DOUBLE YOUR MONEY

The safe way to double your money is to fold it over once and put it in your pocket.

-     Frank Hubbard

Frank Hubbard was right many years ago and is still but, this way is phasing out fast due to cashless policies, consultant fees, inflation and several financial indices. Despite all these, we all need money and desire to double our money to meet our insatiable needs. So, how do you double your money?

You can double your money in several ways. Investing it is the most reliable way to double it with less risk of loss due to the earlier mentioned financial indices. Investing your money will give your returns on investment (ROI) in short or long term depending on the intended period of investing and investment vehicle.

1. The Classic Way

This is a slow but steady way to double your money. It involves investing your money in a diversified portfolio of blue-chip stocks and also in grade bonds. Although your money will not double immediately (in one year), it will surely double eventually and begin to give you returns.

2. The Safe Way

A second way is the zero-coupon bonds. Investing in these bonds will yield steady interest with the absence of reinvestment risk. [I believe you know how standard coupon bonds work?]. You don’t have to reinvest anything if you don’t wish; just double your money and leave.

3. The Best Way

While you may find it hard to swallow your meal after the evening news that predicted your investments in particular stocks or bonds have depreciated due to certain trends or occurrences, this path seems best for so many people: investing in a retirement plan. Irrespective of the name or package; pension fund, 401(k), etc. this is sure, one best way to investing your money. You contribute and your employer contributes and the government oversees and manages it.

Caution:

Don’t venture into any of the above investment vehicles without adequate knowledge. Endeavor to read more about any you wish to use to double your money or engage a broker or a financial advisor.

And, wherever you are over-promised or the promise is too good to be true, back-pedal and delay; ask more questions, seek more options and verification. Don’t mind who told you; whether it is your relative or broker, in-law or on the internet. Be alert to question any of such.

In all, these are just a start to how you can double your money with ease and less risk. You can research more options and follow your guts.

Also read: How to Invest Your Money, Start Something now, Two Choices to Make, A Good Question to Ask, Learn from Lagos Molue and Dare the Impossible

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