How much time does it take to double your Money_

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How much time does it take to double your Money?

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We all work day and night for one thing – Money. We all ensure that we use this Money for the right purpose so that we can also save for future. But how many of us actually invest this saved money. We’ve all heard that money makes money, but my dear friend – Money does not grow by itself, you have to make it grow. And if you don’t make it grow, Inflation will eat away your Savings. So it’s always better to act now rather than curse later. In this article, we share with you simple formula which will tell you how much time you need to double up your money. Rule of 72 This is very simple rule. Simply divide 72 by the Annual Interest Rate and this is the time it will take you to double up your money. For e.g.:- If you Invest 10,000 at 8% p.a., it will take you 9 years (72/8), to double up your money. Rule of 69 The above Rule is an approximation. To compute the exact time required to double up your money, divide 69 by the Annual Interest Rate and then add 0.35 to it. For e.g.:- If you Invest 10,000 at 8% p.a., it will take you 8.95 years (69/8 + .35)

How much time to triple your Money In today’s time we aren’t satisfied just with doubling up the money. We want to triple the money. The following formula will help you compute the time needed to triple the money Rule of 114 Divide 114 by the Annual Interest Rate to compute the time required to triple your money. For e.g.:- If you Invest 10,000 at 8% p.a., it will take you 14.25 years (114/8) to triple your money. And in case, you don’t believe in Investing and only end up Saving, Inflation is surely going to show its curses on you. Assuming 6% Inflation, the value of your money will be left to half very soon based on the following Rule Rule of 70 Divide 70 by the Inflation Rate to compute the time frame by which the value of your money would be reduced to half For e.g.:- If you have 10,000 and the Inflation Rate is 6%, the value of your money would be reduced to half in 70/6 = 11.66 years. Now, the choice is yours, either double up your money or reduces it to half. Similar Articles

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Prepayment and Refinancing as tools to reduce the increasing EMI’s Tags: Fixed Income earning Investments { 5 comments } Mayank Gupta Dear Readers, To give you some additional info, it takes 13.9 years to make your money 10 times in equities according to my Research. Thanks NAGENDRA RAO.V i think it will be more useful if u provide derivation for ur formulae Vinit @ Nagendra – Simple use of calculator by applying the formula for Interest always reveals the same figures. These are just shorcuts for your easy computations. RAKESH NARAIN SHARMA sir,What is meaning of Rule of 70, Rule of 72, Rule of 114what does it signify. Pls clarify Karan Batra

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The meaning has been clearly explained. It means that you have to divide these figures by the Annual Interest Rates/ Inflation Rates Previous post: How much money should you Save for your Retirement Next post: All about Dhirubhai Ambani

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