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Experts reveal how you can DOUBLE your money in 10 years – and it’s easier than you think

Get rich quick schemes are a dime a dozen these days, and the idea of a ‘safe investment’ is becoming harder and harder to pin down for the everyday Australian.

But certified financial planner Patrick Canion stresses there are some smart choices you can make today that are likely to pay off some years down the line – and, if you’re patient, it is possible to double your money in a decade.

‘You don’t need to do anything crazy to achieve it,’ he said.

‘Most of the billionaires alive today are self-made — they weren’t born into wealth. So don’t think that all the good investments have already happened.’ 

Doubling your investments within a decade isn’t a matter of rocket science, financial experts say – it just involves being smart with your money

According to Canion, doubling an investment in 10 years only requires an average 7.2 per cent annual return, with income reinvested, News Corp reports.

And there are certain areas of investment that show more promising returns than others.

Healthcare has been a strong performer over the past 10 years, tripling in value on the ASX. 

And as the average lifespan of the first world population increases, continued growth in the health and aged care sector is looking like a safe bet.

Healthcare has been a strong performer over the past 10 years, and looks like it will continue to grow

Healthcare has been a strong performer over the past 10 years, and looks like it will continue to grow

‘In developed countries, people are wealthier and living longer — so you would think that anything to do with health and/or aged care should benefit from this trend,’ said Canion. 

Robotics and artificial intelligence is another area of interest for forward-thinking investors, with the total value of robotics companies being forecast to grow from $60 billion today to $1.2 trillion by 2025.

Meanwhile, rare earths – materials used in fast-growing technologies such as mobile phones or electric motors – are likely to grow in value as demand increases and supply diminishes.

These are high risk high return ventures, financial experts warn – suggesting people put aside a small portion of their portfolio for these kinds of long shot investments.

Robotics and artificial intelligence is another appealing growth area - but experts warn that these kinds of companies are high risk high return investments

Robotics and artificial intelligence is another appealing growth area – but experts warn that these kinds of companies are high risk high return investments

The safest way to see strong returns is by diversifying your portfolio and 'investing for the long term'

The safest way to see strong returns is by diversifying your portfolio and ‘investing for the long term’

For those willing to take a chance, start-up companies can also be lucrative areas of investment, with early investors often reaping the richest benefits of successful stocks.

Overall, though, the most tried and trusted way to double your money in a decade is by diversifying your portfolio with growth investments, according to Marinis Financial Group managing director Theo Marinis.  

‘Invest for the long term like the casino, not like the punters,’ he said. 

‘Diversify within all asset classes and across all asset classes and do it with low cost index funds. In the long term, you will always get a better and less volatile outcome.’ 

 



Read more at DailyMail.co.uk


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