k to 100k, but it is achievable if you are willing to commit to your chosen investment method.
The investment method you choose will depend on what is available to you and other factors like your capital and interests. However, with so many options to choose from, there is something for everyone.
23 Best Ways To Turn 10k Into 100k
There are several ways to turn 10k into 100k. Some are easy to do; others are a bit more complicated and require some research or assistance. Before you put your money into any investment, make sure you have enough information to guide you into making the right investment decision.
Here are ways in which you can make extra money.
1. Invest In Index funds
Investing in index funds is one way to increase your income. There are different index funds you can choose from depending on the market condition.
Index funds are typically risk-adjusted and will reduce your trading fee since they trade less frequently than other mutual funds or stocks that have to be traded at a particular time. Index funds reduce the investment risk level and increase your chances of making a decent return on the initial investment.
You can invest in index funds through online brokerage accounts like:
2. Invest In Mutual Funds
Another way to increase your income is by investing in mutual funds. This idea isn’t new or revolutionary, but it’s still just as effective today.
Mutual funds are simply collections of stocks that you can purchase for a low fee and then hold on to them for years or decades at a time until they appreciate in value, thus increasing your overall earnings over time. You can find mutual funds on your own through the help of a financial advisor or use an automated investment service.
You can also use a finance management app that will make it easy to put together a low-fee, diversified portfolio to help your money grow over time.
3. Invest In ETFs
ETFs are an excellent option for the investor who is just starting out. They have low fees and usually trade at prices close to or even below their fair market values, which means that you will not see much of a difference in price between when you buy them and when they go on sale later on down the road.
In addition, ETFs allow investors to purchase several stocks all at once through one single investment rather than having to pick individual stocks. Hence, it’s easy enough if you don’t know how many different companies you want to invest in.
When you have a portfolio of stocks, you increase your resilience.
4. Invest In Dividend Stocks
Another way to increase your income is through dividend stock. Dividend stocks are essentially companies that pay you a small share of their profits each quarter or year instead of using all the earnings for business operations and reinvestment into the company’s future growth.
The average return they distribute in dividends varies from one company to another, but it can be as little as 0.50% APY up to around 12%. Those who invest regularly end up with larger monthly or quarterly checks, which means more money in their pockets over time.
5. Invest In An IPO (Initial Public Offering)
An IPO or initial public offering is another way to increase your income. This process occurs when a company decides that it will allow the general public to buy shares of its business for the first time, thus allowing them (you) to own an ownership position in that particular enterprise.
When you buy stocks for an early company that is going public, your money goes into that new company and contributes to its success. Once you purchase stock at the initial price, there are typically no limits on how much those stocks can appreciate over time, which means more money in your pocket if and when they sell their stake down the road.
IPOs aren’t as common today as they were back during prior decades. However, thanks to modern technology like automated investment services, finance management apps, and brokerage websites, investing has never been easier.
With these, you’ll be able to find IPOs and keep up with the stock market with just a few clicks of your mouse.
6. Invest In A High Yielding Savings Account
Savings accounts are virtually risk-free investments that provide you with an above-average interest rate. Putting your money in a higher-yielding account is a safe investment that is great for earning passive income over time.
In addition, these savings accounts will pay out monthly or yearly, which means that this money can compound into even more dollars down the line after months (or years) of accumulating interest. You can use any number of brokerage websites to find the best deals on these bank products, which will help keep more money in your pocket over time.
7. Peer To Peer Lending
Peer-to-peer lending or PPL is another option that offers you the potential for higher returns on your money. Using this type of investment strategy, instead of depositing cash into a savings account at one bank, you will loan it out to individual borrowers.
These borrowers are usually looking for debt capital to pay off high-interest credit cards or consolidate their monthly payments onto a lower-rate personal loan. There are many different types of loans that you can choose from when using this type of investment strategy.
The best part is that there is no limit to how much money you can make if your loan terms are profitable enough.
8. Invest In Yourself
If there’s one investment that will come back to benefit your business, it’s investing in yourself. It would be best if you took time for self-growth and development. You can invest in yourself through education, training, certification, or even apprenticeship, which will help increase your income over time.
Those who invest their own time and resources into expanding their knowledge and skills end up with more opportunities available to them. This is one of the better options out there when considering how much money you can make down the road by putting a little bit of effort into personal development today.
9. Go Back To School
Going back to school is one way to improve your skills to position yourself to make more money. Going back to school for another degree or certification will allow you the chance to either find a position in a higher-paying career field or increase your marketability within your given industry.
Going back to school is never easy, but when done right, it becomes an investment in yourself, resulting in more money over time. Consider using free government resources before taking on student loans if possible.
