Make Money

How to Double $10,000 Quickly & Legitimately (15 Best Ways)

Howard D. Bray

December 11, 2022

Emergencies happen.

If you need an extra $10,000, it can feel overwhelming.

This article covers 15 ways to double $10,000 to cover that extra expense quickly and legitimately.

Why Double $10,000 Quickly and Legitimately

There are several reasons you may need to double $10,000 quickly and legitimately.

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Unexpected medical bills are one of the main reasons people suddenly need such a large sum of money.

You may have a sudden investment opportunity.

Another reason you may need to double $10,000 is for an upcoming celebration, like a wedding or major birthday.

When you double $10,000, you want to do it legitimately.

If it is done illegally, you may end up spending far more than $10,000 in legal fees and penalties.

So, this article covers 15 ways to double $10,000 that are legitimate and quick.

15 Ways to Double $10,000 Quickly and Legitimately

1. Gamble

Gambling is the go-to way for many people looking to double their money quickly.

Gambling is legal in many states.

Playing games like backgammon and craps for money have the highest odds of doubling your $10,000.

However, some states do not allow gambling on backgammon.

Moreover, there is a lot of risk involved with gambling, even if you are an expert at the games.

Gambling is a great way to double your money if you can afford to not succeed, or even lose all of your first $10,000.

But if you need the money for necessary expenses, like medical bills, you should try another method.

2. Learn a New Skill

You can double $10,000 quickly and legitimately by using it to pay for a class or certificate in a new skill.

Some computer programming boot camps only cost a couple of thousand dollars and can be completed in as little as a few weeks.

If you learn a skill in an industry with a lot of demand, you can earn $10,000 quickly.

For example, there is a lot of need for computer programmers.

Many earn $5,000 to $10,000 per month.

So, you can double $10,000 in three to four months or less.

3. Flip Furniture

Restored and repainted antique furniture is very trendy.

You can double $10,000 by finding antique furniture to restore and selling it online.

To double your $10,000 quickly, spend some time researching the best ways to flip furniture.

Watch YouTube videos and read articles with tips for flipping furniture.

Research local antique stores and keep an eye out for yard sale notices.

Estate sales are also a great place to find furniture, so read the paper regularly to make sure you do not miss any.

There are a lot of places online where you can sell flipped furniture.

When you are starting out, sell through Facebook Marketplace, NextDoor, Craigslist, and other popular platforms.

Once you have more experience, you may want to create a website and online storefront.

4. Mutual Fund

Investing in a mutual fund is a solid way to double $10,000.

It may not be as quick as other suggestions here, but it is less risky.

The rule of 72 is a way of estimating how long it will take to double your money.

Mutual funds with a 10% return take about 7 years to double $10,000.

This may not fit your timeline.

But if you have 7 years, then a mutual fund is a great option to legitimately double your $10,000.

5. ETF

An ETF is another investment, but it is more like stocks than mutual funds.

ETFs are a way to invest in several different stocks at once.

If you see an unexpected increase in your investment, you can immediately withdraw your money.

Investing in an ETF does not guarantee that you will double your money quickly.

That will take some luck with the market.

6. Refinance High-Interest Debt

If you have high-interest debt, you can use the $10,000 to refinance.

Interest rates are much lower now.

Refinancing will result in a lower payment.

Refinancing your house could even result in a cash-out due to an increase in property value.

If the value of your home has increased by more than $10,000, and you have enough equity in the home, you can do a cash-out refinance of your mortgage in a month or less to double your $10,000.

Refinancing debt sometimes costs fees.

For example, refinancing a mortgage often costs a few thousand dollars.

So, fees should be considered when refinancing high-interest debt.

7. Buy and Sell 20 Playstation 5

The Playstation 5 remains hard to find.

This leads to an increase in resale value.

Some people watch for restocks, buy the Playstation 5, and then resell it online for a higher amount.

To double $10,000, you could buy 10 Playstation 5s.

If you resell them for a 50% markup, you will have $15,000.

So you would need to do it again to double your $10,000.

Depending on how good you are at finding Playstation 5s to buy, this could be one of the fastest ways to double $10,000.

8. Buy a Dog and Enter Competitions

Dog competitions often have prizes.

For example, the top dog shows have awards for as much as $50,000.

Agility competitions give winners $500 to $1,500.

You can invest in a dog and enter it in competitions to double your $10,000.

This may take some time, so it is not the quickest way to make money, but it is fun.

Some competitions require pure breeds or other qualifications, so take that into consideration.

Some of the best breeds for agility competitions are:

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Corgis
Border collies
Jack russell terriers
Poodles

9. Start a Home-Based Bakery

You can double $10,000 by investing in a home-based bakery.

If you love baking, this is a low-cost way to enter the market as a bakery.

