4 Ways To Double Your Money
Have you ever wondered how long it would take you to double your money in the stock market? Or wondered what types of strategies you need to implement in order to double your money in the markets? If so, this blog post lays out 4 ways that you can double your money.
Method #1: Invest in Quality Blue Chip Stocks and Hold Them For Many Years
The first way that you can double your money in the markets is to invest in non-speculative blue-chip stocks that are fairly priced and that represent good value, and also by investing in investment grade bonds.
Over the last 100 years non-speculative blue chip stocks have averaged a return of approximately 10%, and investment grade bonds have averaged approximately 6% return. The Rule of 72 is an investment principle that shows you how long it will take for you to double your money. So based on the Rule of 72, it would take you about 9 years to double your money if you were able to achieve an 8% rate of...
"My experience has taught me that a normal person can accomplish anything possible of human accomplishment, through the aid of the human mind."
- Napolean Hill
I'm very excited to announce that the book launch for my new book '7 Steps to Get Out of Debt and Build Wealth' is officially here. My book is officially available for purchase. I wrote this book to share the steps I took to pay off over $390,000 of debt, and the steps I took to build a 7 figure net worth.
When I was in my twenties I was laid off from a Law firm that I had been working at, and was forced to face my six figure debt head-on. Irrespective of the sheer fear and disconnect I felt , I was able to pay off my entire debt, and have written this book to show you how you can crush your debt, and begin amassing the type of wealth that will positively impact your life, and the lives of those you love.
In 7 Steps to Get Out of Debt and Build Wealth I lay out the steps I took to reach Financial Freedom...
Net Worth Statement
"If you want to create wealth, it is imperative that you believe that you are at the steering wheel of life, especially your financial life."
-T. Harv Eker, author of Secrets of the Millionaire Mind
Reading the above quote from T. Harv Eker reminds me of the importance of tracking your net worth so that you know where you're heading financially speaking. If you want to be at the steering wheel of your financial life, you have to know where you stand today, and what you need to do to achieve your goals tomorrow. That's what a Net Worth Statement allows you to do.
A Net Worth Statement is an important part of your overall financial health, and it's essentially a list of everything you own, everything you owe, and what you are currently worth. I prepare my Net Worth Statement on a quarterly basis. I recommend that you prepare a New Worth Statement on a semi-annual basis, or on a annual basis, at the very minimum.
How Do You Calculate...
Invest In What You Know
One of the most common questions I'm asked by new investors is how to figure out what companies to invest in, and without fail I always provide the same answer: "invest in what you know." This notion of investing in what you know is one of the hallmarks of successful investing.
When I started investing over 15 years ago my primary focus was on purchasing bank stocks, and the main reason for this was because I had worked in the banking industry for 8 years. Since I was very familiar with the banking industry, I found it less intimidating to invest in bank stocks, and actually became excited to delve into the financial statements and conduct investment research on this topic.
It was also very helpful to have worked in the banking industry because I got to see first hand the new technologies that were being developed at the bank, which in turn led me to invest in certain banks over others. Nonetheless, I was able to make great returns on my...