Have you ever heard of the financial concept called the rule of 72?
It’s a very interesting and useful principle, which has been around for about 400 years. And it’s even said that Albert Einstein called it the eighth wonder of the world.
With compound interest, you can use the rule of 72 to show how long it takes for your money to double at a certain interest rate: You simply take the number 72 and divide it by your interest rate. This will show you approximately how many years it will take for your money to double.
72 ÷ %
72 divided by your interest rate equals the number of years it will take for your money to double.
Watch this video to learn:
How you can use this simple rule to calculate the number of years it will take to double your money at a given interest rate.
Why you should start investing as soon as possible.
How getting a better rate of return can make a big difference.