There are quite a few ways you can double $100. One best way is to buy used products and then resell them for profit. You can also consider micro-investment to double 100 dollars.
- Buying and selling used or 2nd hand products are the best way to double $100
- You can also double the 100 dollars by micro investment, frictional share investment, stock index mutual fund investment, 401(k) investment, IRA account investment, and cryptocurrency investment
- Investing in 401(k) and IRA account will give you tax benefits
- You will need a brokerage account to invest in stock index mutual funds and frictional shares
Is it Possible to Double $100?
Yes, it is practically possible to double $100. Well, $100 might be a very small amount to do a business but that doesn’t mean you can’t double your fund. Regardless of the funds, it is very important to learn how to invest and once you learn the art of investment you can easily double your investment. You might wonder, whether $100 could make an impact in your life. But, if you make a proper investment then $100 can change your fortune. For example, if you had invested $100 in the below companies then your $100 is worth 10X or more –
|Company/Stock||Investment Amount(10 Years Ago)||Investment Value Today|
So, if you could have invested in Bitcoin decades ago then you could become a millionaire in 10 years.
Is it Possible to Become a Millionaire with a $100 Investment?
Well, anything is possible in business. In the above paragraph, I have mentioned how investing in Bitcoin can turn your fortune. Now, if you are looking for more risk-free investment options then you can consider index funds, ETFs, individual stocks, etc. Moreover, you can also become a millionaire by saving a very small amount of money like $100 per month. Though it might be a very slow process but it is a possible way to become a millionaire with a $100 investment. The below table will give you a clear idea –
|Monthly Investment||% Earned||10 Years||20 Years||30 Years||40 Years|
How to Invest $100 and Make it Double?
Well, $100 is a very small amount; therefore the investment option is also very limited. Now, if you are wondering how to invest $100 and make it double then you can follow the below investment options.
1. Open a Recycle Shop
If you have spare space in your garage then you can open a recycling shop. Opening a recycling shop doesn’t require lots of investments. With $100 you can easily run a recycling shop. What you can do is, buy used products for $1, $2, $5, $10, etc. and then sell them to people who are looking for used products at a cheaper price. You can sell recycled products with a 10% – 20% profit margin. This way you can easily double your $100.
2. Micro Investment
$100 is not a big amount that you can invest in big stocks or in a large investment option. Therefore, micro-investing is an excellent option if you decide that you will only invest $100. There are lots of micro-investing apps or robo-advisors available that you can choose from while investing $100. If you choose robo-advisors then they will use software to learn about your financial needs and then come up with an investing strategy. You have to provide some basic information like your age, monthly income, monthly expenses, etc. to offer you the right investment plan. Some of the best Micro Investment apps are –
- Robin Hood
- Charles Schwab
- Crowd Real Estate Investing
- SoFi Invest
- M1 Finance
3. Invest in Stock Index Mutual Fund
This is one of the quickest investment options to double your $100. For small investors, Stock Index Mutual Fund is an excellent option because here you can invest a small amount. Another advantage of this type of investment is when you invest in a Stock Index Mutual Fund; you invest in every company that’s held in that index. For example, if you invest $100 in the SPDR S&P 500 ETF then you will own a small portion of all 500-plus companies that are in the S&P 500 Index. There are lots of Stock Index Mutual Funds available where you can invest $100. Some popular Stock Index Mutual Funds are –
|Vanguard Total Stock Market Index Fund; Institutional Plus|
Vanguard 500 Index Fund; Admiral
Fidelity 500 Index Fund
Vanguard Total Stock Market Index Fund; Admiral
Fidelity Government Money Market Fund
Vanguard Federal Money Market Fund; Investor
Fidelity Government Cash Reserves
Goldman Sachs FS Government Fund; Institutional
Vanguard Total International Stock Index Fund; Investor
JPMorgan US Government Money Market Fund; Capital
Vanguard Institutional Index Fund; Inst Plus
Vanguard Total Bond Market II Index Fund; Investor
Morgan Stanley Inst Liq Government Port; Institutional
BlackRock Liquidity FedFund; Institutional
Vanguard Total Bond Market II Index Fund; Institutional
Vanguard 500 Index Fund; Institutional Select
BlackRock Liquidity Treasury Trust Fund; Institutional
American Funds Growth Fund of America; A
Vanguard Institutional Index Fund; Institutional
Vanguard Total Bond Market Index Fund; Admiral
Dreyfus Government Cash Management; Institutional
Vanguard Wellington Fund; Admiral
American Funds American Balanced Fund; A
State Street US Government Money Market Fund; Prem
Goldman Sachs FS Treasury Instruments Fund; Institutional
4. Fractional Share Investment
This is another excellent investment option if you want to make your 100-dollar double in no time. Fractional share investment is different from traditional share investment. In Frictional share investment, you don’t buy a bulk number of shares, instead, you buy shares for a fixed amount like $50, $100, $500, etc. You have to choose a share for investment and then tell the broker that you want to invest $100 on that share. Then the broker will invest the money for you. You should keep in mind that, you will need a brokerage account to make a frictional share investment.
5. 401(k) Investment
If you have a 401(k) or another employer-sponsored retirement plan then you can consider investing your $100 in that plan. In fact, it will be an excellent use of your $100. Investing in 401(k) has various advantages like you will have lower taxes. In fact, the amount you contribute to the 401(k) plan is considered a pre-tax contribution. So, you don’t have to pay taxes on the amount that you are contributing to the 401(k) or another employer-sponsored retirement plan! If you are not an employee then you can still open a solo 401(k) plan and every month invest $100 towards that plan.
6. Open an Individual Retirement Account
Individual Retirement Account mostly known as IRA is another smart way you can invest your $100. You can open an IRA account and save $100 on the account. You can decide to save $100 every month for 30 years and after 30 years you will have $36,000. The best part of an IRA account is, you will get similar kind of tax advantages to a 401(k).
7. Invest in Cryptocurrency
Well, investing in cryptocurrency is very risky and you will need a big investment. However, if you want, then you can invest a small amount like $100 on any cryptocurrency as a long-term investment. I already mentioned above that what would have happened if you have invested $100 in Bitcoin 10 years ago. Your $100 would turn into $$380,692! So, if you haven’t invested in cryptocurrency yet, then you can give it a try with a small $100 investment. You will need a crypto wallet to invest in cryptocurrency.
Last Updated on October 2, 2022 by Ana S. Sutterfield