“Expert verified” means that our Financial Review Board thoroughly evaluated the article for accuracy and clarity. The Review Board comprises a panel of financial experts whose objective is to ensure that our content is always objective and balanced.
Bankrate is always editorially independent. While we adhere to strict , this post may contain references to products from our partners. Heres an explanation for . Our is to ensure everything we publish is objective, accurate and trustworthy. Bankrate logo
Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next.
Bankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. All of our content is authored by highly qualified professionals and edited by subject matter experts, who ensure everything we publish is objective, accurate and trustworthy.
Our investing reporters and editors focus on the points consumers care about most — how to get started, the best brokers, types of investment accounts, how to choose investments and more — so you can feel confident when investing your money.
The investment information provided in this table is for informational and general educational purposes only and should not be construed as investment or financial advice. Bankrate does not offer advisory or brokerage services, nor does it provide individualized recommendations or personalized investment advice. Investment decisions should be based on an evaluation of your own personal financial situation, needs, risk tolerance and investment objectives. Investing involves risk including the potential loss of principal. Bankrate logo
Bankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions.
We value your trust. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. We maintain a firewall between our advertisers and our editorial team. Our editorial team does not receive direct compensation from our advertisers.
Bankrate’s editorial team writes on behalf of YOU – the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information. Bankrate logo
Let’s be real – who hasn’t dreamed about doubling their money overnight? I know I’ve spent plenty of time imagining what it would be like to turn $1000 into $2,000 or $10000 into $20,000 in just 24 hours. It’s a tempting fantasy that drives millions of people to search for get-rich-quick schemes every day.
But is doubling your money in a single day actually possible? Or is this just another pipe dream that leaves most people disappointed (or worse broke)?
In this article, I’m gonna break down the truth about doubling your money in a day – what’s realistic, what’s risky, and what’s just plain foolish Let’s dive into some hard facts about quick wealth creation
The Harsh Reality: Doubling Money in One Day is Extremely Risky
I’ll be straight with you – yes, it’s technically possible to double your money in one day, but the methods that allow this are incredibly risky and closer to gambling than investing. As your financial buddy, I gotta warn ya that any strategy promising to double your money in 24 hours almost certainly comes with massive risk of losing everything.
The classic investment wisdom follows the “risk-return tradeoff” – higher potential returns always come with higher potential losses. This isn’t just financial theory; it’s basically a law of economics.
Why Most “Double Your Money Fast” Schemes Are Dangerous
Before we look at what might work (with huge risks), let’s address some red flags:
- If it sounds too good to be true, it absolutely is: Anyone guaranteeing double returns in a day is likely running a scam
- Urgency is a warning sign: “Act now or miss out!” is the battle cry of fraudsters
- Secret methods don’t exist: If someone claims to have a “secret formula” that only they know, run away!
- The pitch man’s math doesn’t add up: If doubling money daily was reliable, everyone would be billionaires within weeks
The Investopedia article on doubling your money explicitly warns: “The pitch of taking your money and doubling it is often central to the worst scams.”
Speculative Methods That Could (But Probably Won’t) Double Your Money in a Day
If you’re still reading and understand the extreme risks involved, here are some highly speculative approaches that theoretically could double money in a day:
1. Options Trading (Extremely High Risk)
Options allow you to control large amounts of stock with relatively small amounts of capital. A dramatic move in the underlying stock price can sometimes produce returns of 100% or more in a single day.
Why it’s dangerous: Options can expire completely worthless. Most day traders lose money. Studies show that approximately 80-90% of option buyers lose money.
2. Cryptocurrency Day Trading (Extremely High Risk)
Crypto markets are notorious for wild price swings. Some altcoins can jump 100%+ in a day during bull markets.
Why it’s dangerous: For every crypto success story, there are thousands of people who lost everything. Crypto can also crash 50% or more in a day, and many coins eventually become worthless.
3. Penny Stock Speculation (Extremely High Risk)
Bankrate mentions: “Penny stocks can double your money in a single trading day.” These ultra-low-priced stocks sometimes experience explosive moves.
Why it’s dangerous: Penny stocks are often manipulated, thinly traded, and lack transparency. Most people who invest in them lose money, and many are outright scams.
4. Gambling (Pure Luck)
Betting on red/black in roulette, going all-in on a poker hand, or placing sports bets could technically double your money instantly.
Why it’s dangerous: This isn’t investing – it’s pure gambling with a negative expected return. Casinos and bookmakers design these systems to take your money over time.
Smarter Ways to Actually Double Your Money (That Take Longer)
I’d be a terrible financial writer if I only told you about the crazy risky stuff without giving you legitimate alternatives. Here are proven, lower-risk ways to double your money:
1. Employer 401(k) Match: Free Money!
This is literally free money. If your employer offers a 401(k) match, they’re giving you a 100% return on your contribution immediately. As Bankrate states, “It does not get any easier or lower-risk to double your money than by taking advantage of an employer match on a 401(k) account.”
Timeframe: Instant (though you can’t access it until retirement)
2. Investing in S&P 500 Index Funds
The S&P 500 has historically returned about 10% annually over long periods.
