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How To Double Your Money

The formula to double your money, do you believe it? Yes, I do. There is such a formula and all you need to double your money are: time, rate of return and of course patience. Here, I will give you the formula that I actually found in a Financial Book a year ago:

X = 72 : Y

X = years it takes for your money to double

Y = rate of return on your investment (percentage)

72 = constant, always use 72 in this formula

Actually this formula is known as Formula 72

For example, you deposit $10,000 annually, at an interest rate of 9%, so you can double your money in 8 years.

If you want to try the calculation, you can take your calculator and calculate:

($10,000 x 1..09) x 1.09 x 1.09 x 1.09 x 1.09 x 1.09 x 1.09 x 1.09

You will have $19,925.65 in your account, which means that with compound interest you will double your $10,000 in 8 years if the interest rate is 9% per year.

Isn’t that great? Suppose the rate of return on your investment ID is 12% per annum, then it will take you only 6 years. Is it 15%, 20%, etc.

But to use the formula, you have to be patient. You need to keep the money in your investment accounts and let time and compound interest work for you, just cooperate with the formula and you will double your money over time.

By the way, you can use this formula to plan your retirement funds. After you calculate how much you need for your retirement days and how many years before you retire, then all you have to do is choose the right investments. Of course you still have to keep an eye on your investments to see if they grow as you plan or if you need to switch to other investments that will give you the returns you want.

There are many great investments out there and they are still getting better, so stay informed with your financial (investment) issues.

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