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How To Double 10k Quickly - Three Smart Strategies

 

By Reel Coverage Feb 22, 2024

 

If you have 10k, doubling that is relatively easier than making the same amount from zero. In this article, we'd explore various effective ways to double your money quickly.

 

 

Unlike most recommendations when it comes to topics like this, this guide is designed to give you more actionable strategies, not some generic “start a blog” or “invest in real estate” type of content.

 

Delving deep into the mechanics of investments in niche spaces, we aim to expose you to pathways to effectively grow your 10k capital by investing in fast growing strategies with track records of high and good success rates. 

 

Understanding How Money Works

 

Money is a force of attraction, metaphorically, meaning that it either pulls something onto itself or is drawn to something.

 

Money can either attract more money or is offered up for a “product” or “service” believed to be worth the amount traded for it. The interesting part of this transaction is that it does not necessarily happen via a two-way channel, rather, it most times involves three or more moving parts but the argument stays relevant because the merits fall back to the “starting capital” at the end of the day.

 

Remember when I said it's easier to double 10k than to make that from zero? And it doesn't really matter what currency this value is defined in, the strategies to be exposed below can be adapted accordingly, although most will find it easier if the value is defined in USD.

 

Starting with a capital as reasonable as 10k has a lot of advantages in a saturated business space of lowly funded structures. It shouldn't be news that such value, if defined in USD, is considered great wealth in some countries of the world but don't worry if yours is not defined in USD, we'd highlight ways to play the game on a lower budget.

 

How To Double 10k Quickly 

 

You can double 10k quickly by investing in niche digital businesses including email and affiliate marketing. That said, the better question should be “how to effectively double 10k” as nothing truly comes “quick” without an inexplicable amount of luck.

 

Quick, by our books, is defined by time largely lower than the usual needed for a job to be completed and the rewards received. While, on the other hand, “effectively” in this context has to do with the optimization of difficult layers to increase efficiency. 

 

As such, here's our three best ways/strategies to double 10k in 2024:

 

1. Invest In Building An Email List

 

2. Invest In Affiliate Marketing

 

3. Consider Crypto Trading And Investment

 

With these three combined, you can do pretty much anything else from creating and selling courses to flipping items to starting a blog as most guides recommend and so on.  Below, we delve deeper into why these three are the best ways to double your 10k:

 

● Invest In Building An Email List

 

An email list is the best place you can invest your 10k and expect it doubled, but I'd not be totally honest if I say that it would just be double as email marketing statistics shows that for every $1 invested in email marketing, expected profit is up to $44 so your 10k should be 440k in theory, if the right strategies are implemented. 

 

Building an email list is essential for the implementation of several email marketing strategies to generate income. Like most ventures in life, always having that one layer of great difficulty, the process of building the list itself when it comes to email marketing proves to be the hardest for individuals or businesses looking to adopt it to generate income. 

 

But that's the purpose of this guide, to explore smart ways around investments like this.

 

First, you're going to need an email marketing software, this is basically a service that allows you to flexibly store your email contacts in a dashboard you can easily group, segment, send out emails and track performance. It also comes with tools to easily gain list sign ups from key spaces like a personal blog or social media. 

 

The best email marketing software for any business to start with is Getresponse as it is designed with user satisfaction in mind, so much that signing up and getting started is very limited clicks away. 

 

Once you've set up your account, congratulations, you now have a destination to send your “consumers” to. We could have suggested starting with a blog but that may require higher costs from website development costs, to maintenance and the building of blog authority itself in such a big digital ecosystem.

 

Given this reality, starting with an email list which frankly has higher profit rates than blogs is a no brainer.

 

So how do you build your list effectively and quickly, as per your honorable demand to double your 10k?

 

I'm glad you asked and there are many ways but let's focus on a “paid” strategy - Ads.

 

Advertising lets you skip certain steps in building a business and lowers operation costs in the process, provided the ad campaigns are implemented well, of course.

 

So how should you effectively advertise your email list? 

 

This is the point where you have to decide what type of content would be pushed to your email list as newsletters.

 

This is also the point where we recommend you go for something you have vast expertise in or currently have the drive to dig deep into that world.

 

Once you've settled for a niche, now is time to go digital media business hunting. The goal here is to find semi-reputable media websites with relatively engaged audiences to guest post or sponsor contents.

 

Within these contents, you'd embed your email list sign up forms or links to sign up for your list. If the platform allows this for guest posts, great, if it doesn't, you'd have to pay for a sponsored post and have this done. 

 

The most important part of your content is the story you're telling. You have to publish content in your niches that drives people's interest to want more of such pieces and that's how you effectively get sign ups to your email list.

 

Additionally, you can drive traffic to these contents by sharing on social media spaces and also, by paying for specific types of ads called “push ads”. 

 

How and why to use push ads is explained better under investing in affiliate marketing below. 

 

That said, as your list grows, you can run ads for third-party businesses, create and sell your own products or services to your audience or promote third-party products and services and earn commissions from sales generated. 

 

● Invest In Affiliate Marketing

 

Affiliate marketing is just great because instead of spending money building a product or service, you spend nothing and earn from the products or services already existing by sending sales traffic to it.

 

A lot of bloggers will tell you that affiliate marketing is their highest income source and this could be your strategy to double your 10k without owning a website.

 

When we say “invest in affiliate marketing” we're effectively saying to “invest in promoting affiliate products” and the best way to do this is through content, just as with building an email list.

 

From courses to beauty products, to tech gadgets, to software programs and lots more, there's a variety of products and services offering on average 10-25% sales commission on every sales generated by an affiliate. 

 

By employing content writing to promote affiliate products, you'd be able to convey service or product value to your target audience. Primarily, you have to carry out a research of media websites suitable for affiliate products, create contents to promote these products and services and sponsor on these websites.

 

That said, given how competitive website traffics are, you may want to make additional advertising efforts.

 

Note: it's important to publish on reputation brands given that their image as a company promotes your content, email lists and promoted products and services.

 

To further bring traffic that generate sales, we recommend buying push traffic. Push traffic is typically derived from push notifications. Some sites sell their push notifications subscribers to advertising platforms, these advertising platforms now sells these traffic to advertisers like you. 

 

A push ad is sent directly to users device as a regular phone or PC notification. This makes push ads highly profitable ad types as they are primarily priced via “cost per click” model and that ensures that advertisers like you only pay for actual traffic. 

 

The goodnews? 

 

People only click on notifications that interest them, otherwise, they'd swipe away. This single reality ensures that you not only pay for real traffic but for traffic that is actually interested in your content and thus, liable to generate sales. 

 

Such traffic is also liable to become an email list subscriber, making all your expenses on ads worth it.

 

For those wondering, there are numerous advertising platforms that offer push ads and PropellerAds is the best for push ads. 

 

For individuals who are on tight budgets, you could use open blogging platforms like Medium to host your contents for both affiliate products promotion and collecting email contacts then only have to pay for push ads to drive in more eyes. 

 

● Consider Crypto Trading And Investment

 

Crypto trading and investment has been posting significant returns for the past couple of years. Bitcoin, the first successful and largest cryptocurrency by market capitalization has attained institutional attention in the past months with world's largest asset manager Blackrock, now operating a Spot Bitcoin ETF.

 

Bitcoin currently trades at over $50k and has increased by over 24% in the last 30days and over 106% in the last year and this not comparable to its all time percentage increase since launch which is currently over 75,000%. 

 

Whilst crypto offers mouth-watering returns, it comes with significant risks so investors and traders ought to carry out proper market research before delving in. 

 

There are primarily three ways to double your 10k with crypto, the first way is to research for the best crypto projects and simply buy and hold their token or coin and wait for a price increase to sell. The second strategy is combining investing in an asset and using a lending protocol to expand your investment value by borrowing against it - to be explained below and the last, is to adopt arbitrage trading - this has the lowest risk with high rewards, read on to find out the right tool to use for this. 

 

For the second strategy, with a 10k budget, one could buy ETH or Wrapped Bitcoin(WBTC) on exchangers like Kucoin, move that into a non-custodial wallet like Trust Wallet, Safepal, or Metamask then visit https://app.spark.fi/, a MakerDAO community built service enabling individuals to lend or borrow with crypto. 

 

One could simply deposit the asset bought to the protocol and borrow any percentage of its market value up to 80%(advisable) in its stablecoin DAI. 

 

This DAI can then be sold back on Kucoin for another crypto asset and be held throughout the crypto bullrun. 

 

The strategy here is simple: you capitalize on the crypto bullrun/bitcoin halving/institutions investment hype, buy a position in Bitcoin but via Wrapped Bitcoin(WBTC) which is based on Ethereum network or just buy ETH, if you expect that to outperform bitcoin. 

 

Move that bought asset in a lending protocol, borrow a stablecoin against it, take that debt and buy any other asset or perhaps venture in day trading which can be automated effectively with Bitsgap crypto trading bot or simply copy popular expert traders with high success rates on Cryptohopper trading bot. 

 

What you achieve at the end of the day is that you stand to make a profit from your WBTC or ETH investment if the market continues to post increases, so your loan taken on that lending protocol will be safe and worth more while you use the debt you got from there to trade and earn more money, choosing to repay your loan at anytime you expect a market cool down, double wins. 

 

Of course, this is not as straightforward as it seems, lots of intensive knowledge of how lending and borrowing works in crypto and on MakerDAO specifically is needed and adequate knowledge of crypto trading and the use of crypto trading bots likewise. 

 

With the right strategies, this is an effective but highly risky way to 100X your 10k capital.

 

Note: pay attention to networks when moving cryptocurrencies and also the displayed gas fees to avoid overpaying for transactions. Transaction fees on Ethereum are relatively high in recent times. 

 

For the third strategy, this comes with the lowest of risks as you're not investing in anything but simply buying a crypto asset from one exchange and selling in another exchange where the price is higher immediately or on the same exchange but via a different trading pair.

 

Simply use this tool called Arbitragescanner, pay for a premium account and navigate to the scanner on the site. You will find tools to scan for arbitrage opportunities to buy a crypto low and sell high on another exchange. 

 

The tool is highly advanced and enables traders profit with low risks. Note that it doesn't do the trading for you, you only pay a small monthly fee, get access to numerous tools for arbitrage trading, you'd manually buy the assets and trade on the respective exchanges and be guaranteed to watch your 10k doubled in no time.

 

The Bottom Line

 

And there you have it, these three smart strategies offer diverse paths to potentially double a 10k investment. From leveraging the power of email marketing with high-profit potential to tapping into affiliate marketing's passive income stream, and delving into the dynamic world of crypto trading, there are opportunities to explore. However, it's crucial to approach these ventures with informed decision-making, acknowledging the risks involved. Whether building an email list, promoting affiliate products, or navigating the crypto market, strategic implementation is key to optimizing returns on the initial investment. As with any financial endeavor, due diligence, continuous learning, and adaptability will contribute to a more successful and sustainable journey toward doubling your capital.