How do I triple my income?

How to triple your salary in 5 years

Change jobs. If you stay in one place, chances are your salary increases will be incremental: a raise here, a cost-of-living bump there. …
Boost your skills. One of the best ways to make more money is to be worth more money. …
Create your own business. …
Make money for others.

Then, How many years FD will double?

To know the time duration in which your FD amount will get doubled, you have to divide 72 with the highest rate. For example, if the highest rate on FD is 7.05%, then the number of years in which your FD will get doubled is 72/7.05= 10.21. Thus, it will take 10 years for your FD to get doubled.

How can I quadruple my money?

If you want to quadruple your money, just double the Rule of 72 to obtain the Rule of 144. If you want to triple your money, use the Rule of 120. To derive these rules, calculate the product of 100 and the natural logarithm of the exponent, and then look for a whole number with many factors at or above that result.

What are some passive income ideas?

18 passive income ideas for building wealth

Create a course.
Write an e-book.
Rental income.
Affiliate marketing.
Flip retail products.
Sell photography online.
Peer-to-peer lending.
Dividend stocks.

How can I double my 9 5 salary in 12 months?

#1 — Staying at your current company strategies. Each of these tips below will help you to double your salary.
Get one customer on your side.
Refer a customer.
Choose a role that exploits one skill.
Take on an unofficial leadership role.
The magic of secondments.
Sit in a different seat every day.
Be genuinely interested.

Can I double my money in 5 years?

If you want to double your money in 5 years, then you can apply the thumb rule in a reverse way. Divide the 72 by the number of years in which you want to double your money. So to double your money in 5 years you will have to invest money at the rate of 72/5 = 14.40% p.a. to achieve your target.

Which is better LIC or fixed deposit?

Fixed deposits are best for both short and medium term investments whereas life insurance plans are designed for long term investments. You can invest for a period of as low as 7 days in fixed deposits unlike a life insurance plan wherein you need to invest for at least 10 years.

Is FD Double in 5 Years?

Fixed Deposit: Currently, banks are offering an interest rate of around 6.25 per cent per annum on deposits with a maturity period of more than five years. Invest in an FD now and it will take 11 years for the money to double. The interest on FDs, however, is taxable as per the slab an individual falls under.

What is the 50 30 20 budget rule?

Senator Elizabeth Warren popularized the so-called “50/20/30 budget rule” (sometimes labeled “50-30-20”) in her book, All Your Worth: The Ultimate Lifetime Money Plan. The basic rule is to divide up after-tax income and allocate it to spend: 50% on needs, 30% on wants, and socking away 20% to savings.

What is the KISS rule of investing?

In other words, KISS in investing is an acronym that fully means “Keep It Simple, Stupid”. The principle expresses an ideology that implies that most systems work effectively when they are made and kept simple, with no complications.

What is the rule of 144?

Rule 144 provides an exemption and permits the public resale of restricted or control securities if a number of conditions are met, including how long the securities are held, the way in which they are sold, and the amount that can be sold at any one time.

What are the 7 sources of income?

What Are The 7 Streams of Income?

Earned Income. Otherwise known as your salary or typical monthly income from your primary job.
Business Income. Alongside earned income, you may receive extra income from businesses you have set up.
Interest Income.
Dividend Income.
Rental Income.
Capital Gains.
Royalties or Licensing Income.

What are 5 sources of income?

Different Streams of Income

Earned income: This is your day job and most people’s primary source of income.
Business income: You own a business.
Interest income: This is income you make from lending your money out.
Dividend income: This is money that’s distributed as a result of owning shares of a company.

How can I make money while I sleep?

Webinars. Webinars are a great way to make money while you sleep.
Ebooks. Find a niche market and write a great ebook.
Drop-shipping. Ecommerce is exploding.
Online courses.
Blogging.
Traditional real estate rentals.
Peer-to-peer lending.
Affiliate marketing.

How can I double my money online?

7 Ways to Double Your Money (Fast)

Open an account with a trading service such as Robinhood or Webull, which offer free stocks for opening or funding an account or for inviting friends to join.
Buy IPO stock.
Flip sneakers purchased on Stockx on eBay or via the Snkrs app.
Sell freelance services on the Fiverr platform.

How do I multiply my paycheck?

If you are paid hourly, multiply your hourly wage by the number of hours you work per pay period. For example, if you earn $15 per hour and work 80 hours per pay period, multiplying the two numbers shows a gross pay of $1,200 per pay period.

Can you ask for double your salary?

Taking a clear and logical approach to how your specific skills and abilities save or make money for a company provides ample room for salary negotiation. If you show that you bring millions of dollars in revenue in, you should be able to ask for both a bigger base and bonus.

What is the safest investment with highest return?

9 Safe Investments With the Highest Returns

Certificates of Deposit.
Money Market Accounts.
Treasury Bonds.
Treasury Inflation-Protected Securities.
Municipal Bonds.
Corporate Bonds.
S&P 500 Index Fund/ETF.
Dividend Stocks.

Where should I invest 10K right now?

How to invest $10K: 9 smart ways to use your money

Put money in a high-yield savings account.
Pay off high-interest debt.
Max out your individual retirement account (IRA)
Fund a Health Savings Account (HSA)
Save for education costs with a 529 account.
Open a taxable investment account.
Build a CD ladder.

What is LIC interest rate?

LIC HFL offers good interest rates on their FD schemes. At present, the interest rates offered ranges from 5.25% to 5.75% on all individual deposits.

Term	Interest rate p.a for monthly option (Non-Cumulative Deposits)
1 year	5.25%
18 months	5.50%
2 years	5.65%
3 years	5.75%

What is Fd income?

ICICI Bank FD Income offers regular monthly income, for your choice of tenure with an option of receiving some amount as lump sum. A simple Fixed Deposit (FD) plan, which offers fixed regular monthly income in future by investing a lump sum amount today.

Is LIC good investment?

Is LIC Plan a good investment? Yes, LIC offers best life insurance plans. If you are looking for investment and protection option under one product, you can consider Endowment or Unit Linked Investment Plan (ULIP) as per your risk appetite and financial objectives.

What is the interest of 50000 in SBI?

State Bank of India FD Returns Based on Investment Amount

Investment Amount	For 3 years with interest of 5.45%	For 5 years with interest of 5.5%
₹ 50,000	₹58859	₹65785
₹ 1 lakh	₹117719	₹131570
₹ 2 lakh	₹235438	₹263141
₹ 5 lakh	₹588595	₹657852

Which bank is best for FD in 2022?

Best FD Rates in India 2022

Financial Institutions	Non-Senior Citizen FD Rates	Tenor
HDFC BANK FD	5.75%-6.25%	33-99 months
ICICI BANK FD	2.50% – 5.50%	7 days to 10 years
AXIS BANK FD	2.50%-5.76%	7 days-10 years
PNB BANK FD	5.90%-6.70%	12-120 months

What is the interest of 5 lakh in SBI?

Monthly Interest for Rs. 5 Lakh Fixed Deposit

Bank	Interest Rate for Senior Citizens (p.a.)	Rs. 5 Lakh FD Interest Per Month
SBI	3.40% – 6.30%	Rs. 1417 – Rs. 2625
Punjab National Bank	3.40% – 5.75%	Rs. 1417 – Rs. 2395
HDFC Bank	3.00% – 6.35%	Rs. 1250 – Rs. 2646
Axis Bank	2.50% – 6.50%	Rs. 1042 – Rs. 2708