4 min read · Mar 3, 2023
--
Are you looking to make a quick profit and turn your $1 into $100? While it may seem like a daunting task, there are actually several ways you can achieve this goal. In this article, we’ll explore some tips and tricks to help you make the most of your money and turn that single dollar bill into $100 or more.
One of the easiest ways to turn your $1 into $100 is to sell things you no longer need. You’d be surprised how many things you have lying around the house that you can sell for a profit.
- Old clothing: Go through your closet and pull out any clothes that you haven’t worn in a while. You can sell them on apps like Poshmark or Mercari, or on websites like eBay. Let’s say you have a shirt that you bought for $20 and you sell it for $10, that’s already a 50% return on investment.
- Electronics: If you have old electronics lying around, like an old phone or laptop, you can sell them for a profit. For example, if you have an iPhone 6 that you no longer use, you can sell it for around $100 on websites like Gazelle or Decluttr.
- Books: If you have a collection of books that you’ve already read, you can sell them on Amazon or eBay. Let’s say you have a book that you bought for $10 and you sell it for $5, that’s a 50% return on investment.
Another way to turn your $1 into $100 is to use cashback programs. These programs give you cash back when you make purchases at participating retailers.
- Rakuten: Rakuten is a cashback program that gives you cash back when you shop at participating retailers. Let’s say you make a $50 purchase at Sephora through Rakuten and you get 5% cash back. That’s $2.50 back in your pocket.
- Ibotta: Ibotta is a cashback program that gives you cash back on groceries, travel, and online shopping. For example, you can earn $10 cashback when you book a hotel through the app.
If you have a skill or talent, you can offer your services to others for a profit.
- Graphic design: If you’re skilled in graphic design, you can offer your services on websites like Fiverr. Let’s say you charge $20 for a logo design, and you complete 5 designs in a month. That’s $100 in profit.
- Tutoring: If you’re skilled in a particular subject, you can offer your services as a tutor. Let’s say you charge $20 per hour for tutoring, and you tutor for 5 hours a week. That’s $400 in profit in a month.
Investing in stocks can be a great way to turn your $1 into $100, although it comes with some risk.
- Robinhood: Robinhood is a commission-free trading app that allows you to buy and sell stocks. If you invest $1 in a stock that grows by 10%, you’ll have $1.10. If you keep reinvesting that money and it grows by 10% each time, you’ll have over $100 in 20 years.
- Dividend Stocks: Dividend stocks pay out a portion of their earnings to shareholders. If you invest in dividend stocks, you can earn money even if the stock price doesn’t increase. For example, if you invest $1 in a stock with a 3% dividend yield, you’ll earn $0.03 in dividends.
Participating in online surveys can be an easy way to earn some extra cash.
- Swagbucks: Swagbucks is a website that pays you to take surveys, watch videos, and complete other tasks. You can earn $1 for completing a short survey, and up to $5 for longer surveys.
- Survey Junkie: Survey Junkie is another website that pays you to take surveys. You can earn up to $50 per survey, although most surveys pay between $1 and $3.
Using a cashback credit card can be another easy way to earn some extra cash.
- Chase Freedom: The Chase Freedom credit card offers 1% cashback on all purchases, plus 5% cashback on rotating categories (like gas stations or grocery stores). If you spend $1,000 on the card in the first three months, you’ll also get a $100 bonus.
- Discover it: The Discover it credit card offers 1% cashback on all purchases, plus 5% cashback on rotating categories. At the end of your first year, Discover will match all the cashback you earned. If you earned $50 in cashback, Discover will give you an additional $50.
Remember, there are many ways to turn your $1 into $100, and it all depends on your skills, interests, and risk tolerance. With a little effort and creativity, you can make your money work for you and achieve your financial goals.