10. Online Courses
If you want to go back to school but don’t have the time or money, consider taking free online courses from websites like Coursera, Udacity, edX, and others. These websites offer a wide variety of class options for self-improvement and education that can help boost your career right away without having to pay thousands in tuition fees upfront.
In addition, these courses are a great way to learn more about work you might be interested in. You can even take online courses on different investment avenues that you would like to venture into, so you can supplement the knowledge that you already have. This way, you’ll put your money into things you already understand.
11. Retirement Investment Accounts
Another great option to grow your money is through a retirement investment account. Most employers offer a 401k or 403b plan, letting employees contribute part of their paycheck before taxes. This way, they can save up for their golden years with matching contributions coming from their employer that will help boost growth over time.
Consider taking full advantage of these free benefits that many companies provide if possible because it’s basically like giving yourself an instant return on investment just by having more cash saved up at the end of each year tax-free.
Track your retirement for free with Personal Capital.
12. Invest In Real Estate
You can make many different types of investments in real estate, but they all have the same overall goal. The aim is to help create passive income for you down the road by allowing your money to work for you instead of constantly having it tied up into a property that you’re trying to sell or rent out daily.
You can start very small, and it will even be better if you can manage everything by yourself with little or no help from others. For example, you could buy an old house and renovate it so that you can later sell it for more than what you bought it for.
It’s not as difficult as some may think because many people are looking to buy houses for sale. You could also consider buying land and building your own home.
Real estate investors also have another option involving commercial properties like apartment complexes, big box stores, and strip malls. However, this can be riskier since there are more moving parts involved.
You can also buy shares of real estate investment trusts and add the real estates they own to your investment portfolio. Consider consulting with an experienced realtor before going the real estate route if possible.
If not, then do your due diligence by thoroughly studying all your options here because it could save you down the road from making mistakes through inexperience.
Some of the best platforms for investing in real estate are:
13. Cash-out Refinance
Another way to make more money is by taking out a cash-out refinance on your current home. This will let you use the equity in your house as collateral for another loan that you can then pay off at any time without penalty, which means that it’s essentially free money given to you.
Take advantage of this because many different lenders are offering these types of loans right now with varying amounts and terms attached. But, most importantly, they all come with next to no risk. This is because borrowing against an asset like a house has been considered safe over the years.
14. Purchase A Rental Property
Another option is to purchase a rental investment property. This will require more money upfront and allow you to set your monthly rent amount. The advantage here is that if the rentals market ever drops, it’s not as big of a deal because many people are looking for cheap properties where they can live.
Make sure the place remains clean, well maintained, and safe at all times. Also, consider taking out an equity line on this house so that you would have easy access to cash whenever needed.
15. Start Your Own Business
Most people are afraid to start their own business, but it doesn’t have to be that hard if you take your time and do proper research ahead of time. You could also hire others to help you with the more complex or tedious tasks so that you are not doing everything by yourself.
However, be open to learning so that you are familiar with all the ins and outs of the business plan. If you don’t have the capital to invest in a physical business, you could try doing an online business to generate extra income, like starting a blog, a podcast, or a YouTube channel.
You will get revenue from advertising on most online platforms, primarily through affiliate arrangements.
Starting a business is a great way to turn your money into more money. Whichever business you choose, be sure that you are passionate about it because there will be days when things might be difficult, and you’ll feel like giving up but keep pushing.
Also, ensure you learn everything about the business you venture into so that you can make informed business decisions.
16. Buy An Established Business
One thing people may not think about is buying an established business. If you have the capital, go ahead and buy an established business.
This will allow you to skip over a lot of things that would typically be involved in starting from scratch, such as renting office space, hiring employees, and even signing a lease agreement. Once you’ve bought the business, then it’s simply a matter of managing it properly so that it generates enough money with zero downtime.
Since it was an already established business, it would pick up much faster than if you had to start from scratch.
17. Start A Blog To Make $100,000
Starting a blog is easier than you might think. There’s plenty of information online on making money with a blog with detailed step-by-step guides on what to do. Making $100,000 from blogging may seem like an unrealistic goal at first, but don’t let this discourage you from starting.
You can make money from advertising and other sources such as hosting fees, paid blog posts, affiliate link commissions, or even consulting opportunities with blogging. If you especially start blog articles on something that you are familiar with and passionate about, you’ll have an easy time generating content for your target audience that will eventually bring you money.
In addition, you can start your blog free and manage to run it all by yourself as a freelance writer.
18. Launch A Podcast
If you’re very creative and know how to speak well in front of a microphone, then consider launching your own podcast to make money. You can start talking about anything that your target audience may find interesting, such as sports, politics, finance, or any other topics you are passionate about.