Timeframe: Around 7-8 years (using the Rule of 72 – divide 72 by your expected return to estimate doubling time)
3. Real Estate with Leverage
Buying a home with a mortgage provides significant leverage. As Bankrate explains, “When your home increases in value to $240,000, you’ll have the original down payment of $40,000 plus a capital gain of $40,000 for a total gain of 100%.”
Timeframe: Varies by market, typically several years
4. The “Contrarian Way”
Investopedia mentions buying quality assets when they’re deeply out of favor – like purchasing solid companies during major market crashes.
Timeframe: Usually months to years
The Rule of 72: A Reality Check on Doubling Time
The Rule of 72 provides a quick way to estimate how long it will take to double your money at a given interest rate. Just divide 72 by the annual rate of return:
| Annual Return | Years to Double Your Money |
|---|---|
| 1% | 72 years |
| 3% | 24 years |
| 6% | 12 years |
| 9% | 8 years |
| 12% | 6 years |
| 72% | 1 year |
| 100%+ | Less than 1 year |
As you can see, any investment promising to double your money in a day would need to deliver a return of over 25,000% annualized – which should immediately raise red flags!
My Personal Experience with Get-Rich-Quick Temptations
I’ll admit it – I’ve been tempted by the allure of quick money. A few years back, I put $500 into a “hot” penny stock based on a tip from someone I thought knew what they were talking about. The stock doubled briefly (fueling my dreams), then crashed 90% within a week.
That painful $450 loss taught me more about investing than any book ever could. Real wealth building is almost always a marathon, not a sprint.
Some Hard Questions to Ask Yourself
Before trying to double your money super-fast, ask yourself:
- Can I afford to lose 100% of this money?
- Why do I need to double my money so quickly?
- Am I being driven by greed rather than sound financial principles?
- Would a more patient approach serve my long-term goals better?
Final Thoughts: Building Real Wealth Takes Time
The truth is that consistent, reliable wealth-building almost never happens overnight. The people who actually build lasting wealth typically do it through:
- Consistent saving and investing over decades
- Taking calculated risks with money they can afford to lose
- Focusing on value rather than quick returns
- Understanding that compound interest needs TIME to work its magic
As the Investopedia article wisely notes: “The key to doubling your money isn’t listening to some con artist tell you about some boondoggle only they know about. Instead, it often lies in diversification, patience, and a clear understanding of your financial goals and risk tolerance.”
If someone promises you can double your money in a day with little risk, they’re either misinformed or trying to separate you from your cash. Building real wealth isn’t exciting or flashy – it’s about making smart decisions consistently over time.
What are your thoughts on quick wealth schemes? Have you ever been tempted to try doubling your money in a day? Share your experiences in the comments!
FAQ: Doubling Your Money Quickly
Q: Is there any guaranteed way to double my money in a day?
A: No. Any method that could potentially double your money in a day comes with extreme risk and a high probability of losing most or all of your investment.
Q: What’s the safest way to double my money?
A: According to Investopedia, U.S. Treasury Series EE Savings Bonds are one of the safest ways, as they’re guaranteed to double in value if held for 20 years.
Q: Are there any legitimate investments that can double my money quickly?
A: Legitimate investments typically require time to double your money. The fastest legitimate method is usually taking advantage of an employer 401(k) match, which can instantly double your contributed amount (though you can’t access it until retirement).
Q: Should I try options trading to double my money fast?
A: Only if you thoroughly understand options, can afford to lose your entire investment, and recognize it’s closer to gambling than investing when used for quick returns.
Invest in an S&P 500 index fund
An index fund based on the S&P 500 is one of the more attractive ways to double your money. While investing in a stock fund is riskier than a bank CD or bonds, it’s less risky than investing in a few individual stocks. Plus, the S&P 500 is composed of about 500 of America’s largest and most profitable companies, so it’s a strong pick for long-term investing.
The S&P 500 has an attractive long-term return, averaging about 10 percent annually over long periods. That means, on average, you’ll be able to double your money in just over seven years.
That said, the return in any single year is likely to be very different — higher or lower — than the average. The S&P 500 can go through long losing streaks, too. For example, the index had a negative return during the 2000s, even though it rose during many of those years. The S&P 500 made up for it in the 2010s, returning 252 percent — more than tripling.
It’s easy to buy an S&P 500 index fund, and you don’t need a lot of expertise to invest this way. MORE:
How we make money
You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey.
Bankrate follows a strict editorial policy, so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers.
We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money.
Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range, can also impact how and where products appear on this site. While we strive to provide a wide range of offers, Bankrate does not include information about every financial or credit product or service.
Are you looking to double your money? Even with interest rates remaining high, it’s hard to use a bank account to earn a substantial amount of money. For investors to double — or even triple — their money, they’ll often have to take on some risk for that potential reward.
To double your money over time, investors have a number of choices that come with limited risk. Meanwhile, those looking to shoot the lights out and double their money quickly have their share of high-risk, high-reward choices, too, though financial advisors will quickly tell you to keep your allocation to the highest-risk picks in check. Get started:
Below are five possible ways to double your money, ranging from the low-risk to the highly speculative.