Safe And Proven Ways To Double Your Savings
Do you wish to double your money? Unfortunately, with interest rates so low, it isn’t easy to use a bank account to double any amount of money these days.
Taking INR 200 and turning it into INR 400 with some consistency is a recipe for wealth. If you wish to double your money, you do not have to win a lottery anymore. There are more consistent, better, proven, and safer ways to boost your wealth by 100%. Below are five ways you can double your money.
Invest in Public Provident Fund (PPF)
You need to invest a minimum of INR 500 every year in your PPF account, and this scheme comes with a 15-year lock-in period. In contrast to other savings plans, PPF offers the lowest possible contribution. Whether you are a government employee, self-employed or salaried individual, this scheme is open for you to avail. Every year the rate of return is 8.75 per cent, and in 8 years, your invested amount may double.
Invest in real estate
Investing in real estate is one of the most effective ways of doubling your wealth. And it offers multiple ways to generate a regular rental income. However, the most significant advantage of investing in real estate comes from the easy access to low-interest leverage through a mortgage. In addition, it implies that your cash investment will be relatively small in contrast to the value of your asset.
The volatility of cryptocurrency offers an excellent opportunity for speculators to undertake money trading. Of course, there’s also a risk of losing money, but that is always a part of the trade-off when trying to double your money rapidly. But it is significant to note that there’s always a possibility of buying high and selling low and even bailing out when the prices crash.
Invest in the stock market
Investing in stock is a wonderful way of doubling your wealth. Direct investment in stocks has high risks, you may lose up to 50 per cent of your investment, but the returns are equally high.
Invest in corporate bonds
Bank deposits do not offer high-interest rates. Thus, if you are looking for a high rate of interest, invest in corporate bonds. Corporate NCDs or FDs’ market credibility and credit score determine the interest rates offered.
But the button line is, if you are seeking a way to double your wealth in a short time frame, you will have to take some risk.