You’re definitely in luck right now if you’re searching for the best ways to double $7,000 dollars.
Right in this article, you’ll get a list of the best ways to make this happen and they ain’t no joke. Doubling money, regardless of the amount of money, is not the easiest thing in the world to do.
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And based on your risk appetite, your ability to double or even lose your entire capital depreciates and appreciates. In other words, the amount of risk you’re willing to take somewhat determines if you more than double your money, or you lose it entirely.
With this in mind, here are 9 proven ways on how to double $7,000 dollars.
How to Double $7,000 Dollars in 9 Proven Ways
Invest in the Stock Market
The commonest way to flip $7,000 dollars is to put it in the stock market. And by this, I mean buying stocks, taking long or short positions and leaving them to mature in profit.
Before doing this, you’d want to know how the stock market works and what stocks would be the absolute best for you to invest your money. In the stock market, you can make lots of money. Your $7,000 dollar capital can become $14,000 dollars in a couple of weeks.
Sometimes, days.
Mostly, months.
The most important thing is that if you invest wisely into the trending and promising stocks while it’s not too late, you’ll reap the rewards mostly in more than two folds.
Acquire Assets You Can Lease
Assets like vehicles and equipment for gyming or music shows or ceremonies are some of the most common ones you can acquire. Of course you can get a good vehicle for under $5,000 dollars, and do a lot more than lease it out to get more than $7,000 dollars. Within a month, you can generate upwards of $3,000 dollars either leasing it out or making use of it for ride-sharing.
While there are multiple ways to make money with a vehicle, you can start out by working with Uber as a driver. Every single day, you get paid more than $10 dollars per trip.
And because this is not an hourly job, you can make over 20 trips in one day. $10/trip is conservative. But let’s work with that. In a day, taking 20 trips, that’s $200 dollars. And if you happen to work for 26 days a month (while observing religious days), that’s $5,200 dollars a month.
Now, you only have to do this for two months to get $10,000 dollars, which is more than the $7,000 you started with. Altogether, you’d have the vehicle and more money, enough to run gas expenses and maintenance from time to time.
Trade Binary Options
This is a high-risk way to double $7,000 dollars, but it’s realistic. Unlike most online markets, binary options is not the kind where you get to hold securities or assets. There’s an expiry date and it’s basically short-term trading. If you’re good at it, you’ll make tons of money. You can’t be too good, but you can mostly win.
The binary options market isn’t without a loss, and it’s a good thing. Total dummies lose their money to the experts who can benefit to some point. However, you can transition from complete beginner to master trader in a couple of months.
For the sake of learning, there’s a demo account available to just about anyone who’s ready to start trading the markets. If you’re ready to start trading binary options right now, sign up on Nadex.com.
Start Trading Crypto Futures
While you can make money trading just crypto on the spot market, the options market provides more features for you to make more money quicker. Conversely, you can lose more money trading the crypto futures too.
That said, doubling $7,000 dollars in the crypto world is possible with a ton of expertise on your part. This means that you’d have to learn to trade crypto first before anything else.
Thanks to Google and YouTube, you can learn tons of trading strategies in the space of one month if you’re determined. And once you’re sure you can trade profitably, deposit funds into a real account.
To get started with trading crypto with all the best trading futures, sign up today on Binance where you can trade not just cryptocurrencies, but also buy NFTs.
Get into Drop-shipping
Dropshipping is more like building an online store and connecting it to another store. It’s ecommerce on steroids.
This is because you don’t really have to buy any product or worry about owning your inventory. There’s no worry about space to keep products, and also no shipping costs.
You simply build an online store, connect it to another online store using online plugins already built, and start promoting your own store to get visitors. It costs less than $1,500 dollars to set up a professional dropshipping store and you can do that today in 20 minutes with Shopify.
Before then, you want to check out how dropshipping stores look and feel. You’re definitely not making any progress if you don’t learn about the business model before diving in full-time.
Scale a Digital Product
And by a digital product, I mean your own digital product.
It could be a course or a tool.
Or a simple checklist packed with secret ingenious and mind-blowing information. Whatever it is, it’s got to be yours and it’s got to be epic. If your digital product sells for $300 bucks, you need just 23 sales to reach $7,000 dollars.
To not waste any money on advertising, you want to gain momentum first before building a digital product. For example, it’ll be easy to drive sales with a popular YouTube channel or blog versus a new YouTube channel, social media page, or new blog.
If you’re just starting out, take out some time to build a platform that’ll serve as your digital or web traffic magnet. With a web traffic magnet like a blog or a popular YouTube channel, it’ll be easier to attract target and relevant visitors to any product you review, promote, or recommend.
Start Affiliate Marketing
Affiliate marketing is all about recommending products people want to buy and getting paid a certain percentage of the worth of the products once they get sold. You can start out affiliate marketing with a simple step, by registering for Amazon’s affiliate program and sharing your affiliate link with friends.
That’s really fast, but affiliate marketing is also more than that. And the right way to begin is to offer value; provide relevant information about products people search for on Google.
If you’re able to do this and attach your affiliate link for them to purchase these products, you’ll get paid commissions. Going the natural way, you’d have to build links to a blog you own so that you can rank for terms.
Alternatively, you can create a YouTube channel and creative product review videos around the products you’d like to recommend. This really works. And if you promote affiliate products with some part of $7,000 dollars, you’d see quicker results. I’d like to see this as affiliate products arbitrage.
Forex Trading
Learn first.
Then, trade.
Forex trading is profitable if you know how to trade it. And it’s one of the most realistic ways to flip $7,000 dollars.
With this capital and the right trading strategy, you’d be surprised how much money you can make from the market. First thing you want to do is to get to know what Forex trading means. And how it works. Once you’re done with that, you can bother about finding the best trading strategies to work with.
Who knows, you can generate much more than twice $7,000 dollars in a month; depending on how you trade. Remember, there’ll always be losses. Find a way to minimize it too.
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Build an Online Publishing Platform
Lastly, but certainly not the least option on the list is to build an online publishing platform. This could be a blog, a forum, or a news agency.
Whichever online publishing platform you choose to launch, you’d need to spend some money. However, this won’t start generating a ton of cash for you the very instant. If it’s going to be a blog, then it takes time to grow one.
Here’s a guide to help you start a blog from scratch today and earn lots of money in the space of 300 days. If you’ll be starting a forum, there’s a way to go about it and you may need to scale it to get users; which would translate to revenue from creative monetization strategies in the long run.
If you’re launching a news agency, pick a news niche like politics, celebrities or music and stick to it in the long run. To make things work faster for whatever online publishing platform you’d be starting, running paid promotion campaigns to boost things up.
How to Double $7,000 Dollars in 9 Proven Ways – Summary
Ideally, some of the most realistic ways to double $7,000 dollars include building an online publishing business, trading the Forex markets, affiliate marketing, scaling a digital product, getting into dropshipping, trading binary options, trading crypto futures, acquiring leasable assets, and investing in the stock market.
However, there are other ways to double $7,000 dollars, but these are some of the most realistic that actually work in the real world.