How To Turn $1000 Into $10000 [Legit Ways To 10x Your Money]
If you have $1,000 and want a way to turn it into $10,000, you are in luck because I have discussed all the legit ways to make that possible.
The first time I encountered the concept of “10X” was when I listened to Uncle G (Grant Cardone, founder of Cardone Capital) explaining it in his unique way. Ever since then, I’ve been captivated by the idea.
However, one crucial observation I’ve made is that getting all hyped up about multiplying your income by ten won’t cut it if you don’t put in the groundwork to figure out the legitimate ways to make it happen.
Plus, achieving a tenfold increase in your money requires not just excitement but patience and some serious effort.
The exciting part? It’s entirely possible to turn your initial $1,000 into a substantial $10,000 if you follow the right strategies.
I’ve done some of the groundwork for you, so now it’s your turn to read the article and choose the best path to transform your $1,000 into a fantastic $10,000!
Do you want other ways to make easy money? – Check these out:
- Prime Opinion: Another survey site to make decent money using your phone.
- Branded Surveys: Answer online surveys on your phone and earn $50+ per month.
11 Best Ways To Turn Your $1000 Into $10000
Let us have a look at how you can turn $1,000 into $10,000.
1. Retail Arbitrage
You can make 10K very fast by starting retail arbitrage. Retail arbitrage is when you buy items for cheap and sell them for profit.
So, in simple terms, you must find affordable items in stores either online or offline to buy, and after that, you can sell them at higher prices.
What You Need To Start Retail Arbitrage
You’ll need some money to start, and $1,000 is a decent amount to begin with. Retail arbitrage doesn’t require as much initial investment as other methods like private label or wholesale.
Even if you have less than $1,000, you can still dive into retail arbitrage. It all comes down to making smart choices about what to buy.
Again, you have to find stores where you will buy items. I don’t know where you live but some great options for affordable items include Target, CVS, Costco, Walmart, Home Depot, Kohl’s, Lowes, Rite Aid, Ollie’s, Staples, Best Buy, Big Lots, Walgreens, Bargain Hut, Dollar Tree, Goodwill, Salvation Army, and Family Dollar.
If these stores aren’t available nearby, you can still discover local retailers in your area.
Which Items Should You Buy?
To decide on the right items to buy for retail arbitrage, you must consider factors like demand, profit margins, and accessibility.
There are various categories for items, but you must check if the specific item you’re buying meets the three factors I said you should consider.
Here are some categories and the items available:
- Toys and Games: Board games, puzzles, and playing cards like Funko Pops and Baseball cards.
- Clothing: Hoodies, sneakers, bodysuits, jewelry cleaners, crocs, and shorts.
- Beauty and Personal care: Perfumes, make-up removers, and nail polish.
- Home and Kitchen: Posters, humidifier, and paper towels.
Other items include coffee mugs, VHS tapes, bobbleheads, vintage sweaters, and sports jerseys.
Platforms For Retail Arbitrage
The best platforms to do retail arbitrage are Amazon, eBay, Poshmark, StockX, Facebook Marketplace, and Mercari.
2. Invest in Real Estate
Investing in real estate is also another way to make 10X your $1,000. If you did know, real estate is one way to grow your wealth.
Based on a study from 2017, real estate has shown an average return rate of approximately eight percent over a span of about 150 years.
The best way you can invest in real estate is if you learn and invest in properties on your own. However, you have to know what you are doing to succeed. It is a long process that requires more dedication and money to thrive.
Another approach to real estate investment, even if you’re not an expert and have just $1,000, is by using real estate investing platforms.
Real estate crowdfunding platforms pool money from several investors to buy properties such as self-storage, apartment complexes, hotels, and more. So, you become a shareholder of the properties.
This is a safe way to invest in real estate to turn your $1,000 into $10,000. These platforms carefully handpick properties that align with specific investment goals, increasing your chances of reaching those financial milestones.
Best Real Estate Crowdfunding Platforms
Here are the best apps for real estate investing:
Arrived
With Arrived, you can invest in single-family rental homes in the U.S. market, in places like Atlanta, Cincinnati, Richmond, Denver, Jacksonville, etc. You need a minimum amount of $100 to start investing. Arrive pays dividends every quarter when tenants in the properties pay their rent. In all, you should expect from 3.0 to 7.2% annual increase on your investment with Arrived.
Fundrise
You can invest in rental properties using Fundrise for as little as $10. Fundrise investors get an 8% annual return.
Other real estate investing platforms are Groundfloor, DiversyFund, and Streitwise.
3. Start an E-Commerce Shop
The internet is a place to reach many people, so if you have a product, starting an e-commerce business will be a great way to make $10,000 or more. Starting an eCommerce business can be very exciting, but if you jump in without any preparation, you will be a failure.
