Tips to Grow Cash. How to turn $1000 into $10,000 is a very interesting topic to be studying in these times. The opportunity to multiply an initial investment by 10 is one that most people wouldn’t let go of, that is why so many people fall for traps in form of get-rich schemes.
Tips to Grow Cash
However, the truth is that turning $1,000 into $10,000 is most probably not a goal to achieve overnight or even in a few weeks or months. Although achieving this goal is possible, you might wonder which way is the best path towards that goal.
Instead of taking your $1,000 and blowing it on an opportunity that could pay off big but whose risk is at the highest like investing in non-fungible tokens — consider these ideas at these ideas that could turn your grand into 10 grand in as little as a few months time.
Invest In Yourself
It’s possible that you could learn something that will help you increase your earning potential by at least $10000 in a 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.”
Buy Products and Resell Them
Even if it’s underestimated, buying and selling things online is a very potent way to make money in this century.
“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.”
And supporting this notion is Roy Morejon, president, and co-founder of Events 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.”
Start a Side Hustle
Pursuing a side hustle will not only give you more money, but it will also teach you some business skills. So many jobs can serve as side hustles, from baking dog treats to selling printables, but Bryan Clayton, the CEO of GreenPal, decides to be partial to lawnmowing, which is something you could potentially start doing as soon as possible.
“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.”
Invest In Small Businesses
This is a legit passive income generating type of strategy, becoming an investor is what so many rich people do, and you can do that with the little you have. Lauren Murdock talks about mainvest:
“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 the capital. When you invest in a business on Mainvest, you are buying a percentage of their revenue, detailed on 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
If you are thinking of a type of business to do to generate high income in these times, then go for real estate. Real estate does not only generate high income, it gives you flexibility in generating income. In other words, you could have multiple streams from 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 Fundraise 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.”
There are also other ways of generating the type of income you need. You could consider starting a business, freelancing, marketing your skill, affiliate marketing, blogging, writing, social media marketing, e.t.c.