7+ Best Ways to Double $7000 (2024)

By Planting Our Pennies •  Updated: 12/15/23 •  5 min read

If you’re looking to double $7000 – these are some of the best methods worth considering!

While it might not happen overnight, it’s possible to double your money over time

1. Invest in Rental Properties with Arrived

Arrived offers you an opportunity to invest in real estate without the traditional barriers. By purchasing shares in rental homes and vacation rentals, you can start with an investment as little as $100. Your investment allows you to earn passive income from dividends, quarterly paid out from the rental income each property generates.

Arrived Real Estate Investing

Here are a few things I love about Arrived:

With this platform, you’ll be pooling resources with other investors, which can make real estate investing accessible to anyone.

While not as immediate as other high-risk investments, this method focuses on long-term growth and potentially compounding returns.

Real estate investing through Arrived incorporates both an active income through rental dividends and a long-term investment element as properties may appreciate over time making it a terrific way to double $7000.

2. Invest in Index Funds with Acorns

Investing your $7,000 in index funds through Acorns is another strategic move towards building a diversified portfolio. Index funds are designed to mirror the performance of a market index, like the S&P 500. This grants you exposure to a wide range of stocks, aiding in risk management and the potential for passive income.

Acorns Investing Bonus

This is a proven way to double your money over time without a ton of effort so I highly recommend it.

3. Invest in Real Estate Debt with Groundfloor

Groundfloor provides a unique opportunity for you to invest in real estate debt. This platform allows for fractional investments in short-term loans backed by real estate, offering a way to potentially earn returns that compare favorably to traditional fixed-income investments.

The returns on Groundfloor can be compelling. They often offer higher interest rates compared to traditional savings accounts or other fixed-income investments. However, it’s important to remember that higher returns come with higher risks, so it’s crucial to assess your risk tolerance before investing.

By offering a unique blend of accessibility, short-term investments, and the potential for attractive returns, Groundfloor provides an innovative way for you to diversify your investment portfolio with a relatively modest amount of money. Whether you’re an experienced investor or just starting out, Groundfloor offers an amazing opportunity to double your money.

4. Flip Things

To potentially double your $7,000, consider flipping items.

This involves purchasing undervalued items to resell at a higher price, so it’s a little more work than the other methods, but it’s also faster.

Steps to Flip for Profit:

  1. Identify: Look for items at thrift stores, garage sales, or online marketplaces.
  2. Evaluate: Assess the condition and potential resale value.
  3. Negotiate: Aim to purchase at the lowest possible cost to maximize profit margins.

If you have a large amount of money, flipping houses could also double your money, though this requires significant research and understanding of the real estate market.

Remember, while flipping can be profitable, it also involves risk so only invest money you can afford to lose.

5. Invest in Cryptocurrency with Binance

Investing in cryptocurrency can be a dynamic method to potentially increase your $7,000 investment, and Binance provides you with various tools and strategies to navigate the crypto market.

As one of the world’s leading cryptocurrency exchanges, Binance offers a comprehensive platform that caters to both beginners and experienced traders looking to explore the crypto market.

6. Start a Business

Starting a business can be an awesome way to potentially double your $7000 investment. While it will take a significant amount of work – it can be well worth it.

Here are avenues to consider:

With determination and a well-executed strategy, starting a business can be a rewarding way to invest your money and double 7000 dollars.

7. Invest in REITs

Investing in Real Estate Investment Trusts (REITs) offers an hands-off approach to real estate investing without the complexities of direct property ownership.

REITs are companies that own, operate, or finance income-generating real estate across a range of property sectors.

By investing in REITs, you gain exposure to a diversified portfolio of real estate assets, which can include commercial properties, residential complexes, healthcare facilities, and more. This method allows you to earn a share of the income produced through real estate investment – typically in the form of dividends – without having to buy, manage, or finance any properties themselves.

REITs are particularly appealing for their liquidity, as they are traded on major stock exchanges, offering ease of buying and selling akin to stocks. Also, REITs are known for providing steady income streams and have a history of outperforming many other asset classes over the long term, making them an attractive option for those looking to diversify their investment portfolio and potentially generate stable returns. However, like all investments, it’s important to consider market conditions, the specific REIT’s performance history, and your overall investment strategy when investing in REITs.

Final Thoughts

Overall, if you’re wondering how to double $7000, I recommend investing in real estate with Arrived or investing in stocks with Acorns.

Planting Our Pennies

Planting Our Pennies is a site dedicated to helping others reach financial freedom through passive income, investing, and making more money.