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  2. What To Do With 10K Dollars

What to Do With 10k (Could You Invest and Double It Wisely?)

Investing is confusing right now. What do you do if you've got 10k? Here's our take.

Kimberly Studdard - Finance Writer
Written by
Finance Writer
Derek Sall - Personal Finance Expert
Reviewed by
Personal Finance Expert
11 min
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Get a windfall? Come into a small inheritance but not sure what to do with it? Worried you're going to mess up and spend your money "unwisely"? While 10k may not seem like much in today's world, it can actually stretch fairly far (if you have a plan for it!). This entire post is devoted to the question, "What to do with 10k."

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Is 10k a lot of money?

$10k is not generally considered a lot of money. However, having $10k in savings is more than most Americans had in 2021, with research suggesting 54% live paycheck-to-paycheck. It is not possible to live from $10k alone, but investing $10k can produce high-yield results, depending on the vehicle used. While 10k may not get you out of 6-figure debt or make you a millionaire overnight, it's still more money than what almost half of Americans have right now. So yes, I'd say it's a lot of money. (Plus, as you will read later in this post, 10k invested could yield a pretty HUGE return over time!) 

What to do with 10k inheritance?

Did you recently inherit 10k? While it may not seem like a lot of money (compared to some people who inherit millions), it still can be a life-changing amount of cash! First things first, if you inherited 10k, that means that someone close to you has died. It's tough, it's emotional, and it's no time to be figuring out what to do with money. Just wait. Take your time. Put the money in savings. After six months or so, think about how the person that gifted you the money would want you to spend it. Do them honor with your decision. 

What should I do if I saved 10k?

You've been asking yourself these questions...

  • "What to do with 10k in savings?"
  • "What can I do with 10k?"
  • And, "What should I do with 10k?" 

While I'll go into more details below, I just want to say congratulations if you've been able to save $10,000. That's no small feat! Now you're asking yourself, "What should I do if I saved 10000?" Choose wisely, because when the money is gone, it's gone!

What Can I Do With 10k?

Want to know what you can do with 10k? While I don't often advise people do this, you could have some pretty awesome short-term fun. With 10k in savings, you could do things like:

  • take your family to Disney
  • do a small remodel project in your home
  • rent a beach house on an island for a month
  • hop in your van and travel the country for half a year

When you ask about what you could do with $10k, you're typically asking how you could best blow your money. Sometimes that's fun...but more often than not, you should be asking yourself, "What should I do with 10k?" 

What Should I Do With 10k?

Want to know what you should do with 10k? 

  • If you have at least $1,000 in savings already, but you have consumer debt, put the $10k toward your debt!
  • If you don't already have a full emergency fund, you should put the 10k in savings and forget about it. Keep it there for when you need it. 
  • And, if you're already out of consumer debt and have an emergency fund, then maybe you want to think about putting some money toward the mortgage!

Or, maybe you want to think about investing with 10k! It's certainly not a bad idea! More on that below! 

How can I double my 10k fast?

If you're asking how to double 10k quickly, you're probably about ready to lose it. The only way to double 10k overnight is with huge risks like:

  • gambling
  • sport betting
  • penny stocks
  • and in my mind, even crypto is a bit of a gamble!

Try the above risks and you could double your money, but you're actually more likely to lose it entirely. Instead of trying to double your 10k fast, why not do it wisely and target doubling your money every few years? After all, check out what doubling your money can do over time:

  • 10k
  • 20k
  • 40k
  • 80k
  • 160k
  • 320k
  • 640k
  • 1.3 million!

Double your money every few years and you'll be a millionaire. Try to double your money immediately and you'll be broke for life. None of the options below are get-rich-quick schemes. While it is possible to double your 10k, it won't happen overnight. However, you may be able to do it in a year or two (if you play your cards right).

How can I get rich with 10k?

Want to know how to make money with 10k? Want to know how you can get rich with 10k? It's certainly possible! Having $10k is a great start to building wealth! Here's the key to getting rich with 10k:

  • Always look to grow it, again and again and again

Use that $10k to make $10k. Then, use that $20k to make $40k. Then, use that $40k to make $80k. Keep the windfall rolling until you build it up to millions of dollars! If you truly want to be wealthy, don't use any of your gains for short-term fun or even small gifts for yourself.

Keep your head down and keep reinvesting. And, if you want more guidance on what to do with 10k to make more money, follow the steps below! Seriously. If you're not sure about what to do with 10k, the tips below will help you get started on your saving and investing journey. $10,000 may not seem like a lot, but if you give it some time and make smart investments, it can easily add up to hundreds of thousands of dollars. 

What should I invest 10k in?

Thinking about investing 10k? What should you invest in? When you're looking at investing large sums of money, the biggest thing to think about is what you need from that 10k right now.

  • Are you drowning in debt?
  • Are you trying to work on yourself?
  • Or, are you saving for retirement?

Asking yourself these questions will help you decide how you should invest your money. In other words, if you want to invest in you, then maybe you should look at investing in education or online courses. If instead, you're wondering how to turn 10k into 100k, then I'd recommend both investing and starting your own business! More on these topics below! 

"What Can I Do With $10k?"

Okay, so now you've actually got it, the next question is... What should you do with $10,000? With $10k you can:

  • Invest in the stock market
  • Buy into a Real Estate Investment Trust
  • Invest in bonds and mutual funds
  • Invest in an index fund
  • Pay off your home, or buy a rental property
  • Start your own business
  • Save into a Roth IRA
  • Contribute more to your retirement
  • Pay off high-interest debt
  • Start an emergency fund
  • Up-level your skills

Let's talk about it!