When you start an e-commerce business, being able to get traffic that converts into buyers is be only way to thrive. But that can’t be possible if you don’t choose the right products for your business.
So, before you start, decide on what you’re going to sell. It can be physical or digital products – but the products must have a ready market. No matter how great the product is, if people are not looking for that, it will be difficult to generate more sales.
After picking a product, decide how you will get the product. You can use print-on-demand, retail arbitrage, or white-labeling. White labeling is when you order products in bulk from a manufacturer and brand the products with your company’s design.
E-commerce sales are projected to reach $8.1 trillion by 2026. If you get serious with this, you can get your share of the pie.
Platforms To Start Your E-Commerce Business
- Amazon: Once you’ve got your account set up, all you need to do is list your products on Amazon. Then, when folks place orders, Amazon takes care of the shipping and delivers right to your customers’ doorsteps. This is known as Fulfillment by Amazon (Amazon FBA).
- Printify: The platform uses the print-on-demand model. You can get several products (hoodies, t-shirts, blankets, sweatshirts, etc.) which you can brand with your designs. Printify will print products and ship them to customers when they make a purchase from your store. Creating a store is free on Printify but the premium subscription costs $24.99.
4. Invest in Stocks
Just like I mentioned real estate investment earlier, another option to turn your $1,000 into $10,000 is by investing in the stock market.
You can invest in both growth and dividend stocks, bonds, ETFs, index funds, and mutual funds to grow your wealth over time with the help of compound interest.
If you are new to investing, knowing how to pick the right stocks can be very challenging. That is why there are financial advisors to help you out, but that can be expensive.
You can also use a robo-adviser. A Robo-adviser can invest on your behalf automatically, and that is more affordable compared to hiring a financial advisor or a broker. Here are the best robo-advisors to use.
Best Robo-Advisors For Stock Investing
The cool thing about these robo-advisors is that they are commission-free. Plus, you don’t need a chunk of money to begin investing with them.
- Acorns: You can start investing with just $3. Investing with Acorns is easy because you can even invest your spare change if you connect your debit or credit card to your Acorns account. The app also gives you a $10 sign-up bonus when you join.
- M1 Finance: M1 Finance is commission-free. If you want to have access to customized expert theme-focused strategy portfolios, this robo-advisor will work well for you. The minimum amount to set up your account on M1 Finance is $100.
- Betterment: Betterment is also great for beginners. You get a wide range of portfolios to choose from. Plus, you just need $10 to fund your account.
You can also invest in cryptocurrencies like Ethereum, Dogecoin, Bitcoin, Cardano, XRP, and Chainlink.
5. Become a Freelancer
Offering your services as a freelancer is another way to turn your $1,000 into $10,000. Freelancing has become very popular nowadays.
Many people work from the comfort of their home and so can you. All you need is a computer and a steady internet connection, and you are good to go!
Some of the services you can offer as a freelancer are as follows:
- Graphic design
- Ghostwriting
- Video editing
- Voice Acting
- Transcription
- SEO
- Web design
- Photography.
You can join freelance platforms like Upwork, Fiverr, and Freelancer to get gigs. Besides the money you can earn, one thing I like about being a freelancer is the flexibility you enjoy. You are your own boss, so you are able to work whenever you want from any location.
6. Start Affiliate Marketing
Another possible way to make $10,000 is to start affiliate marketing. You don’t know what affiliate marketing is about?
Well, in affiliate marketing, you promote a product or service of a brand to people, and when anyone makes a purchase of the product or signs up for the service, you earn a commission.
The commission is usually between 3% and 7% of the price of what you are promoting, but some are higher than that.
How Can You Start Affiliate Marketing?
Affiliate marketing can be done through content creation because you need content to explain whatever you are promoting.
So almost all affiliate marketers are content creators. But you have to choose the medium or platform you want. Here are the options available:
- You can create content on YouTube and recommend the products and services you are promoting to your audience.
- You can create content on social media platforms like Twitter (X), Instagram, Facebook, etc.
- You can write content on Quora, Reddit, or Pinterest.
- You can start a website blog, and that’s what I did.
I love affiliate marketing because it is passive income. I have been earning from old products I am promoting simply because the content I wrote years back is helping people.
What Affiliate Marketing Platforms Should You Join?
There are many affiliate programs but here are the ones that I am part of, and they are the best:
Moreover, there are other programs like Awin, ClickBank, and Skimlinks.
Also, you can partner with companies directly. You’ll usually find a way to sign up for a company’s affiliate program right on their website, often on a page specifically designed for affiliates.
