10 Clever Ways To Turn $5,000 Into $10,000

It’s a great accomplishment to save $5,000 in the bank. But now what?

The good thing is you can make that $5,000 work for you and perhaps even add to it with some simple ways to build your savings.

Whether it's starting to invest or taking on a new job opportunity, check out these clever options that can potentially help you transform $5,000 into $10,000.

One of the simpler ways to invest in the stock market is to put your money in an index fund that tracks an index like the S&P 500.

Index funds usually have low or no fees and are easy to maintain compared to investing in individual stocks and constantly following the market.

It may take a little longer for you to see your $5,000 return turn into $10,000 compared to other options, but investing in something like a 401(k) retirement fund, for example, could have other long-term rewards.

You can turn your hobby into a business and make money on your handcrafted creations.

Consider investing your $5,000 into things like materials or equipment to make it easier for you to make a wide variety of products that you can sell online through places like Etsy or in person at farmers' markets and craft fairs.

How quickly you can reach $10,000 with your $5,000 investment could be determined by what you’re selling and how much of it you’re selling, so remember to take all factors into consideration.

You can invest in different items in demand for parties and rent them out to potential customers.

Consider stocking up on reusable centerpieces or photo backdrops for weddings, birthday parties, and other celebrations, or create a package of items that can be rented out based on a theme.

You could make your investment back quickly, but it will depend on how many clients you can pick up and how much you’ve spent to get your inventory.

Spend your $5,000 to upgrade a space in your home so you can rent it out as a short-term rental.

You can update a basement or second floor with a separate entrance and buy furniture that’s more suitable for visitors to stay. Making money on this endeavor may be faster in a popular tourist city compared to a place that may not get as much Airbnb traffic.

There are plenty of online classes that can help you earn a certificate in a particular topic or field that may cost you some money now that could quickly pay itself off in the form of a raise or promotion at work.

This investment could pay off quicker than others, depending on how much you expect to get in a pay increase or by changing jobs once you’ve acquired your new skills.

It can be hard to invest in a property with only $5,000, but you can still get in on real estate investing with a real estate investment trust (REIT).

Investing in a portfolio of real estate means you earn money as the market goes up without having to deal with the upkeep of a property or needing a large down payment. Just keep in mind the market’s volatility may impact how quickly you make money — or don’t.

If your employer offers a match on any 401(k) contributions, be sure you’re maxing that out each year as it’s free money you’re leaving on the table otherwise and an easy way to maximize your investments without doing anything.

It’s important to note that this could take longer for you to reap the rewards than other ways to make money, but you’ll be thankful for the long-term investment when you retire.

There are sturdy furniture pieces that need some love before being flipped for profit, with a few steps that can turn them from duds to studs.

You can learn how to refurbish furniture you might find at garage sales and online marketplaces and resell it for a profit right away after investing your initial $5,000 in used furniture pieces and materials.

Look into different business options you’re interested in and use your $5,000 to invest in one and get it going in your home.

You can update your home for extra office space or workspace, add inventory if you plan to ship items out of your home, or any other necessary pieces you need to get your new business started.

Try your hand at reselling goods by going to stores with discounted items to see if you can find some hidden gems you can resell for more money.

You can look through thrift shops, major retailers, garage sales, and estate sales to see what kind of pieces you can find that can be turned around quickly for cash in an online marketplace.

There are several ways you can turn $5,000 into $10,000 and get ahead financially — you just have to find the best options for you and your lifestyle.

Consider using your talents to earn money with a side hustle, and always weigh the risks you’re willing to take (or not take) with investing in the stock market, real estate, or other investments to make your money work for you before you take the plunge.