After setting aside your emergency fund as Biff suggests, I would look into two or three mutual funds - preferably no or low loads. Since you are young and as you say inexperienced, a mix of growth, income and possibly a mid-cap fund would suffice. A 40%-40%-20% split of whatever you invest should be good. Your growth fund will be invested in stocks expected to outperform the market. The income fund will be placed in investments that throw off income and the mid-cap fund in smaller companies, hopefully with decent upside (smaller companies when successful tend to outperform larger companies since they have more upside). If the mid-cap fund is too risky (don't be checking your portfolio value every day), then substitute a value fund for the mid-cap. This split gives you a good level of diversification.

Each year, re-balance your portfolio to maintain these percentages. If you grow this portfolio sufficiently, look into further diversifying, maybe a bit into international funds and some safer low-risk bond funds.

other than gambling it, and being sure or your gamble, there is no way to double your money if you are expecting to accomplish within a specific limit of time

eventually you can probably double the amount with good investments

frankly I find muni bonds very worthwhile,being tax free not only the money made on the bonds is tax free but when you sell them they are also tax free

and oddly enough they pay better than savings in the bank(CD's,etc)

I'd invest it in two or at most 3 highly rated growth stock mutual funds.

designate part of it as your emergency fund - 6 months worth of expenses - not to be touched except for emergencies - invest the rest in highly ranked mutual funds

You need to diversify first. I recommend MSFT stock, GE Stock, and for growth, GILD, CELG

cool

In the next few weeks I'll be receiving roughly $70,000 (more or less)

I'm not sure what to do with it for I've never handled this much before and I want to utilize this opportunity to make more money out of it.

I make $1,000 a week from my job and have the normal bills such as rent, car repayments and food, but nothing too serious to hold me back.

I'm young, inexperienced and wouldn't know where to start with turning this into more money

So the question is, how can I make more money out of this $70,000?

Any suggestions would be greatly appreciated :)