4 ways to double your money, according to financial experts

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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, 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. You could easily start earning more interest on your money right now. Get started now with Discover and lock in your terms from three months to 10 years.

Are you looking to double your money in the long or short haul? Here are four ways to make your money grow, according to financial experts.

The first step is to know how quickly you need to double your money. Is it two years, 10 years, or just by retirement a few decades down the road? Once you have that detail, you'll need to follow what's called the Rule of 72.

"The Rule of 72 will assist in determining how long it will take to double your money at a given rate of return," says Michael Morgan, president of TBS Retirement Planning. "For example, on an investment paying a 6% rate of return, if you divide 72 by six, it will take 12 years to double your money. If you could average a 12% annual return, dividing 72 by 12, you would be able to double your money in just six years."

The Rule of 72 can help you determine what types of investments or financial products can help you achieve your goal. If you need to double your financial investment in 10 years, a savings account with a 5% interest rate, for instance, wouldn't help achieve your goals. You'd need something with a higher rate of return (at least 7.2%) to make that 10-year milestone happen.

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If you need to double your money on a fairly quick timeline, old standards like savings accounts or buying real estate likely aren't going to do it for you. Instead, you'll need to focus on higher-risk investments.

"How much risk you're willing to take matters," Morgan says. "If you have an aggressive risk tolerance and are looking at more risky investments, you have an opportunity for higher gain