7. Become a Consultant
If you are an expert in a particular field, you can give professional advice to businesses and individuals in that area of expertise. This is another way to make $10,000 or more.
As a consultant, you will be working on a contract basis hence you don’t need any qualifications to work as a consultant. But you must be able to show proof that you are an expert in the field where clients are facing challenges.
How To Become A Consultant
You can join a well-established consulting firm or work as an independent consultant. If you want to join a consulting firm, that will really help because you can get many clients to work for. Some of the big consulting firms in the world are Accenture, Deloitte, KPMG, and Cognizant.
Alternatively, working as an independent consultant is also good since you enjoy much flexibility. If you want many clients and projects, build your LinkedIn presence and join platforms like Upwork, FlexJobs, and Fiverr to get consulting gigs.
8. Start a Side Hustle
You can also start a side hustle to easily make $10,000 if you are willing to put in the work. There are several side hustles you can do to supplement your 9-5 income.
The first side hustle you will want to consider is working in the gig economy. You can become a dasher or a delivery driver for DoorDash.
DoorDash pays between $15 and $23 per hour. To work for DoorDash, you must be 18 years or older, have a car, bike, or scooter, a valid driver’s license, and car insurance.
Another gig economy app is Instacart. This is a grocery delivery app available in North America. You can make about $18 per hour by shopping for and delivering groceries to customers. Other gig economy apps are Uber Eats, Walmart Spark, and Roadie.
Other Side Hustles You Can Start To Make Money
- Renting out your empty space on Neighbor. You can earn about $10,000 per year renting out your attic, driveway, basement, warehouse, closet, garage, shed, and bedroom on Neighbor.
- Sell your pictures online. Use sites like Alamy, Foap, ClickASnap, and FunwithFeet.
- Become a rideshare driver and work for a company like Uber.
- Complete online surveys on sites like Branded Surveys, Swagbucks, Survey Junkie, and KashKick.
9. Open a High-Yield Savings Account
Your $1,000 can turn into $10,000 if you deposit the money in a high-yield savings account. Instead of just stashing your hard-earned cash in a regular savings account, I suggest looking into a high-yield savings account.
Traditional savings accounts typically provide measly interest rates (usually around 0.21%), which means you’d end up earning only a tiny amount on your saved money.
But with a high-yield savings account, you can enjoy an interest rate of more than 1% on your savings when everything remains steady.
What Are The Best High-Yield Savings Accounts?
CIT Bank
CIT Bank gives an APY of 5.00%. This is one of the highest interest rates on the market. You need a minimum amount of $1,000 to open an account with CIT Bank.
Upgrade
Upgrade also has one of the best interest rates on the market. When you open a savings account, you will earn up to 5.07% APY.
10. Invest in Small Businesses
Investing in small businesses is another legitimate way to turn your $1,000 into $10,000. See this as another way to invest – just like investing in real estate and stocks & ETFs.
With small business investing, you are lending money to these businesses so they grow. In return, you get passive income.
How To Invest In Small Businesses
Use an app known as Mainvest. On Mianvest, you can invest in several small businesses in America such as breweries, cafes, restaurants, bars, and shops. You need only $100 to kickstart your investing journey on Mainvest.
While it is a risk you are taking, you have a high chance of getting positive returns on your money (Expect an average return of 10%-25%).
Basic Requirements To Invest With Mainvest
- Be at least 18 years old.
- Have a U.S. bank account.
11. Try Peer-to-Peer Lending
You can give your $1K to other individuals as a loan to be paid within an agreed time frame with interest. This is what we call “Peer-to-peer or P2P” lending, and it’s another way to 10X your $1K.
You can lend money to people on a platform like Reddit – r/Borrow. Other best websites for peer-to-peer lending are:
Final Words
Making $10k with $1k is possible if you pick one of the ways that have been discussed in this article.
The timeline to reach that coveted $10,000 mark varies depending on your chosen path. Let me break it down: If you dive into affiliate marketing, for instance, you could hit that milestone in just a few months.
On the other hand, if you’re venturing into stocks or real estate, it might take a little more time.
Therefore, it’s crucial to know what you’re getting into upfront to prevent any unwelcome surprises.
But keep in mind, with dedication and some good old-fashioned elbow grease, turning your initial $1,000 into a cool $10,000 can happen faster than you might think!
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Manuelo is an entrepreneur and a personal finance nerd. He is the founder of Dollars And Freedom. An expert in side hustles, online gigs, and everything about making money. His works have been featured on major financial publications, such as Business Insider, GoBankingRates, Investopedia, Entrepreneur, and more. When he’s not busy with his blog or writing for others, you’ll catch him hanging out with loved ones or reading books on stoicism and self-development.
