How to Double $10K Quickly: Best High-Return Strategies

Dacharlie / iStock.com

Commitment to Our Readers

GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.

20 Years
Helping You Live Richer

Reviewed
by Experts

Trusted by
Millions of Readers

Got $10K and want to double it fast? Whether you’re investing, starting a business, or seeking high-risk, high-reward strategies, this guide covers practical ways to grow your money — with real examples and smart tips to minimize risk.

How To Double $10K Quickly: 5 Methods To Know

Doubling $10,000 quickly involves a mix of investment strategies, each with its own level of risk and potential return. There’s no guaranteed method, but certain approaches can increase your chances of reaching that $20,000 mark faster. 

1. Double $10K Through Stock Market Investing

Historically, the stock market doubles its value every 7.2 years.

Past performance does not guarantee future results, but if long-term trends hold true, even cautious investors who buy a cheap and relatively safe S&P 500 index ETF could reasonably expect to turn $10,000 into $20,000 in roughly seven years and $20,000 into $40,000 in less than 15. 

But those willing to roll the dice on a single stock not tied to the fortunes of 499 others could double their money much, much faster — as long as they’re willing to forgo the protective armor of diversification.

Let’s say you put $10,000 into NVIDIA (NVDA) stock at $41.39 per share on October 20, 2023. By March 8, 2024–less than five months later–those shares would be worth $87.53 each, more than doubling your money.

Pros 

• The stock market offers wealth-building opportunities for investors at any budget.
• Investors can earn through rising stock values and dividends, which can be reinvested or used as income.

Cons

• Success stories like NVIDIA are rare–chasing quick gains through individual stock picking often results in losses.
• Most experts recommend a diversified, long-term strategy instead of trying to time the market.

2. Use High-Yield Savings Accounts for Low-Risk Growth

The stock market’s seven-year doubling standard comes from the so-called rule of 72, a formula that reveals how long it will take for an investment to double in value.

• The rule of 72: Divide 72 by the rate of interest or returns to get the number of years to double your money. 
• Example: 72 ÷ 10 (the stock market’s historical annualized rate of return) = 7.2.

If you’re not willing to risk your capital, you’ll wait longer to double your money in a high-yield savings account — but you’ll enjoy the ironclad protection of FDIC insurance. Rates have fallen since the peak of post-pandemic inflation, but Fortune reports that savings yields of up to 5% are still available.

According to the rule of 72, it would take 14.4 years to double your money with today’s top yields. 

Remember: The rule of 72 presumes no variation in variable APYs, even over long periods, which is as unrealistic as an absence of stock market volatility.

Pros

• FDIC insurance makes savings accounts and related products essentially risk-free–something no investment product can guarantee.

Cons

• Returns are comparatively low and grow slowly, though they come with the tradeoff of peace of mind.

3. Grow $10K with Real Estate Investments

In a market where the average home costs roughly $368,000, $10,000 won’t get you far if you’re looking to purchase physical property. However, there are many other ways to invest in real estate, each with its own risk/reward ratio and timeline for potentially doubling your money, including: 

• Real estate investment trusts (REITs)
• Real estate crowdfunding
• Real estate ETFs
• Real estate syndications
• Equity partnerships
• Notes
• Real estate investing clubs
• Hard money lending

Pros

• Real estate offers a triple benefit: capital appreciation, passive income, and favorable tax treatment, making it a strong vehicle for building wealth.
• There are many ways to invest in real estate without owning physical property.

Cons

• High upfront costs come with purchasing physical property, along with ongoing expenses.
• Investors may face maintenance, repairs, vacancies, legal fees, and tenant issues.
• Real estate is illiquid and can’t be quickly converted to cash.
• Many alternative real estate investment opportunities are limited to accredited investors.

4. Start a Business Using $10K

Entrepreneurialism is one of the surest paths to building real wealth — and to bankruptcy. Often-cited research from Zippia shows that nearly nine in 10 millionaires are business owners.

However, Bureau of Labor Statistics (BLS) data shows that:

• 20.4% of businesses fail in their first year
• 49.4% of businesses fail in their first 5 years
• 65.3% of businesses fail in their first 10 years

There are too many variables to predict how long it would take for a successful business to double your $10,000, but few other investments provide greater room for compounding wealth. However, the many founders who try and fail often lose everything to the effort. 

Pros

• Businesses generate revenue and can grow in value, potentially resulting in a profitable sale.
• Owners can reinvest profits into expansion, use them as income, or fund other investments.
• Successful entrepreneurs often gain financial freedom and full control.
• Business ownership comes with unique tax advantages.

Cons

• Many businesses fail quickly, and most don’t survive long term.
• Failed founders often lose both time and savings and are personally responsible for debts and investor obligations.

5. Explore Alternative Investments to Boost Returns

Exploring alternative investments like cryptocurrency can also be a strategy to double your money. These options often provide higher returns but are accompanied by higher risks and magnified volatility.

• Example 1: Had you invested $10,000 on Sept. 7, 2020, when a single Bitcoin cost $10,323, you would have doubled your money before the year was up on Dec. 14.
• Example 2: If you had invested $10,000 in Bitcoin on March 7, 2018, when that’s roughly what a coin cost, you would have had less than $3,700 left by Dec. 3.

Pros

• There is potential for extraordinary gains that even the hottest Wall Street stocks can’t match.

Cons

• Cryptocurrency is extremely volatile.
• The regulatory environment remains uncertain.
• Losses can be magnified, with the potential to lose the entire investment.

6 Smart Tips for Doubling Your $10K

To maximize the chances of doubling your $10,000, it’s essential to:

• Diversify your holdings
• Avoid emotional investing
• Conduct thorough research
• Consult financial and investment experts
• Set realistic goals and timelines
• Avoid unnecessary risk

Whether you’re a risk-taker or prefer steady growth, your $10K can work harder for you. Choose the strategy that fits your style, get informed, and start making your money multiply today.

Editor's note: This article was produced via automated technology and then fine-tuned and verified for accuracy by a member of GOBankingRates' editorial team.

Share This Article: