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Rule of 72 for Your Retirement Savings!

If you want to know how long it will take to double your money, take the number 72 and divide that number by the interest rate you are getting. So if you deposit $3,000 into an account with a 2% interest rate, 72 ÷ 2 is 36. So in 36 years you will have $6,000.

If you have an interest rate of 12%, you will make $6,000 in six years. The higher the interest, the quicker it is.

Posted by Chris Campbell on 09/08/2007 08:44 PM

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Chris Campbell

Kansas City, MO

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