The Power of Interest - How Long Will it take My Money to Double?
Have you ever heard of the Rule of 72? How about the Rule of 114? The Rule of 72 is a shortcut to estimate the number of years it takes for an investment to double, while 114 estimates how long it takes to triple. Here's what the rules look like.
Why do you want your investment to double or triple? Does that fit into your overall strategy, or is it just a fun math problem to solve? With saving and growing your money, sometimes hitting singles is a better approach than swinging for a home run.
Rules in Motion
While rules are fun to see, your investment strategy should reflect your goals, time horizon, and risk tolerance.
| Compounded | ||||
|---|---|---|---|---|
| Growth Target | Annually | Monthly | Weekly | Daily |
| Double 2× your investment | 0.0000 years | 0.0000 years | 0.0000 years | 0.0000 years |
| Triple 3× your investment | 0.0000 years | 0.0000 years | 0.0000 years | 0.0000 years |
| 10× Growth 10× your investment | 0.0000 years | 0.0000 years | 0.0000 years | 0.0000 years |
What's Your Time Horizon?
Have A Question About This Topic?
Related Content
What To Do When Your Income Reaches 7 Figures
Preserve your high net worth with these foundational tips.
The Great Debate Continues: Active vs. Passive
In investments, one great debate asks the question, “Active or Passive Investing: Which Is Better?”
Medicare At 65+
65 or older? It may be time to enroll in Medicare. Read to learn if you’re eligible.