How to Invest 1,000 Dollars (and Double It!)

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So you have $1,000 and you want to turn it into more. Congratulations! You are already ahead of over 60% of people who couldn’t even come up with that amount in an emergency.

This is the traditional method of investing and making your money work for you. As Albert Einstein was famously quoted as saying, compound interest is the eighth wonder of the world.

Double Your Investment With Time

If you put $1,000 in the stock market, and it returned 8%, in 9 years you would double your investment. While that might not seem that impressive, consider that if you put $1,000 away when you were 20, by the time you retired, it would have doubled 5 times over and be worth almost $32,000!

Double Your Investment With Hard Work

If you are willing to work hard, there is no limit to the amount of money you can earn. Taking your initial $1,000 investment and turning it into $2,000 is as easy as trading your time for money.

For example, you could use your money to buy some lawn mowing equipment and go door-to-door selling lawn care services. If you could make $25 per hour, you’d make your $1,000 back in 40 hours and quickly increase your profits from there.

This is closely related to hard work, but there is less of an element of trading your time directly for money, and more emphasis on learning a skill or investing in assets that continue to pay you regardless of how much time you put in.

Double Your Investment With Skill

Taking our lawn mowing example, what if you invested $1,000 in turning your lawn care job into an actual business, where you were the CEO and you hired out the marketing, sales, and actual lawn mowing to employees.

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