The rule of 72 helps determine how long it's going to take you to double your investment based on an annualized fixed rate of return. I used to wonder what's the rule of 72? I don't get it. Why is everybody talking about it? Now I understand when you're trying to set goals, it's a really easy way to figure out the time frame of when you’ll hit your goals using the rate of return.
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On today’s episode we discuss the Rule of 72 and the Rule of 115. Take the interest rate you are receiving on an investment and divide it by 72 to determine the number of years it takes to double your investment. It does need to be a fixed annual rate of return for this to work. Here's an example, for $100,000 at 6% interest rate, take 72, and divide it by six, that means you're gonna double your money in approximately 12 years. Now with 8% you’ll double your money in approximately 9 yrs, and so on.
The rule of 115 in the same way is used to determine the number of years it takes to triple your investment. Take that same $100,000, but divide by 115. 6% interest was 19.16 years. 8% interest, 14.375 years etc. It makes all the difference in the world for you to see the end game and know what you're doing. Because then you begin to be more intentional and more excited about what you're doing.
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