How to turn $10k into $100k?
Never work for money, else make money work for you. Treat your money as employees and gear up your wealth creation.
From the title of this article, you may have already understood that we will be discussing how to turn $10k into $100k. This implies that you will be making an extra $90k by investing only $10k.
Fortunately, there are plenty of such best ways to do so. You can start a new business, real estate investments, investing in the stock market, or other kinds of smart investments.
Yes, you need to be patient and stay focused on your goal to achieve that because it takes time to get 10x of your investment.
Due to the increasingly complex economy, it has become essential to become an expert in money management.
However, students are never taught these things in schools and colleges. The lack of financial literacy makes rich people richer and poor people become poorer.
Can you guess why? It’s so because rich people find new ways to increase assets whereas, poor and middle-class people are more eager to increase their liabilities.
What are assets and liabilities?
You will not sit for any MBA exam tomorrow; hence there is no need to remember the definitions. All you need to do is to understand the concepts.
Assets are something that will create wealth and grow your investments over time. So, they can be termed as wealth creators.
On the other hand, those things that will destroy your wealth are known as liabilities, often referred to as the wealth destroyers.
You may have heard from your parents that buying a house is an asset. Let me tell you that it’s not true completely.
A house can be an asset if you are buying or building it with your own money without loans or other borrowings. As soon as you take a loan to buy a house, it becomes a liability because you need to constantly pay the interest which will eat up your income every month.
You can’t ignore the build-up of liabilities since they are a part of life. But, you should try to build up your assets more than the liabilities.
Hope you have got a brief concept about assets and liabilities. Believe me; you can make money work for you with this much concept the entire life.
Let us now take a look at the various best ways on how to turn $10k into $100k.
How to turn $10k into $100k || Best Ways –
As mentioned earlier, different ways are there to turn 10k dollars into 100k dollars. You may
choose the method that suits your risk appetite and how fast you want to achieve there. If you want to achieve this goal quickly, then the method will be riskier.
However, the path can be a lot steadier if you wish to hit your goal over the long term, but then you need to be patient.
Let’s look through the best ways to achieve $100k from a $10k investment.
Real Estate Business
The first way of turning $10k into $100k is through investing in real estate. This is a proven way to make money in the long run.
Unfortunately, $10k is not enough to buy a property. But, there are other ways to invest in real estate with $10k.
Like mutual funds, various crowdfunding websites are there that pool money from different investors and invest them in real estate.
One such popular website is Fundrise that has a track record to bring 8% return for the investors. Also, you will receive dividends quarterly. You can start investing in Fundrise with only $10.
Another example can be PeerStreet that takes your money and invest it in real estate debt projects. For an initial investment, you need $1k and then $100 subsequently. Whatever you choose, you need to give time for $10k investment to grow into $100k in this process.
Starting a business online can be another best way to make money work for you. In this process, you also need to work hard and dedicate time to attract online customers.
There are many ways to start an online business like affiliate marketing, blogging, YouTubers, and more.
The best online business that can generate such massive returns is an e-commerce store. In this case, you need to make some decisions regarding the products and the place to buy them.
If you want to avoid these things, start a dropshipping business for which you don’t need to worry about buying the products before.
On the other side, if you wish to manufacture the products yourself, that will require at least a $10k investment.
Just launch a Shopify store which is one of the popular options for starting online e-commerce stores. In this way, you can turn $10k into $100k faster after the store becomes recognizable among customers.
Stock market investment is known to be one of the best methods of smart investment with massive returns. However, you need to have adequate knowledge and skill to not suffer loss in the stock market which most people fail to do.
Not only that stocks help to grow your money, but dividend stocks also enable you to generate a regular side income.
Almost every bank allows you to open an investment account and also provides you with a financial advisor if you are ready to pay extra.
You can even consult some free online brokers to achieve more control like the M1 Finance.
The stock market is the best of the best way to turn $10k into $100k but you will need patience, dedication, and focus to achieve it.
Blogging or YouTube
These are the types of online businesses that you can start with from the comfort of your home with a computer.
