Admit it, at some point in your life you must have wondered what would happen if you won the lottery? We all have. And we have all had great plans about traveling the world, buying a mansion with a big pool, becoming a luxury car collector, purchasing a yacht, etc. All of those things would eventually amount to nothing and you would end up with the same amount of money as before your big win. The path filled with less fun, but more certainty is investing your money in all the right places. It is the path for millionaires-to-be, because there is no such thing as overnight-made-millionaire that lasts longer than that one night.
Stock market has always been the go-to choice for people wanting to get rich or double their investment. Although you have probably heard a million times that it is better to invest small amounts of money to avoid huge risks, according to a research done by mutual fund giant Vanguard Group that is not entirely true. Namely, the paper showed that dollar-cost averaging ends does more harm to investors than good. How you will build your investing portfolio is entirely up to you. You can invest only in stocks, or in stocks in bonds, penny stocks, binary options, etc. The important thing is that you are well informed about the changes on the market, so you would know the right time to double your money.
If you want to invest in something tangible and real, there is nothing more “real” than real estate. It basically comes down to buying a property at a good price, making some aesthetical, but affordable renovations and then selling it at a higher price or renting it to get regular monthly payments. Still, real estate flipping/renting is not by any chance a simple plan to get rich overnight. This especially goes if you are new in this business, you will need some help in the form of asset management and advisory for evaluating your assets, maintaining accurate accounting records, marketing your properties and getting acquainted with the fluctuating market.
Remember that glorious moment when Duffy Duck discovers a huge amount of gold and treasures and screams: “I’m rich. I’m affluent. My liquidity is assured”? Well, the little fella was right. Gold and other precious metals are often considered as foolproof investments. Still, there are some insecurities in this field, too, so be careful. The fact is that precious metals are often correlated with movements of the dollar (when the dollar is weak, precious metal gains value and vice versa), so it is a very good idea to constantly follow those transitions.
Start a Small Business
The number of small home-based businesses is becoming larger each year. You should join the crowd and become your own boss. Just make sure you have found a profitable branch and that you do some market research before starting this big adventure. Alternatively, you can become a silent business in some already established small business to avoid any major risks and the stress about starting from the scratch. Making a bona fide investment can help the business you are investing in to expand and thus make more money, which consequently means that you will gain more money. The most important thing here is knowing how to evaluate the potential of a certain small business and see if it is worth your money.
These were a few ideas how to smartly invest a lot of money. Hopefully, if you use them wisely, you will soon enough double or triple your investment.