The opportunity to multiply an initial investment by 10 is one that most people wouldn’t pass up. However, the truth is that turning $1,000 into $10,000 is probably not going to happen overnight — or even in a few weeks. And while achieving this financial goal is definitely doable, you might wonder which way is the straightest path there.
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Before you take your $1,000 and blow it on an opportunity that could pay off big but is extremely risky — like investing in non-fungible tokens — take a look at these ideas that could turn your grand into 10 grand in as little as a few months.
Invest In Yourself
It’s possible that you could learn something that will allow you to increase your earning potential by $10,000 per year.
“Try hitting the books and picking up an online course, which will allow you to earn more money,” said Brian Meiggs, an entrepreneur and the founder of My Millennial Guide. “This could involve an investment of time and money — but it could be worth looking into if you’re serious about increasing your income. The best way to do it is to find someone who’s an authority in your field of interest and has a course you can purchase. It’s a great way to learn directly from an individual in a position you’d like to be in, and the upside is there’s a high potential for return on investment.”
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Buy Products and Resell Them
“When starting a reselling business, your options for getting products are virtually unlimited,” said Matt Robbs, founder of Smart Saving Advice. “You can buy items to resell at places like flea markets, yard sales, thrift stores, AliExpress and eBay. “The reselling business all comes down to knowing what the true value of something is and being able to purchase it for cheaper and resell for a higher amount. That is what will allow you to turn $1,000 into $10,000.”
Seconding that notion is Roy Morejon, president and co-founder of Enventys Partners.
“With the absolute takeoff of clothing resale platforms like Depop and Etsy, it could pay to invest in buying and reselling clothing,” Morejon said. “Like any business, big or small, this avenue takes work — building an audience, taking product photos, increasing your reach — but clothing resale is an incredibly lucrative industry, and could be an excellent investment.”
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Start a Side Hustle
There are plenty of side hustles to pursue — from baking dog treats to selling printables, but Bryan Clayton, the CEO of GreenPal, is partial to lawnmowing, which is something you could potentially start doing tomorrow.
“The best way to turn $1000 into $10,000 is to start your own lawnmowing business side hustle,” Clayton said. “You can get into the lawnmowing business for less than $500 and you can even spend $1000 if you want to buy a little bit better equipment. You can make $10,000 in your first month if you hustle. We have vendors on the GreenPal platform making $75 an hour now with the labor shortage that our economy is experiencing. Simply put, the lawnmowing business is the best side hustle there is.”
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Start a Home Business
“Home-based businesses are just as credible as large-scale businesses,” said Charles Tran, the founder of CreditDonkey. “Putting in the work to create and sell something that people will value is no joke. Soy candles, bath bombs, slimes and selling stationery are just some of the ways to get started. Aside from investing in resources and capital, make sure to add money for posts and listings. Maximize platforms like YouTube and TikTok to harness the superpower of digital marketing.”
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Invest In Small Businesses
“Mainvest is a regulation crowdfunding platform that allows anyone to invest in small businesses with as little as $100,” said Lauren Murdock of Mainvest. “With target returns between 10-25% and quarterly repayments, investing on Mainvest is a great way to make passive income while supporting small businesses in your community. Since our inception, we’ve helped over 400 small businesses across the U.S. raise $12MM in capital. When you invest in a business on Mainvest, you are buying a percentage of their revenue, detailed in the offering page. Because of this unique revenue sharing model, investors get quarterly repayments as long as the business they invested in is open and making revenue. This is beneficial to both investor and business as businesses don’t give up any ownership and investors do not have to rely on profitable ventures for repayment.”
Invest In Real Estate
“Investing in real estate is an excellent avenue to increase your wealth, but it often requires a lot more than $1000,” Morejon said. “This is where crowdfunding real estate could be an excellent option to flip your $1,000 to $10,000. Platforms like Fundrise allow you to invest any amount of money into private commercial and residential properties through a crowdfunding model, pooling assets. If you’re thinking long-term, crowdfunding real estate is an excellent option that anyone can take part in.”
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This article originally appeared on GOBankingRates.com: 6 Top Tips for How To Turn $1,000 Into $10,000