There are also many podcasts on making money that people love listening to because it gives them ideas like passive income strategies and other business opportunities. With a podcast, you can make money through sponsorships, affiliate marketing programs, complementary products, or direct support from your content consumers.
19. Coaching Programs
Another thing you can do to make money is by offering your own coaching programs. Many people out there may not be able to afford to hire a private coach.
However, they would still like some guidance from experienced individuals, which means that if you have the skills and experience, then consider sharing them on platforms such as Udemy, Facebook Groups, or even YouTube.
On these platforms, coaches offer their professional services online in exchange for fees either through PayPal or other payment processors.
20. Invest In Bonds
Another way of turning your 10k into 100k is through buying bonds. In comparison to other options, bonds are considered a safe investment. There’s no risk for a loss like what would happen if a company goes bankrupt.
It also comes with fixed-rate interest payments that will allow you to receive your initial investments back plus additional gains over time as well once everything has been sold off again.
Although this may not generate high returns, at least you can rest assured knowing that all of your money won’t suddenly disappear overnight due to some unforeseen circumstances.
21. Money Market Accounts
You can also put cash into a money market account which is considered one of the safest types of investment in terms of liquidity and returns.
Money market accounts allow buyers to earn more interest on their investments with zero risk involved. They will thus make it possible for you to turn that amount from $10k up to 100k over time by simply leaving your funds alone inside these accounts without having to worry about losing any money at all because they are FDIC-insured.
22. Certificate Of Deposit
A certificate of deposit is a low-risk investment. You put your money in the bank, and you get a guaranteed amount of interest when it matures after an agreed time frame. Of course, the interest rate is higher than a regular savings account or money market, but you can’t withdraw your funds until the CD matures.
So, for example, if you have $10000 to invest for one year, you could open up a CD with that money from your account or leave it alone until the maturity date, which would be in one year. When this happens, depending on what percent rate you originally opened at, say three percent, you would make $300 by that time.
23. Flip Products On Amazon Or eBay
If you know anything about making money online, then the chances are that you have thought of selling products online. One way to do this is through a retail arbitrage business by selling on e-commerce platforms like Amazon affiliate sites and eBay.
Flipping a variety of products on these platforms will allow you to generate extra cash by buying and reselling items at a higher price to turn a profit. This way, you can move up the e-commerce food chain over time regarding income earned from online sales.
There’s no limit to how much money someone can be making when it comes to this particular type of retail arbitrage business.
How Long Does It Take To Turn $10,000 To $100,000?
Turning $10,000 to $100,000 does not happen overnight. It could take a few short years or even longer, depending on your investment of choice. However, you have to be patient with yourself and with your business.
Don’t hurry to give up when it becomes challenging because these things take time. It is vital to invest in a business that you are interested in or passionate about to stay motivated. In most instances, risky investments tend to have higher a rate of return in a short period of time.
If you are not a risk-taker, stick with the low-risk options and watch your money grow gradually.
What To Do Before Investing
Investing is a big decision. Before you get into it, you need to put a few things into place to minimize risk. Some of these things include paying your debts first and setting up a budget for the investment you are planning to undertake.
Pay Down Debts
One of the first things you want to do before investing is paying down your debts. You want to make sure that you have a clean slate before diving into the world of business. Otherwise, this may become a problem later on when it comes time for tax season, and your outstanding debts prevent you from filing your taxes properly.
You also want to make sure that you are not investing large amounts of money that you owe other people because your business might take longer than expected to make a profit. If this happens, you will be in a lot of trouble. Clear outstanding debts first, then invest what is left.
Additionally, depending on the type of business you want to venture into, you can seek financing if you don’t have sufficient capital.
Set Up A Budget
Another thing that you would want to do before investing is making a budget. You want to make sure that you are prepared for whatever might come your way. A budget is not only good for keeping track of expenses, but it can also help you determine which type of business model would be best suited for your investment.
For example, if you have $10000 and your monthly income is around $2000, then putting this money into an e-commerce venture will most likely be a poor decision because the risks outweigh the benefits when factoring in overhead costs like shipping fees.
If you are budgeting money from your salary, ensure that you also set aside an emergency fund if things don’t go too well. If you have an investor, setting up this kind of financial plan will allow them to see exactly where their money is going and why. This way, they can decide how much money should be invested to get results over time.
Wrapping It Up
The bottom line is that there are many ways to turn $10000 into $100000 in just a matter of time without having to do too much work when it comes down to it. There are high-risk and low-risk options to choose from.
Some of the high-risk options are also higher-yielding investments, so it all depends on how much additional risk you are willing to take. Whatever choice you choose will depend entirely on what type of investment strategy works best for your situation and needs, so take your time to research.
You can also seek financial advice from other successful investors and business leaders before you jump in with both feet. They will offer insights that will help you navigate the business world.