3 Ways to Double Your Stimulus Check

 

To double your stimulus check in 2020 there are three main ways you can participate in the stock market. The first is through long term investing in something like a Roth IRA. The second is using swing trading to boost returns while accepting slightly more risk. Lastly day trading options involves the most risk however is accompanied by the most reward.

  1. Investing in a Roth IRA (individual retirement account) gives you the benefit of compounding returns over time. When investing in something like the SPY (an ETF that tracks the broad market) you will average around 8% annually. This means that if you were to invest the entire check, your money would double in approximately 9 years.
  2. Swing trading comes with slightly more risk than a Roth IRA investment account but the returns add up in a more substantial manner and in a quicker time frame. In this instance you are looking to capitalize on moves that might take place over the course of a few days or a few weeks. If you’re averaging around 15% every two weeks or so, you stand to double your 2020 stimulus check over the course of three months.
  3. Options day trading is the most risky of the three methods however the one that stands to double your money the quickest. By capitalizing on small intraday stock moves, leveraged options contracts stand to move over 100% in a day. With these it is important that risk management is at the forefront of your strategy as the potential for loss is heightened.

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