Cynthia Measom
·4 minutes reading
Ability to multiply an initialinvestmentout of 10 is one that most people wouldn't miss. The truth is, turning $1,000 into $10,000 probably won't happen overnight – or even within a few weeks. And while it is absolutely possible to achieve this financial goal, you may be wondering which path is the most direct way to get there.
Cash app-lening:How to borrow money through Cash App
Read:How to build your savings from scratch
Before you use your $1,000 and squander an opportunity that could pay off big but is extremely risky – like investing in non-fungible tokens –Check out these ideaswhich can turn your money into 10,000 in just a few months.
Invest in yourself
It's possible you can learn something that will increase your earning potential by $10,000 per year.
“Try to get your hands on the books and take an online course that will help you make more money,” says Brian Meiggs, entrepreneur and founder ofMy Millennium Guide. "This may involve an investment of time and money, but it may be worth exploring if you are serious about increasing your income. The best way to do this is to find someone who is an authority in your area of interest and course you can buy. It's a great way to learn directly from someone in the position you want to be in, and the benefit is that there's great potential for a return on your investment.'
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Buy and resell products
“When you start a resale business, your options for obtaining products are virtually limitless,” says Matt Robbs, founder ofSmart savings advice. “You can buy items for resale at places like flea markets, yard sales, thrift stores, AliExpress and eBay. “Reselling is about knowing the true value of something and being able to buy it cheaper and resell it at a lower price . a higher amount. That's what allows you to turn $1,000 into $10,000.”
It's Roy Morejon, president and co-founder ofEnventy's partners.
“With the absolute rise of clothing resale platforms such as Depop and Etsy, it pays to invest in buying and reselling clothing,” Morejon said. “Like any business, big or small, this path takes work – building an audience, creating product photos, expanding your reach – but clothing reselling is an incredibly lucrative industry and can be an excellent investment.”
Start a side hustle
There are plenty of themAdditional problemsto pursue – from baking dog biscuits to selling printables, but Bryan Clayton, CEO ofGreenPal, is part of mowing, something you may be able to start tomorrow.
“The best way to turn $1,000 into $10,000 is to start your own lawn mowing business,” says Clayton. “You can get into the lawn mowing business for less than $500, and you can even spend $1,000 if you want to buy some better equipment. You can make $10,000 in the first month if you are busy. We have suppliers on GreenPal platform now making $75 an hour with the labor shortage plaguing our economy. Simply put, the lawn mowing business is the best side hustle there is.”
Start a home business
“Home-based businesses are just as reliable as large corporations,” says Charles Tran, the founder ofCreditDonkey. “It's no joke to create and sell something that people will love. Soy candles, bath bombs, slime and selling stationery are just some of the ways to get started. In addition to investing in resources and capital, make sure that you also make money on mentions and mentions. Maximize platforms like YouTube and TikTok to tap into the superpower of digital marketing.”
Invest in small businesses
“Mainvest is a regulatory crowdfunding platform that allows anyone to invest in small businesses with as little as $100,” said Lauren Murdock of Mainvest. “With a target return between 10-25% and quarterly repayments, investing in Mainvest is a great way to generate passive income while supporting small businesses in your community. Since our founding, we have helped over 400 small businesses in the US $12 million in capital. When you invest in a company on Mainvest, you are purchasing a percentage of their sales, as described on the offer page. Because of this unique revenue sharing model, investors receive quarterly refunds as long as the company they invested in is open and generates income. This is beneficial to both the investor and the company because companies do not give up ownership and investors do not have to rely on profitable ventures for repayment."
Invest in real estate
“Real estate investing is an excellent opportunity to grow your wealth, but it often requires much more than $1,000,” Morejon said. “This is where real estate crowdfunding can be a great opportunity to turn your $1,000 into $10,000. Platforms like Fundrise allow you to invest any amount in private commercial and residential real estate through a crowdfunding model that pools assets. If you are thinking long term, real estate crowdfunding is an excellent opportunity that anyone can participate in.”
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This article originally appeared onGOBankingRates.com:6 best tips to turn €1,000 into €10,000
