How can I double my money in 5 years?

At age 60, you should have eight times your salary working for you. At age 67, your total savings goal is 10 times the amount of your current annual salary. So, for example, if you earn $75,000 per year, you should have $750,000 saved.

What is best to invest in right now?

12 best investments right now This may interest you : What are three money problems associated with money?.

• High-yield savings accounts.
• Certificates of deposit (CDs)
• money market funds.
• Government bonds.
• Corporate bonds.
• Mutual funds.
• Index funds.
• Exchange-traded funds (ETFs)

What is the golden rule of investment?

One of the golden rules of investing is to have a well-diversified portfolio. Read also : What’s the smartest thing you do for your money?. To do that, you want to have different types of investments that typically perform differently over time, which can help strengthen your overall portfolio and reduce overall risk.

What is the rule of investment? The rule of 72 is a simple way to determine how long an investment will take to double at a fixed annual interest rate. By dividing 72 by the annual rate of return, investors get a rough estimate of how many years it will take for the initial investment to double itself.

What is the number 1 rule of investing?

1 â Never lose money. Let’s start it off with timeless advice from legendary investor Warren Buffett, who said “Rule No. This may interest you : What is the full meaning of money?. 1 is never lose money.