Many people make wedding cakes from home.

They sell them for as much as a couple of thousand dollars.

You could double your $10,000 in a month or two if you manage to book enough weddings.

Some cities, counties, and states require home bakeries to be inspected and licensed.

You may want to consult with an attorney or look into whether you need to be licensed in your area to make sure you are legitimate.

10. Bet on Horse Races

Betting on horse races is another risky, but quick way to double your $10,000.

If you bet all $5,000 on a race with 2 to 1 odds, you would immediately double your $10,000.

But this would be unreasonably risky.

A safer way to double your $10,000 betting on horse races is to bet in $500 to $1,000 increments.

If you bet $1,000 on each race, you would win $3,000.

If you lose, you still have $9,000 to bet.

If you are very lucky, you could more than double your $10,000 in just four races.

11. Start a Mining Farm

A cryptocurrency mining farm is another way to double $10,000.

A cryptocurrency mining farm uses multiple computers to solve complex mathematical formulas to create new crypto coins.

A cryptocurrency mining farm requires you to invest in several computers with excellent processing power.

You also need to research how to implement cryptocurrency mining.

To be legitimate, make sure there is not anything in your lease that disallows excessive power consumption.

A cryptocurrency mining farm uses a lot of power.

12. Invest With Peerstreet

PeerStreet connects individual investors with people who need loans.

This is a low-risk way to make money because the loans are secured with property.

If the recipient does not repay the money, PeerStreet can sell their property to cover the loan.

With every payment, you will receive interest on the loan.

It may take some time to double your $10,000.

However, the lower risk may make it worth the time.

PeerStreet has a minimum $1,000 investment requirement.

Therefore, you could invest part of the money with PeerStreet and then take advantage of a quicker method for making money with the rest.

13. Retirement Fund

If your employer matches retirement fund contributions, you can double your $10,000 by putting it into your retirement fund.

Moreover, if the stock market performs well, your money could be doubled quickly.

For some, this is the lowest risk and the best way to double your money because it also secures your retirement.

Investing in your retirement fund may double the $10,000 quickly, but to withdraw the money before retirement, you may have to take out a loan with interest or pay taxes.

This may not be the best way to double $10,000 if you need to spend the money soon.

14. Buy a Fancy Car and Uber

Uber Black and Uber Lux pay drivers more if they have a luxury vehicle.

You could use the $10,000 to buy a new, luxury vehicle and work for Uber to double the $10,000.

You could earn up to 50% more for driving a luxury car for Uber.

So, if you drive full-time, you could double your $10,000 fairly quickly.

To make sure this is legitimate, you need to have insurance that allows you to drive for a service.

Also, Uber has a lot of guidelines for luxury vehicles.

For example, for Uber Black, the vehicle must be:

Black exterior and interior
6 years old or newer
Four doors
No damage

Read this for more about vehicle requirements for Uber and salary to expect.

15. Work Overtime

The most reliable, quick way to make $10,000 is to work overtime at a job that pays for overtime.

Many companies have a shortage of workers right now.

So, they have a lot of overtime available and they are paying as much as double-time.

For example, if you make $20 an hour, you could earn an extra $10,000 with 20 hours of overtime a week in just one month.

If there is a holiday, you may even earn triple pay.

Reward Vs. Risk in Doubling $10,000 Quickly

Many of the methods for doubling $10,000 present a trade-off between reward and risk.

The quickest methods are often also the riskiest.

Investors suggest having a 1 to 3 ratio of risk to reward.

So, you should try to quantify how much risk the method represents to you versus the reward.

If you must have the money in a certain amount of time, it is okay to have more risk since the reward of doubling the $10,000 is so important.

Doubling 10k Quickly FAQs

What Are Some of the Ways to Double $10,000 Online?

Some methods for doubling $10,000 can be done online.

In states where online gambling is legal, you can gamble.

A mining farm is almost exclusively done with computers.

Many classes and certificates are taught online, as well.

What Is the Rule of 72?

The rule of 72 is a way to estimate how long it will take to double $10,000 given a specified rate of return.

Many of the methods in the article involve investing, so the rule of 72 would be useful to determine if you will double the $10,000 in time.

The formula is years to double = 72/rate of return.

What Are the Usual Rates of Return for Investments?

A good investment has a rate of return of around 7%.

An excellent investment has a rate of return around 9% to 11%.

Rates of return above 12% are exceedingly rare.

Many ETFs and mutual funds return at least 7% annually.

Even with a 10% rate of return, it would take over seven years to double $10,000.

Conclusion

Doubling $10,000 quickly and legitimately takes some luck.

The more luck it takes, the faster you can double $10,000 (or lose $10,000 if you have bad luck.)

The safest, quickest, most legitimate way to double $10,000 is to work overtime.

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