How to double money in India, How to double your money in India, How to make money double, How to double my money, How can I double my money, Is it possible to double money in legal manner. So many questions and one answer is Yes, you can double your money by following some of the right ways that are applicable.
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How to double your money?
Let’s understand this with the help of one story.
Ram and Roy were two friends. Ram was earning 3 Lakh and Roy got 6 LPA packages.
Ram was not that good at academics but he was eager to learn about financial freedom. Whereas Roy was studious he thought that only working throughout life would make him Rich.
As a result, Ram was earning 3 Lakh with his small business at 22. Roy was earning 6 LPA he thought that Ram was so stupid he was just wasting his time. Now I am earning 6 LPA over the period of time I can retire with crores of Corpus at the age of 60.
At the age of 60, Ram and Roy both met at a party. Roy was shocked by knowing that Ram had a retirement Corpus of 40.96 Crores. Whereas Roy himself had barely accumulated only 1 lakh anyhow. Roy asked Ram how did you do this?
Ram says okay I am telling you but tell me first you were earning 6 LPA at 22 didn’t your salary increase? Roy said my salary increased to 30 LPA from 6 LPA over the decades. That’s great Ram said. So why do you barely save only 1 lakh rupees Ram asked. Roy said, As the salary increased my expenses also increased. Some money saved also went into EMIs like home loans, car loans, etc.
Further Roy says anyways you tell me how you created so much wealth. Ram says okay listen. I was about to earn money from my business at 22 but little confused about how to grow money.
So I read the article on how to double your money of personalfinancejarurihai that changed my life. I am grateful for it. Roy said seriously. Ram said Yes. In that, I learned the concept of double money with the help of Rule of 72. Roy asked what is rule of 72?
Ram says the Rule of 72 helps you to know how long will it take to double your money. If you can get a 6% return on your investment in that case 72/6 = 12. That means it will take 12 years to double your money at an annual interest of 6%. So if you have 1 lakh and you can get 6% interest on that you can double your money in 12 years without doing anything.
I was generating 2% on my business every month. So I was getting a 24% annual return. In that case 72/24 = 3. That means I can double my money in 3 years. So I tried to implement it in my life. When I was 22 I got 24% on my 1 Lakh Rs from my business. See this table so that you will have a better understanding.
| Age | Amount |
| 22 – 24 | 1 Lakh |
| 25 – 27 | 2 Lakh |
| 28 – 30 | 4 Lakh |
| 31 – 33 | 8 Lakh |
| 34 – 36 | 16 Lakh |
| 37 – 39 | 32 Lakh |
| 40 – 42 | 64 Lakh |
| 43 – 45 | 1.28 Crore |
| 46 – 48 | 2.56 Crore |
| 49 – 51 | 5.12 Crore |
| 52 – 54 | 10.24 Crore |
| 55 – 57 | 20.48 Crore |
| 58 – 60 | 40. 96 Crore |
Roy was regretting why he didn’t know this when he was in his early 20s. Anyways I hope you understood the story. So don’t make the mistake like Roy did. But now you will say Ram was doing business so he was able to generate 24%. But we are job going person how can I do. Simple. with the help of investing. To double money you have some of the ways. FD, Stock Market, Gold, or get a new high-paying job, Real Estate, etc.
How much time does it take to double money in FD?
Well, if you look at FD returns in the last 10 returns it is 2.5 to 9 %. Lets assume 5 % after deducting tax. So when you divide 72/ 5 = 14.4 years, you will take 14.4 years to double the money in FD.
How much time does it take to double money in Real Estate?
Well, if you look at Real Estate returns in the last 10 returns is around 9 %. So when you divide 72/ 9 = 8 years, you will take 8 years to double the money in Real Estate.
How much time does it take to double money in Gold?
Well, if you look at Gold returns in the last 10 returns it is 11 %. So when you divide 72/ 11 = 6.5 years, you will take 6.5 years to double the money in Gold.
How much time does it take to double money in Stock Market?
Well, if you look at Stock Market ie index fund. Returns in the last 10 returns it is 15%. So when you divide 72/ 15 = 4.8 years. You will take 4.8 years, almost 5 years to double the money in the Stock Market.
So if you invest 1 lakh in the stock market you can make your money double every 5 years if you are at 22. So according to this table will somewhat look like this
| Age | Amount |
| 22 – 26 | 1 Lakh |
| 27 – 31 | 2 Lakh |
| 32 – 36 | 4 Lakh |
| 37 – 41 | 8 Lakh |
| 42 – 46 | 16 Lakh |
| 47 – 51 | 32 Lakh |
| 52 – 56 | 64 Lakh |
| 57 – 61 | 1.28 Crore |
Well here is interesting thing for you many say to start investing early but let’s see the second table. Joseph is 27 he invested 10 lakh. So his table will somewhat look like this.
| Age | Amount |
| 27 – 31 | 10 Lakh |
| 32 – 36 | 20 Lakh |
| 37 – 41 | 40 Lakh |
| 42 – 46 | 80 Lakh |
| 47 – 51 | 1.6 Crore |
| 52 – 56 | 3.2 Crore |
| 57 – 61 | 6.4 Crore |
Shocked. This is the power of skill. I know you always heard the power of compounding. But let me tell you the hidden secret of successful people they work more on developing their skills.
How to double money in one day?
How to double your money in a day. Weird question. You can’t do this. Or the only thing you have is trading. But not recommended if you don’t know trading otherwise you can wipe out your account in a few seconds. Because everyone knows only 1% of traders make money rest 99% lose money. So be smart or do stupidity in greed it’s your choice.
How to double money in one year?
Well, in order to double money you need to get 72% on your return when you look rule of 72 you can double money in every one if you get 72% interest. But no false statement from my side it is not practical. I know you will say penny stocks give 300 or 500% sometimes. I agree with you but do you know there are thousands of penny stocks listed do you know which one will perform no na? So that’s why I said it is not practically possible to double in every year. You can generate 24% to 36% in business no doubt but otherwise might not be possible to get more than that for every consecutive year.
How to double money in 5 years?
Yes, it is very easy to double money in 5 years you can get 15% on your investment if you do proper research and if you have lots of patience. Index fund gives more than 15% easily. Anyone can make it easily if they know about investing.
How much time does it take to double money in jobs
If you don’t change the job and I am expecting you get increment of 10% every year so 72/10 = 7.2 years. In this case, you need 7.2 years to double your salary in that particular job.
What is the easiest way to double your money?
The easiest way to double your money is to put your money in front of the mirror. Ha ha, this is a riddle answer. Anyway, I have given you the above ways that you can follow I know it might take some time but you need to give that. I had not discussed any stupid or quick rich scheme that will double your money overnight. I hope you got my point. Don’t only focus on doubling your money every now and then focus on upgrading skills which will directly or indirectly upgrade your skills.
Read More
- How to save 1 lakhs in 6 months
- How to grow your money fast
- How to become a millionaire before 25
- How to become rich with less salary
- How to save money with 10,000 salary
- How to save money from salary every month
- How much percentage of salary should go in EMI
I hope you understand how to double your money. If you understand don’t forget to share because sharing is caring.