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# 4 ways to double your money, according to financial experts
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Aly J Yale
Aly J. Yale is a contributing writer for the Managing Your Money section for CBSNews.com, covering various personal finance topics, including investing, homebuying, loans and more.
August 2, 2023 / 8:48 AM EDT / CBS News
There are multiple approaches savers can take to double their money, experts say. Getty Images
There are many reasons you might want to grow your money. Maybe you're nearing retirement, or you need to cover unexpected costs or medical expenses. It could also be that your salary hasn't kept up with inflation or the higher consumer prices we're dealing with in today's economy. Whatever it is, there are ways to do it — and even double your money, in some cases.
It's all a matter of choosing the right strategies. With traditional [savings accounts](https://www.cbsnews.com/news/how-much-can-you-earn-with-todays-top-savings-accounts/), for example, your opportunities for growing your cash are limited (the average APY is a mere 0.42% right now).
Fortunately, there are other avenues you can explore, including the opening of a high-yield savings account.