If you’re ever wondering how long it’ll take for your investments to grow, the Rule of 72 can help. Just divide the number 72 by your interest rate to get the number of years it’ll take for your money to double.
Reading about this quick and easy calculation in the last chapter of Tina Hay’s “Napkin Finance” really resonated with me, because one of my money goals is to focus more on investing. This month, I plan to increase my 401(k) contributions, so I’ll see greater returns when my money eventually does double.
How are you all coming along with your money goals so far this year?