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 grand and blow it on a chance that could pay off big but is extremely risky — like investing in the latest meme coin or trying to hit a 10-leg parlay — take a look at these ideas that could turn your grand into 10 grand in as little as a few months.
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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.”
According to him, “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, the president and co-founder of Enventys Partners.
“With the absolute takeoff of clothing resale platforms… 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.”
Start a Side Hustle
There are plenty of side hustles to pursue — from baking dog treats to selling printables — but Bryan Clayton, 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.”
When it comes to profiting, Clayton said, “You can make $10,000 in your first month if you hustle.”
He also noted that during the labor shortage, vendors on GreenPal could make $75 an hour and added, “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,” he continued.
He added that aside from investing in resources and capital, you should make sure to add money for posts and listings. “Maximize platforms like YouTube and TikTok to harness the superpower of digital marketing,” said Tran.
Invest in Real Estate
“Investing in real estate is an excellent avenue to increase your wealth, but it often requires a lot more than $1,000,” Morejon said. “This is where crowdfunding real estate could be an excellent option to flip your $1,000 to $10,000.
He explained that platforms like Fundrise allow you to invest any amount of money into private commercial and residential properties through a crowdfunding model, pooling assets.
He said, “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: 5 Best Ways To Turn $1K Into $10K
