7 Ways to Double Your Money (Fast)Jeff Rose describes his methods for making money quickly.
ByJeff Rose•
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Financial advisorJeff Rose talks about seven ways he makes money quickly. He explains the "Rule of 72," a formula to determine how long it would take for an investment to double given a fixed annual interest rate. Assuming an average return of 10 percent, stock investments, for instance, would take 7.2 years to double in value. A high-yield savings account with an interest rate of 1.05 percent, on the other hand, would double in approximately 68.5 years.
To make money more quickly, Rose advises these methods:
- Open an account with a trading service such as Robinhood or Webull, which offer free stocks for opening or funding an account or for inviting friends to join
- Buy IPO stock
- Flip sneakers purchased on Stockx on eBay or via the Snkrs app
- Sell freelance services on the Fiverr platform
- List and sell items from your garage or attic or that you find at garage sales on eBay
- Flip internet domains using the Flippa platform
- Buy an online learning course and apply the lessons
Related:Do You Know More Than the Average American About Investing?
