Don't we all! However, it won't happen if you have your money in a bank. They are paying max 2% and that is if you invest in a CD for a long amount of time. What timeframe are you looking at? If you want to keep it until you are 65 then you have a chance. If you can start saving $405 per month by age 25, an average annual return of 7% means you'll have $1 million by age 65.
If you are looking for a short term doubling of your money then you will have to play the stock market and get lucky.
Some of the Fixed deposit calculator available online are :
( Reference : https://www.bankbazaar.com/fixed-deposit/fd-calculator.html
( reference : http://fd-calculator.in/result )
The Fixed Deposit interest rates and the duration of the investment should be kept in mind while making an investment .
For example :
If the current rate is 7.5% for FDs in Nationalized banks
And if I invest 1,00,000
It will take about 9 years and 5 months for the principal amount to be double ( 2,00,000)
Donald Wood MBA / MEd
It's easy if you have an unlimited time frame! Look up the rule of 72 and you can calculate it yourself.
Investing in a bank will take approximately 35 years to double your initial investment (see Donald's response above about the rule of 72, which is basically divide 72 by the interest rate you are receiving and that is how long it will take for your money to double assuming the rate stays the exact same and no further money is input or withdrawn).
The best and safest way to invest nowadays is a mutual fund. Find no load funds with targeted retirement features. An example are Vanguard's mutual funds. Invest in a fund directly (not through a broker). Large mutual funds are typically very well managed, do not pose much risk at all, and return a solid percentage (much more than a bank).
You mentioned doubling your money. Unfortunately, there is no quick fix in investing (unless you like to gamble). But, I would not recommend that to anyone. You can "win", but, more likely, you can also lose. Find one or more good funds and stay the course. You will happy with that decision 5 years from now!
Hope that helps and good luck!
Faten Abi Rizk
If you are looking to double your money quickly, then you are most likely going to invest in FX (Foreign exchange) or stocks on the stock market. This comes with a high risk due to market volatility.
If you are considering a long term investment that pays 10% (for example) than you could have it on a term deposit with fixed interest rate (yet guaranteeing the notional). In 10 years time (almost, because you will have to deduct management fees and taxes) you will double your money.
Remember, so of the practices are closer to gambling than anything else. Be extremely careful.