Ways to invest money to make money fast
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The Easiest Way to Double Your Money You might be how double your money to double your money simply by contributing to your 401 k at jussie smollett keep money empire and letting your boss and Uncle Sam do the rest.
Jul 10, 2016 at 7:20AM Image source: Getty Images.
When it comes to investing, there are very few sure things in the market.
Indeed, the general rule is that the more certainty you want in the rate of return you receive, the lower the rate of return you need to accept in off multiply your money scratch for that higher certainty.
Despite that reality, there is one very easy option available to many people that will enable them to double their money by investing it.
That easy way to double your money?
Invest in your Traditional 401 k plan or your employer's equivalent at work.
Three simple steps to double your money Step 1: Invest in your Traditional 401 k plan.
To double your money this way, you need help from two places: your boss and Uncle Sam.
While both may very well be willing to help you out, they'll only do their part if you do your part first.
By putting money in your Traditional 401 k how double your money, you reduce your taxable income for the purposes of federal income taxes.
Also, by putting your money in that plan, you qualify for any matching contributions your employer may offer.
Step 2: Accept your employer's matching contribution.
Though 401 k plan matches what are the best slots to play at casino from company to company, a very common match level is 50% of an employee's contribution, up to some cap based on that employee's salary.
To get that match, though, you first must contribute your own money.
You have the opportunity to potentially double your money for up to as much as your employer will match, though you might be able to contribute more to how double your money plan to build your wealth that much faster.
Step 3: Pay less in taxes.
By lowering that starting point for your income, your taxes are reduced compared to what they'd be if you hadn't contributed to your 401 k.
What should you do with your invested 401 k money?
While those three steps are enough on their own to potentially enable you to double your money, making an initial investment in the plan is just the first stage of building your wealth.
Once it's socked away, it needs to be put to use in a way that it can potentially increase in value for you.
Typical 401 k plans only allow you to invest in mutual funds or exchange-traded funds.
Even with those restrictions, you may very well have some great options to choose from.
As you get closer to retirement, it becomes important to shift the money you'll need to spend in the next few years into shorter term assets with higher certainty than stocks.
You'll be giving up the higher potential returns that stocks offer, but you'll have a greater chance of that money actually being there when you need it.
Vanguard's Short Your best way money spend to Bond ETF invests in U.
Government bonds with one- to five-year maturities and also carries a minuscule 0.
While the Short Term Bond ETF won't make you rich with its mere 1.
The money is only there if you take advantage of it Very few investments in life offer you the potential to double your money as easily as you can by investing in your Traditional 401 kaccepting your employer's match, and watching your contribution reduce your taxable income.
If that opportunity is available to you, the sooner you start taking advantage of it, the more quickly it can help you build your nest egg.
But remember, two times zero is still zero.
You have to take the first step and contribute to get the rest of the money headed your way.
Even if your personal circumstances are such that your tax rate and employer match won't let you double your money quite that easily, take a good look at the retirement plan you have available at work.
You just might find that the features it offers you still give you an incredible toolset to help you fund a comfortable retirement.
Still, in order to get yourself on that path, you need to take the first step and participate in the plan.
So get started now, and improve your chances of a more comfortable future.
Chuck Saletta is a Motley Fool contributor.
His investing style has been inspired by Benjamin Graham's Value Investing strategy.
How To Double Your Money - Cardone Zone
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