Over the past several years, a number of different ideas have been advertised to help you double your money, and fast. Among them: cryptocurrencies, NFTs, and once-lesser-known stocks like AMC Entertainment and GameStop, to name a few.
Since the markets for many of these have fallen dramatically over the past several months, it’s a good time to revisit the time-tested ways that people have doubled their money. It may take a bit of patience, but there are a few key things you can do to ensure your money doubles over time.
1. Get your company’s 401(k) match
In the most literal sense, receiving your company match is one of the easiest ways to double your money. Most employer 401(k) plans offer some level of matching, which means you’ll receive a 100% return on contributions to the plan up to a specified limit. The limit usually ranges from 2% to 6%.
Say you earn $100,000 and receive a 5% match from your employer for all contributions to your 401(k) plan. In other words, if you contribute $5,000 to your 401(k) plan in any given calendar year, you’ll receive $5,000 from your employer as a matching contribution. A 100% return!
While the employer match won’t make you a millionaire overnight, it will get you into the habit of regularly funding your retirement account and easily doubling your efforts.
2. Continue investing when the market is down
With the Vanguard S&P 500 Fund (VOO -0.63%) down in the double-digits to start 2022, many people (somewhat understandably) want to run away from investing entirely. In fact, this is the time to do just the opposite: It’s time to load up and lower your overall cost basis in the securities you already own. Those who stay the course and allow their retirement auto-deposits to continue are likely to be those who really come out ahead in the long run.
Investing when the market is down also has a magnified effect if you reinvest your dividends and capital gains (this can usually be automated within your account…
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