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I see some really wonderful answers already! I won’t go the direction of investments because I think it is overly complicated. Turning $1000 into $10000 is far simpler when one forgets about annual returns and market investment strategies. You are not dealing with millions, which makes it possible to do without having to pay investment fees.

Here is what you do:

  1. Do some research on used items that sell for about $250 each (iPhones or Apple watches in good condition for example could reach that amount).

  2. Next, find 10 people who own these items and offer to buy it from them for $100 cash, presuming that it is in good condition.

  3. Resell on Craigslist for $200 - below market, but double your capital. When all the items are sold you now have $2000.

  4. Rinse and repeat.

Some things to remember:

  1. You can spend smaller amount on items that sell for less. The trick is to buy low and double your money.

  2. Spending less money per item may mean that your turnaround time is longer, but your risk will be lower as you can test how easily items can be sold.

  3. You can also spend bigger amounts - your turnaround will be faster, but your risk higher. However, your reward could also be higher - you could offer a cash strapped person $1000 for a car that is worth $4000 and quadruple your cash. Big risk, but something worth noting.

  4. The underlying principle is to buy low, sell high and test every transaction to make sure it will work.

If you don’t want to sell products, here is another strategy:

  1. Take a walking tour of your town, looking for locally owned businesses. Take note of their names. You should end up with about 50 - 60 businesses for each day you walk around. The bigger the list the better

  2. Spend some time and check out whether they have a web site, and if they do, whether the web site is updated. If they don’t have a web site or the web site is old, mark them as leads.

  3. Create a web site package to the value of $450 that includes 10 pages, security, contact form and some other bits and pieces.

  4. Go to each of your leads and sell a web site package to each of them. You should get a success rate of about 15 - 20% so you could have 10 - 15 sales.

  5. Contract a freelancer to build the sites for you - pay them max $200 per site.

  6. Make sure your clients register through your preferred host (like BlueHost) and earn affiliate income in addition to the profits for building the site. You can earn $315 per site.

  7. With your first batch of clients you can earn $4750 in profits.

  8. This process should take you two to three months to cycle - this means you can make 4 - 6 times this amount ($18 900 - $28 500) if you keep on selling.

Of course, you can change strategies midway. For example, once you made your first $5000 you can take $1000 of that and buy up old cars to sell for scrap, or you could buy jewelry at estate sales and resell them on Ebay.

You can even start with an FBA (Fulfillment by Amazon) dropshipping business for less than $1000 and build a proper income.

The possibilities are endless and the risks vary. As long as you stick to the principles you could easily exceed $10k with your current cash on hand.