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Do any moms know what the rule of 72 is?

I am giving free advice to moms, mom's to be and want to be a mom. I have many great free MONEYSAVER tips and would like to extend my help to others. This question is definately something all mom's should know about money.

 
MoneySaverMoms

Asked by MoneySaverMoms at 12:53 AM on Aug. 14, 2009 in Money & Work

Level 2 (6 Credits)
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Answers (4)
  • Very good Linda Clement although make sure you explain like this .......wherever you have money sitting at like your savings account etc. has an interest rate of return.
    Take your interest rate and divide that by 72 and you will have the amount of years it takes for your money to double. Sooooooo......Do you know how the bank will eat you for lunch on your wallet?
    MoneySaverMoms

    Answer by MoneySaverMoms at 1:55 AM on Aug. 14, 2009

  • what is it?
    2mothershelpers

    Answer by 2mothershelpers at 12:54 AM on Aug. 14, 2009

  • As in the way to calculate the compounded interest on an investment in your head? I've heard of it, just wish I had the money to invest!
    lucysmomrocks

    Answer by lucysmomrocks at 1:05 AM on Aug. 14, 2009

  • I do. 'How long, at this interest rate, will it take to double your investment/debt' is a formula called the 'rule of 72'...
    LindaClement

    Answer by LindaClement at 1:49 AM on Aug. 14, 2009

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