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How To Double Your Income? Here Are 5 Quick Ways
There are practical actions you can take to dramatically increase your income. Double your income by following these 5 ways.
Everyone wishes to make more money. But unfortunately, not everyone can ask for a pay increase all the time. Our needs in day to day life keeps on increasing and the income remains the same.
Still, there are ways you can increase your income. So, double your income by following these 5 ways:
1. Stock Market
Stock market investment is one of the quickest ways to double your money. You can purchase shares through a broker, a financial planner, or online. If you need your money in a hurry, you can sell your share at any time. In the stock market, you can earn lots of money and at the same time, may lose lots of money. An investor should be very careful while selecting stocks for investment. You need to research each and analyze every company to find out how profitable it is, before buying stocks.
2. Invest in fixed yielding securities
Some company fixed deposits, can help you double your income, as the law of compounding works over the long term. For example, in the case of PNB Housing Finance your yield works to 10.14 per cent over a 120 month tenure, which means you have the potential to double your income.
3. Lending Money
Third party money lending at a higher rate of interest is an another quick way to double your money. By lending money you can double your income within a short period of time, that is in 4-5 years. To meet the emergency requirements, many people today are ready to take money at the higher rate of interest. 11 Reasons Why You Should Have A PF Account?
4. Real Estate
Real estate is another investment option which can double your money in approximately in 5 years. Cash flow from real estate is stable and far more predictable than most other investment options. After demonetization, real estate is little down, but it is expected that the sector will regain power within a short period of time.
5. Small Business
Becoming partner in small profitable business is the best way to double your money. Business partners are jointly and individually liable for the actions of the other partners. So this option is quite risky. Before investing money into the business you have to understand the company and its operations well. The profitability of the company should be taken into consideration. You can earn a return on that money when the business makes a profit.6 Government Backed Investment Schemes For Best Return And Less Risk
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