Doubling your Money is the best way of putting your money to work for its growth. Money is something which we all work for but imagine, you are using your money to make money work for you.
This is the idea behind investment, making money work for you. The life that this way of living offers is financial freedom and high standards of living.
You can invest your money in valuable assets that will put money into your pocket and at the same time, you can spend your time doing things that interest you.
Money is not at all complex, imagine it as a river water and your investments and business as Dams built on the river.
You can only control the flow of the river and never stop it, The best way to have absolute control over the river flow is to build multiple dams on the river hence, helping you in controlling the flow.
Now this analogy helps us in understanding money, Your business and investment are those dams that will slow down the flow of money and you’ll use that money to purchase assets.
Doubling your money is all about investing in the right time, and the right thing. If any of these opportunities is missed then you may face loss.
To prevent such losses, we have curated his article, where we will briefly discuss money, how you can double it, misconceptions about money, and much more.
But first, let’s find out what is Money.
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What is Money?
As Robert Kiyosaki in his book “Rich Dad, Poor Dad” briefly explains what is money! He says that there are two types of current, which are as follows-
- God Currency- Which is used by the Gods- Gold, Diamond, etc.
- Fiat Currency- This is our everyday use currency i.e. Dollars, rupees, etc.
God’s Gold Currency is the best currency in which you can invest. Humans have been trading commodities in Gold for centuries and the use of paper currency is a 21st-century invention.
All the economies and their currencies in the world are fiat currencies and they are a piece of paper which is backed by a promise of the central bank to its holder. God’s currency is backed by the actual value of the metal it is made of.
Comparing both you find out that the safest asset that you can invest in is the actual physical gold biscuits. The appreciation of the value of the gold has increased over the years and the value of the metal will always be high. All these factors put gold as the safest way to secure your wealth.
But now the question arises How can I afford gold?
Well, this strategic investment is only for those who have figured out their business and earning a decent monthly income.
Gold investment is a place where you want your hard-earned money to be placed so that it can grow and be appreciated over time. But for this to happen you need to have a steady source of income.
How to Get A Steady Source of Income?
You cannot make money, you can only take money. Yes, you’ve heard it right. Money can only be taken from someone else for the value that you are providing. The entire system of money is created around it.
In essence, to make money, you need to have a valuable thing that people need/want and are willing to give money for. Basically, you can make money in four ways-
- In Exchange for your time i.e., a job
- In Exchange for Products or Services i.e., Business
- In Exchange of Your Information i.e., Consulting, Online Course, etc.
- You Get More Money in Exchange of Money i.e., Investment
When starting, you need to have a job or business from where you can secure your source of income. But, eventually, your goal should be to move upward and get into consulting and investment.
The reason is that you can make way more money than the effort you put into things like consulting, courses, teaching, YouTube, etc. but these are things that have to be built to work hence, the best way of doing these is to start a job, save money and invest in passing income building strategies, this is the secret to getting a steady source of income for you.
Misconception about Money
When we talk about money, there is a lot of misconception that comes into one’s mind, and that becomes a negative connotation that gets attributed to money.
How can a thing that gives you options, opportunity, and freedom be bad for you?
Here we have listed three of the basic misconceptions that can make your finances go down. As soon as you spot these just throw them out.
Debt is Bad
You’ll meet many people who say Debt is bad, which is an absolutely wrong statement. Bad debt is bad and good debt is amazing.
How to differentiate?
Good debt is something that puts money into your pocket for the long term and is used for getting an asset for you. Also, the money that is taken as a debt to purchase the asset must be offered at the best interest rate.
If you keep these two things in mind then you’ll always be financially free and comfortable in your life without worrying about debt.
Bad debt, however, will severely impact your wealth and may increase the risk of bankruptcy which is dangerous to your overall wealth-generation ability.
As a consequence of Bad debt, you may lose your assets, negatively impact your credit score, and will push towards a downward spiral. So, under any circumstances never minimize your bad debt and always maximize your good debt.
Now, people often associate money as equal to security but it’s an illusion that comes with the money. Money has the potential to be manipulated by the Central bank and Government which puts the money in control of these organizations.
They can increase the value of the currency or decrease it at their will which is why we have fiat currency. Internationally, US Dollars are accepted as global currency but the problem with US Dollars is that the debt that the US takes i.e. close to 28 Trillion Dollars is also exported to the world and every economy gets affected due to this.
In a bad economy, currency value and the overall market get affected which devalues the money that you are holding. To increase your security, you need to invest in things that are protected from this manipulation i.e. physical gold assets.
Now, money can’t make you happy, it is what you do with the money that makes you happy. It is not just a statement but a fact. All you do with the money is get experience, more money is getting the better experience. But, to progress your mental and spiritual wealth, you have to look beyond the money and focus on self-development and personal growth.
Find Out How to Double Your Money
After figuring out what is money and some misconceptions about money, we can now dwell on our strategies which we can use to double our money-
The best way to double your money is to start a business. If you do it right, you can 100x your investment a build an amazing business which will help you to get more money.
Your ability to get money becomes easy and taking loans becomes cheap which makes business one of the best ways to make money.
There are various business strategies and plans that require less investment but the output can be life-changing. The risk will always be there by this risk is worth it because the reward is your financial freedom.
Investment in the Stock Market
Stock Market is another place where you can double your money fast however, the risk of losing it is higher than that of business.
If you are a beginner then the best way to invest in the stock market is to purchase a mutual fund. With mutual funds, you can invest in a basket of stocks managed by financial experts and could easily reduce your risk.
If you are experienced in day trading then you can quickly make profits out of it however, the chances of losing money in day trading are higher and if you know nothing about the stock market then stay away from day trading or learn day trading.
With tax-free bonds, you can earn interest on the funds you’ve invested in the bonds. The Government releases various Government bond assets for you where you can invest and earn an interest income from there. At the time of maturity, you’ll get the principal amount as it is.
Real Estate or Infrastructure Investment
Real Estate and infrastructure investment is another amazing investment that you can make and will make your investment profitable.
Real estate is the best investment in terms of Year on Year growth it offers, also, the rental income you’ll earn out of the investment is amazing.
You should always buy real estate on a home loan basis and offset the EMI bill with the rental income making the investment self-sustaining so that you do not have to lose your actual money in debt repayment.
Eventually, after debt servicing is completed, that asset will further put money into your account hence, increasing your wealth. You can repeat this and eventually acquire a lot of property which you can use for renting and earning.
Gold is an evergreen investment and is by far the safest way of securing your investment. The only downside is the safety of the gold can be hampered if you do not have tight security at your home. But, as an investor, you should always focus on building the physical gold investment.
Money is a very important resource for your wealth and health. With money, you’ll be able to afford a lot of things in life which include quality life, high standards of living, quality healthcare, and much more.
In the modern day, wealth is success and everyone wants to be successful, With AI and online businesses, you can grab a lot of opportunities for yourself making it possible for you to create wealth.
But, with making money, you should always learn how to invest your money so that you can focus on important things in your life like spending time with your family and friends, traveling, etc.