Is it possible to learn two foreign languages at the same time effectively?

I do not think it would be that effective. Because learning even one foreign language takes time, effort and dedication. Meaning trying to learn two foreign language at the same time would mean doubling your time, effort and dedication which quite impossible for people who works at least 8 hours a day. But it is not totally impossible if you really want it.

It is possible but it won't be easy ,time management (between the two languages) is important. Another thing that you should be aware of is the languages you are about to learn; you have to pick two different languages to avoid interference. For example( as an English native speaker), Spanish and Japanese are perfect to learn at the same time because they are different, while Spanish and Italian/Portuguese are similar languages and therefore hard to learn in the same time.