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If you have $10k right now, what are some of the best things you can do to turn it into $100k? The reality is that our money has the potential to generate significant returns if we understand how to strategically put it to work. Unfortunately, many individuals lack the knowledge needed to effectively multiply their money.
You’re in luck because I have outlined in this post how to 10x your $10,000. Nevertheless, you must be aware that for this to work, you need patience and the ability to delay gratification. Once you embrace these qualities, growing your wealth becomes a realistic possibility.
You should stick around with this post because the methods I share here are legit, unlike some of those fake promises out there that claim to double or multiply your money fast.
So, without wasting time, let’s delve into it!
How To Turn $10k Into $100k
When you want to grow your money, there are two ways to do it: the quick way, which has more risk, and the slow way, which is safer. Starting a business is an example of the quick way while investing in the stock market is a slower but safer way.
But, from my experience with starting a business, I’ve learned that not easy at all. You need to put in hours of consistent work to achieve that “quick success”; otherwise, it will take a longer time.
On the other hand, if you put $10,000 into the stock market and add $200 every month (additional investment contributions), it would take 15 years to reach $102,000, assuming an annual stock market return of 8%. So, you can see that every path has its upsides and downsides.
I cannot pick and choose which path you should take, you have to decide based on factors like your financial or investment goals, risk tolerance, and time horizon.
Let’s have a look at the best ways to turn your 10k into 100k:
1. Invest in Real Estate
It’s a popular way to build wealth, with 45% of Americans, as reported by CNBC, agreeing that real estate is the best avenue for wealth accumulation.
Now, you might be wondering how this is achievable (investing 10k in real estate), especially given that real estate investing can be seen as quite costly.
But the good news is that you can use crowdfunding platforms to start investing in real estate. Real estate crowdfunding platforms work by gathering money from various investors and using those funds to purchase properties.
In simple terms, when you invest your $10,000, you essentially own shares in these properties. Depending on the platform, your money may be used to buy properties like warehouses, retail spaces, hotels, townhomes, condominiums, single-family apartments, etc. This is a great way to earn passive income.
What Are the Best Real Estate Crowdfunding Platforms?
Below are the best crowdfunding platforms you can use to invest your 10k:
- Fundrise: You can start investing with as little as $10, and your money will be diversified across eREITS and eFunds. With Fundrise, you are guaranteed an 8% return on your investment every year.
- Arrived: This crowdfunding platform lets you invest in rental properties with a minimum of $100. Because Arrived invests in rental properties, you can expect to receive quarterly dividends from the rental income.
- Streitwise: Streitwise lets you start investing in commercial real estate with a minimum of $3,505 which earns you 500 shares. It’s a good crowdfunding app to use if you want dividend income.
- Tellus: Another crowdfunding platform to invest your $10,000 is Tellus. I haven’t delved fully into how Tellus works, but I hear people say the app pays daily returns after investing.
2. Invest in Cryptocurrency
Cryptocurrency remains a type of investment that many people struggle to comprehend. So, I understand it might be challenging to persuade you to invest your $10,000 in it. Nevertheless, investing in cryptocurrencies is another way you can turn your 10k into 100k.
Moreover, cryptocurrency is highly volatile. Let’s take bitcoin; according to Skrill, in 2021, bitcoin was valued between $28,383 and $65,000. This made it record a daily volatility rate of 4% and an annual volatility rate of 81%.
A Bitcoin Volatility Time Series Chart From 2010 to 2023 (Source: BuyBitcoinWorldwide).
If you’ve heard that the stock market is volatile, crypto is on a whole new level. So, while investing in cryptocurrency can turn your 10k into 100k, you should be someone who can handle risk.
Here are the best platforms you can use to invest in cryptocurrency:
Through these apps, you can invest in all types of cryptocurrencies – including Bitcoin, Dogecoin, Chainlink, Ethereum, TRON, and Tether.
3. Invest in The Stock Market
The stock market is another path to increase your $10k tenfold. You can invest in dividend stocks, growth stocks, ETFs, bonds, and index funds. With stock market investing, you can grow your money on autopilot.
Let’s look into how each type of stock investment works to help you choose what’s best for you!
- Dividend Stocks: These are stocks of companies that pay their shareholders or investors based on the profits the company makes. Dividends are paid monthly, quarterly, or semiannually, depending on the company. Examples of dividend-paying companies are Walmart (WMT), Home Depot (HD), Johnson & Johnson (JNJ), and Chevron Corporation (CVX).
- ETFs: Exchange-traded funds work like mutual funds. The only difference is that ETFs can be traded like stocks. Investing in ETFs diversifies your portfolio since it invests in broad asset classes. ETFs offer the benefit of being both tax-efficient and inexpensive.
- Index Funds: With index funds, you’re investing in a massive collection of stocks that have been designed to replicate the performance of an already existing stock market index, such as the S&P 500. If you want to play it safe with your $10,000 and hope for a solid 10% return each year, you might want to lean towards index funds. Some of the best index funds are Schwab S&P 500, Vanguard S&P 500 index funds, and Fidelity ZERO Large Cap index.
