How to Multiply Your Money: 5 Real Ways to Double Your Money

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You can multiply your money in many ways, though not all are equal. Here are 5 ways to grow your money quickly and pursue financial freedom.

Everyone wants to double their money. Fortunately, there are ways to multiply your money that don’t involve get-rich-quick scams or winning the lottery.

These legitimate ways to create wealth do not require massive amounts of income to get started. While you may not double your money quickly, the rule of 72 shows it is possible with time.

The rule of 72 provides an estimate of when your money will double. For example, if you divide 72 by an eight percent rate of return, you see it would take nine years for your money to double. A higher rate of return will decrease that time.

These methods to grow your money are available to everyone.

How to Multiply Your Money


Do you want to know how to multiply your money? Or, are you looking for legitimate passive income ideas that will add money to your bank account?

*Deal of the day: CIT Bank pays .50 percent on their money market accounts. Earn 7x the national average when you open an account with just $100. All deposits are FDIC insured up to the $250,000 per depositor maximum.

Here are five simple ways you can start growing your money right now.

1. Invest in the Stock Market


When trying to learn how to double your money, investing in the stock market is the best way to increase your wealth.

The stock market can be risky and you might lose money. However, you can also make money investing in the stock market.

The S&P 500, viewed as a leading stock market index, has had an average rate of return of eight percent since 1957. At that rate, you would double your investment within nine years.

What if you don’t have a lot of money to invest or don’t know where to start? You can still invest in the stock market and grow your money.

The key is to start investing immediately. The sooner you start investing, the less money you have to save overall because of compound interest.

SoFi Wealth is a terrific choice if you want to start investing but need help. The platform helps manage your investments for you to ensure you are on target to reach your goals.

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$1 minimum balance requirement

No management fees make it easy to transfer over old 401(k) and IRA plans. 

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SoFi Wealth has a $1 minimum balance requirement and doesn’t charge any management fees.

If you have an old 401(k) plan or IRA, you can move those to SoFi Wealth to receive their assistance.

Don’t let low funds or inexperience with investing hold you back. Time will multiply investments faster.

2. Invest in Real Estate


Many people believe the stock market is the only way to grow wealth. Thanks to crowdfunding, real estate is a viable investment option for more people.

You used to need significant amounts of money to invest in real estate. Alternately, you needed to manage a property.

Crowdfunding lets you find real estate investments with minimal resources. It also allows you to avoid managing the property yourself.

You can now invest in real estate with as little as $500 through platforms like Fundrise. Similar to the stock market, investing in real estate can be risky. However, it offers plenty of lucrative opportunities.

Fundrise - start investing in real estate
$500 to start

This popular crowdfunding real estate platform makes it possible to invest in real estate with as little as $500! 

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Returns, net of fees, were 9.11 percent as of 2018.

A platform like Fundrise helps you find properties that fit within your risk profile. These can include:

  • Apartments
  • Commercial property
  • New home construction

Fundrise allows you to invest in properties without dealing with physical management. Retirement or non-retirement accounts are available for users.

Roofstock is another good option to invest in real estate. The platform focuses on turnkey properties to rent.

No minimum balance is required to invest with Roofstock. You must have 20 percent to put down and can invest with an IRA.

3. Open A Savings Account


Savings accounts are the classic way to multiply your money. While doubling your money with a savings account will take years, they are a reliable way to grow your money without effort.

Interest rates on savings accounts used to be significantly higher in past years. Before the Great Recession, they were nearing five percent. Now, it’s hard to find anything above one percent.

Unfortunately, the current pandemic is making things worse.

Savings accounts have liquidity, which is essential to any investment plan. Liquidity is helpful in various ways, including:

  • Funding for a small business idea
  • Saving money for an investment property
  • Liquidity to manage business expenses

CIT Bank is an excellent choice for savings. The CIT Bank money market pays .50 percent and only requires a minimum balance of $100.

The account operates like a savings account. It is FDIC insured up to $250,000 and charges $0 in fees.

You can also use the account to make withdrawals and pay bills.

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$100 minimum deposit requirement

Open a high yield savings account or money market with $100!

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4. Lend Your Money to Someone Else


One of the more unique ways to multiply your money is by lending it out to other people through peer-to-peer (P2P) loans. This is a terrific option if you have little money to invest or you want to diversify your investments.

You can loan your money to others through a platform like LendingClub.

People use platforms like LendingClub to get an unsecured personal loan. They use the loans for almost anything, including:

  • Consolidating debt
  • Funding a house remodel
  • Refinancing a car loan

You can fund loans in increments as low as $25. You also get to choose which loans you want to fund. This helps you spread risk and maximize returns.

LendingClub claims to offer returns between four to eight percent for investors. Your rate of return depends on how well you spread your risk.

P2P loans can be risky, similar to the stock market. Be aware that the risk of default can impact your returns.

That said, P2P loans can be a good way to help someone while growing your money.

*Related: Here are other investment options to consider:


5. Pay Off Debt


People often debate paying off debt vs. investing. It’s an age-old question as to which is more important. The answer aside, killing debt is an overlooked way to multiply your money.

Paying off debt helps you create wealth since debt is one part of the net worth equation.

When you pay off debt, you save money that would have gone towards paying interest. That money can then be used in other ways.

Debt, especially high-interest consumer debt, is restrictive. It will keep you from creating passive income streams that are vital to accumulating wealth.

If you have credit card debt, consider consolidating with SoFi. The lender offers rates as low as 5.99 percent and has no hidden fees. This could let you slash your rate, pay off your debt quicker, and have more funds to invest.

As you begin to pay off debt, try to pair it with spending less. When you near debt freedom and have more money to invest, you can take advantage of the stock market or real estate. This can help you double your money in eight or nine years.

Bottom Line


Wealth creation is something most people aspire to, but believe it is difficult or impossible. Thanks to an abundance of tools and resources, it has never been easier to find legit ways to amass riches.

As you pursue ways to double your money, remember the rule of 72. Divide 72 by the rate of return and you will see how long it will take you to succeed. While success may not come overnight, it will happen faster than you think if you are committed.


What are some of your favorite ways to grow your wealth? How do you diversify your investments?

You are being referred to SoFi Wealth, LLC’s website (“SoFi Invest”) by Frugal Rules and Ink Harmony, LLC, a solicitor of SoFi Invest (“Solicitor”). The Solicitor that is directing you to this webpage will receive compensation from SoFi Invest if you enter into an advisory relationship or into a paying subscription for advisory services. Compensation to the Solicitor may be up to $1,500. You will not be charged any fee or incur any additional costs for being referred to SoFi Invest by the Solicitor. The Solicitor may promote and/or may advertise SoFi Invest’s investment adviser services and may offer independent analysis and reviews of SoFi Invest’s services. SoFi Invest and the Solicitor are not under common ownership or otherwise related entities. Additional information about SoFi Invest is contained in its Form ADV Part 2A available here.


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John is the founder of Frugal Rules, a dad, husband and veteran of the financial services industry whose writing has been featured in Forbes, CNBC, Yahoo Finance and more.

Passionate about helping people learn from his mistakes, John shares financial tools and tips to help you enjoy the freedom that comes from living frugally. One of his favorite tools is Personal Capital , which he used to plan for retirement and keep track of his finances in less than 15 minutes each month.

Another one of John's passions is helping people save $80 per month by axing their expensive cable subscriptions and replacing them with more affordable ones, like Hulu with Live TV.

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