You can always start a blog or a YouTube channel of any niche that you are interested in and design it to attract more traffic.
It may take a lot of time and effort to rank your blog or YouTube channel but once it gets established, you can make a handsome amount of income with them.
Some top bloggers or YouTubers are making millions of dollars in these fields.
This way is much cost-effective and you don’t even need $10k to generate immense income. You may have seen many YouTube channels with millions of views today but when they started, they hardly get any views.
So, you need patience and consistency to get success in these fields.
For blogging, the main areas of investment include signing up with hosting and registering a domain.
All you need to do after that is to invest your time and effort in content creation and SEO to attract more traffic and increase the conversion rate.
For YouTube, you can also start with your phone’s camera/mic and some free editing software. Thus, with a much lower investment than $10k, you can make more than $100k as well with time.
Are you surprised that flipping stuff can help you to earn money? Yes, you can do that! You can turn $10k into $100k by flipping various kinds of stuff after buying them.
You may think now that Amazon FBA also offers to sell products but this is much more flexible than that.
Just buy some popular products and flip them with the use of the Facebook Marketplace, Craigslist, or on your own. Even you can try to refurbish the old furniture because that will increase the value during resale.
This method also takes some time to turn 10,000 dollars into 100,000 dollars. Many online resale platforms can help you to generate massive returns like Mercari, Depop, Poshmark, etc.
Like the stock market, another popular way to grow your investment is through investing in cryptocurrencies. This asset class has become a lot appealing these days among investors. Both long-term and intraday traders leverage the advantage of crypto these days.
No matter whether you are an investor or a trader, this is one of the best ways to achieve higher returns. For the past few years, major coins like Bitcoin and Ethereum have generated record-breaking returns.
Cryptos are based on Blockchain technology and hence you must do proper research and increase your skills before investing. Also, it’s not a good idea to invest 100% of your income in cryptocurrency, so decide the portion that you want to invest.
Domain and blog flipping
Similar to item flipping, you can even flip a blog or domain online. It has also become a full-time
career for many people across the world. The process is very simple; you need to buy or design a blog, try to make it popular and then sell it to other people for gaining profits.
The same is with domain flipping too. Good quality and older domain names have a lot of value. So, you can buy a domain after doing proper research in terms of SEO and then list it online for resale with higher value.
Again, this method requires time because you need to grow a blog before applying for flipping it.
Depending on the monthly sales from a blog, it can be sold at nearly 30 times that monthly profit. This way of building wealth has a lot of potentials and you can try out to turn $10k into $100k.
So, these are some of the best ways for how to turn $10k into $100k. You can try out any of these methods or a combination of some ways described above as per your risk-taking capability and preference.
Hope you have found this personal finance guide on how to turn $10k into $100k interesting and helpful.
We have tried to keep the article as simple as possible so that you can understand it easily. All of the methods mentioned above are proven and you will find a lot of famous personalities who have succeeded in each field and made a lot of money.
The way you want to go depends majorly on your area of interest or passion. Use that passion to turn into a profession and you will be the happiest person on the earth.
99% of office workers are not happy with the work they do but the emotion of fear forces them to stay in the Rat Race and do a 9-5 job.
Try to take risks in life because it’s better to take the first step than never try at all. So, talk with yourself to find the area of interest and then work hard towards it to hit the goal.
So, what are you waiting for? Get started!
Frequently Asked Questions (FAQs) –
Q1. Can I turn $10k into $100k faster?
You can’t get rich overnight. Almost any method of growing your money requires time and patience. There can be some ways through which you can get 10x of your investment faster than other ways. However, you need to wait for your money to work in any method.
Q2. Is it possible to use a combination of the methods described above?
Yes, why not! It can be the best idea to follow. Out of $10k, you can invest $5k in stocks, $2k in cryptos, $2k in real estate investments, and with the rest $1k, you can start a blog or YouTube channel. This can help you to diversify the asset classes and hence that can help to protect your money even if one method does not work out for you.