1) Invest It

If you don't have any immediate needs with your 10k, then you're likely asking, "What can I invest in with 10k?" The answer... Almost everything!! When you save up 10k, one of the first things you can do is invest it! Now, this will depend on where you are in your personal finance journey.

Of course, it doesn't make much sense to invest if you've got a lot of high-interest debt. Instead, you'll probably want to focus on paying that off first (you can't out-invest your debt if it's too high). But, if you're fairly close to paying off debt, or if your debt to income ratio is fairly small, investing can be a great way to get ahead in life. But then there's the question of, "What to do with 10k to invest?":

  • Stocks
  • bonds
  • REITs (real estate stocks)
  • Index funds

All are different and each have pros and cons. Heck, if you don't like any of these options, you could invest in artwork, or wine, or maybe even a classic car chassis! Invest in what you know and what you enjoy. Just do your research and find the best investment method for you. 

2) Learn To House Hack

Yes, $10,000 may not be able to buy you a house (or help you with a down payment). But, it can help you with your journey. It can help you find a bigger place and rent it out as an Airbnb, or even buy something like a tiny home or RV to park and rent out. If you've already started saving for a house, an extra $10k can be just what you need to get into the home you want. However, don't get stuck being house poor. House hack instead! 

3) Start A Side Hustle or Business

Wondering what to do with 10k? This moment could absolutely change your life! Start a side hustle and maybe someday it will become your full-time work! And, maybe it will turn into an income you thought you'd only dream about! It's entirely possible!

There are many side hustles and businesses that you can start for way less than 10k. But the extra money certainly can help. For example, if you're trying to start a product-based business, a few thousand dollars for fees, products, labels, and more can really come in handy. Again, you don't need a lot of money to start a business or side hustle. So the other options on this list may be better first options, with this choice as a backup. But, it's still nice to keep in your mind in case you were looking to become your own boss.

Related: Flexible Side Hustles That Can Fit With Any Schedule

4) Max Out Your Roth IRA

Yes, you could just invest the $10,000 in individual stocks and bonds. Or, you can also take the approach of getting a Roth IRA and max it out. For 2021, you can contribute a maximum of $6,000 in a year, which means you'd still have $4,000 left to spend, save, or play with! Plus, there are many benefits to a Roth IRA. So if you're a newbie investor, give it a try!

5) Pay Off High-Interest Debt

High-interest debt includes credit card debt, personal loans, and even some student loans. You may be thinking "But if I invest now, I'll have more money later on", but think about it this way: if the average return on your investment is 8%, and your interest rate is 22.99%, you're losing money by investing. It would be much more valuable for you (in the long run) to pay off high-interest debt and then start investing.

Yes, it sucks to use all of your money toward debt (if you have to use all $10,000). But, not having that hanging over your head is worth the sacrifice. 

6) Uplevel Your Skillset

So what if you're debt-free, already have an emergency fund, and are currently investing? Then what do you do with an extra $10,000? Well, if you'd like, you could try upleveling your skills. For example...

  • You could get a certification for a field or industry you're interested in.
  • You could take a class or two for fun or get a promotion at your job.
  • Or, you could even make the decision to start going back to school.

Now, I'd only recommend this option if you've already paid off debt and started investing. Otherwise, those two should be your first priority so you can get yourself into a better financial position. But, if you're twiddling your thumbs and not sure what to do with an extra 10k, this might just be the way to go!

Not Sure What To Do With 10k? Be Willing To Take Risks

You're questioning what to do with 10k, and that's honestly a great start! Most people would just blow it $500 at a time and then wonder where it went a few months later. At least you're asking the question before it's too late!

As a recap, if you have 10k and not sure what to do with it, I'd recommend:

  • You pay off consumer debt
  • Save up a full 6 month emergency fund
  • Invest it in an interest-bearing account
  • Start investing in yourself in some way
  • And beyond that, feel free to have fun with some of it!

No matter what you choose to do with $10,000, it will be risky to "spend" it. If you're afraid to do that, go ahead and stick it into savings until you have a better plan for it. But, 10k can go a long way if you know how to stretch it and work it to your benefit. What do you think you'll do with 10k? Tell us below!


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Corporation, L. (n.d.). Nearly 40 Percent of Americans with Annual Incomes over $100,000 Live Paycheck-to-Paycheck. Retrieved March 16, 2023, from https://www.prnewswire.com/news-releases/nearly-40-percent-of-americans-with-annual-incomes-over-100-000-live-paycheck-to-paycheck-301312281.html

Editorial team

Meet the team
Kimberly Studdard - Finance Writer

Finance Writer

Kim Studdard is a project manager for online entrepreneurs and small businesses. When she isn't spending time with her daughter and husband, or reading her growing pile of horror books, you'll find her working on her HR degree and working towards FIRE.

Kacper Kozicki - Editor


Editor, copywriter, and multilingual translator with expertise in producing tailored content for global online brands. When not editing articles for LifeAndMyFinances.com, he enjoys rummaging through paper dictionaries, walking in nature, and making travel plans.

Derek Sall - Personal Finance Expert

Personal Finance Expert

Derek has a Bachelor's degree in Finance and a Master's in Business. As a finance manager in the corporate world, he regularly identified and solved problems at the C-suite level. Today, Derek isn't interested in helping big companies. Instead, he's helping individuals win financially—one email, one article, one person at a time.

Lauren Bedford - Finance Writer

Finance Writer

Lauren is a published content writer who is passionate about helping and informing others through her content. In the last 5 years, Lauren has written about a range of subjects, including business, technology and finance.

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