Double your money with these five tips

Correctly determine your asset mix

Your asset allocation is "the amount of money you invest in each of various asset classes, such as stocks, real estate, and cash." Research demonstrates that asset allocation will be responsible for more than 90 per cent of portfolio returns. Since risk level and portfolio return are directly related, your asset allocation should balance your need to take risk with your ability to withstand the ups and downs of the market. Also, your age, time horizon, investment experience and risk tolerance, are all important factors in determining your asset mix. Say, if you're young, you have the benefits of many years of compounding ahead, so in one respect your need to take risk is low. Similarly, if you are closer to retirement and feel you do not have enough saved and need to catch up, you may feel your need to take risk in order to generate better returns is high.



Promote yourself

Promoting yourself requires persistence and in the longer run you can easily reap rewards of your efforts. In order to substantially earn more money (read doubling) you need to prove that the value of the work you do far exceeds what you are being paid. Illustrate your boss how much money you've made for them through your hard work – aptly supported by a chart or graph for visual impact. With persistence and patience, you can systematically negotiate regular pay increases that could double your salary.



Disclaimer: All information provided in this article is for informational purposes only.