How To Start Investing In The Stock Market
The best way in my opinion is by using an online brokerage app. Here are the top online brokerage apps available:
4. Start an E-Commerce Business
Another way to turn your 10k into 100k is by starting an e-commerce business. E-commerce sales are expected to reach $8.1 trillion by 2026, this means you can easily turn your 10k into 100k provided you know the right strategies.
To start your e-commerce business, you must find a product with a ready market. It can be a digital or physical product. If you settle on physical products, you have to decide on how you’ll receive the products. It’s either you will use white-labeling, retail arbitrage, or print-on-demand.
Next, pick a platform to set up your store. For instance, Printify operates on the print-on-demand model, handling the printing and shipping when you make sales. Fulfillment by Amazon works similarly. If you’re selling vintage items, paper supplies, handmade jewelry, and more, Etsy is also an excellent choice.
While starting an e-commerce business is not an easy way to flip your money, you can have a breakthrough with the right approach.
5. Open A High-Interest Savings Account
If you’re eyeing some serious interest on your $10,000, consider stashing it in a high-interest savings account. It might not be the absolute best move for your money, but it beats letting it sit in a regular savings account with barely any interest of below 1%.
By creating your account with any of these platforms, you can expect an APY of about 5 to 5.30%.
6. Invest in Small Enterprises
If you are still looking for a way to turn your 10k into 100k, you can invest in start-ups and small businesses. This is one of the legitimate ways to earn passive income.
You can get started by using Mainvest. This platform lets you invest in small to medium-sized businesses with as little as $100. All you need is to have a US bank account and be 18 years or older, and you can invest in ventures such as:
- Grocery shops
- Ice shops
- Food trucks, etc.
Though it involves some risk, there’s a significant likelihood of receiving positive returns on your money anticipating an average return of 10%-25%.
Now you know that you don’t have to be an accredited investor to invest in business, thanks to Mainvest.
7. Try Peer-to-peer Lending
Lending your hard-earned money to people is a risky thing to do, but it works. However, understand that it will take some time to reach the $100k.
If you want things to move faster, think about lending money to borrowers with not-so-great credit. You’ll get a higher interest rate but be prepared—the risk factor goes up too.
Besides using peer-to-peer platforms, you can lend money to people by joining Reddit communities like r/Borrow.
8. Start A Website Blog
A website blog is one business with a very low overhead cost but has the potential to make you tons of money. If you are looking for a way to turn your 10k into 100k, I would say give blogging a shot.
I started my blog with less than $150 in 2022, and it now generates some money on autopilot. Even though I haven’t made 100k yet, it will happen in the future!
The whole blogging process excites me since I have learned many skills including website building, writing, SEO, email marketing, networking, and many others which are high-paying skills on their own. So, this is a good way to also invest in yourself.
To kickstart your blogging journey, you’ll require a domain name, hosting, and a WordPress theme, which shouldn’t cost more than a total of $150. Like all businesses, starting a blog is a risk you’re taking but if you put in the work and remain patient, you will earn 100k+.
9. Start a Flipping Business
You can also start a flipping business to turn your 10k into 100k. Thrift markets are the best places to find items like clothing to sell for profits. Or if you have used (secondhand) clothing, you can sell them on various marketplaces.
Here are some marketplaces and the items you can sell there:
- Poshmark: This marketplace is for selling name-brand and contemporary clothing. The majority of its users are millennials, so your clothes should resonate with them.
- SidelineSwap: If you have used sports gear and equipment, SidelineSwap is the right place to sell them.
- Depop: Sell on this marketplace if you have high-end fashion, vintage, or streetwear clothing.
Other Flipping Businesses Available
Website and domain flipping are also part of the flipping business.
Depending on your website’s niche and income, you can earn about 25 to 45 times the monthly income. For instance, if the blog earns $500 per month, it can be sold for about $12,500 to $22,500.
You can buy domain names, hold onto them, and sell them for a profit. The only downside with domain flipping is that there’s no assurance someone will purchase the domain you acquire.
However, if you keep an eye on trends and choose short, catchy domain names, there’s potential to sell them for thousands, if not millions, down the road. Examples of domain names that sold for millions of dollars include:
- Internet.com – $18 million.
- VacationRentals.com – $35 million.
- Insurance.com – $35.6 million.
- Voice.com – $30 million.
- Cars.com – $872 million.
Growing your money is not a walk in the park, it takes dedication, patience, and the willingness to delay gratification. You now know how to turn your 10k into 100k, but more is required to make it happen than just this information.
You can use any of the ways to 10x your $10,000, nevertheless, knowing how fast you want results and your comfort with risk can guide you to settle on the one that suits you best!
I hope this post has been helpful, and I’m excited that you will soon take action. Cheers!