How To Double Your Money Every 6-9 Years

LISTEN NOW

EP.629

I’m sharing a quick financial rule called The Rule of 72 that I wish somebody would have not only taught me when I was younger, but shaken me by the shoulders and made me fully understand the value of this calculation. You can use The Rule of 72 to determine how quickly your money can double. It’s simple: take the number 72 and divide it by the rate of return you’re getting on your investment, and it tells you what year it will double. Some of the greatest investment minds suggest buying mutual funds that invest in index funds. When you average out all the ups and downs, the S&P has averaged 10.7%. So whether you’re in your early 20s and just starting out, or you’re like me in your 40s (or beyond) and thinking about retirement, it’s never too late to plant it, set it, and forget it. 

 

Episode Timeline & Discussion Questions:

( 1:07 ) Welcome back to The Chris Harder Show.

( 1:45 ) Chris explains what The Rule of 72 is. 

( 2:21 ) Chris breaks down why it’s important to understand how this rule works. 

( 4:40 ) Chris says, “The most simple thing to invest in is to buy mutual funds that invest in index funds.”

( 6:34 ) Chris demonstrates how if a 25 year old invests $25,000 this year, they would have $1.6 million by the average retirement age of 72 years old. 

( 9:00 ) Chris uses the same example, but with a starting investment of $100,000. 

( 10:40 ) Chris shows what it would look like for a 40 year old to start investing now. 

( 13:02 ) Chris explains how inflation comes into play with investing. 

( 15:34 ) Chris says, “Know the tools, set your goals and out-earn the problem.”

( 17:55 ) Chris details what to expect from the upcoming Be Online personal branding course. 

( 19:09 ) Chris asks listeners to share the podcast and leave a 5-star review. 

Know the tools,
set your goals,
and out-earn
the problem.

You’re Going To Hear About:

  • How the Rule of 72 works 
  • Warren Buffet’s investing advice that has always stuck with me 
  • Examples of what it looks like to invest conservatively vs. aggressively 
  • How inflation comes into play with The Rule of 72 
  • Details about how my new course can help you take advantage of compounding interest 

Resources Mentioned:

  • Text BULLETPROOF to 310-421-0416 to get on the Early Access VIP List for the Be Online personal branding course
  • Text DAILY to 310-421-0416 to get daily Money Mantras or Business Perspective messages to boost your day. 

Subscribe: