The Rule of 72

For instance, if you were to invest $100 with compounding interest at a rate of 9% per annum, the "rule of 72" gives 72/9 = 8 years required for the investment to be worth $200; an exact calculation gives 8.0432 years.

The Power of Compounding Interest

Daddy always said that the longer you save, the less you have to save, and the more money it will become.

I remember him painstakingly charting it out for me on paper, how saving $1000 a year for 40 years would cost $40,000 and equal over $500,000, while saving $10000 a year for 20 years would cost $200,000 and only equal .

The best plan.

The best plan is to live on half of your income.

When you give your children an allowance, teach them to use half and save the other half. If they keep with this pattern, they will be prepared for the shock of taxes, insurance, retirement savings, etc.

If only I had listened to Dad back in the day! I always considered things temporary, and planned to "follow the rules" once I was in a more secure situations. Big mistake! Start it with allowances and earnings as a child and never stop.

Then second plan is to spend less. The third is to earn more!

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