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## How To Double Your Money

The formula to double your money, can you believe it? Well, I did. There is such a formula and what you need to double your money are: time, rate of return and patience. Here, I’ll give you the formula I found in the Finance Book last year:

**X = 72 : Y **

X = years required for your money to double

Y = rate of return on your investment (in percent)

72 = constant, always use 72 in this formula

Actually this formula is known as Formula 72

For example, you deposit $10,000, with 9% interest per year, so that your money doubles in 8 years.

If you want to test the equation, you can take your calculator and calculate:

($10,000 x 1..09) x 1.09 x 1.09 x 1.09 x 1.09 x 1.09 x 1.09 x 1.09

You will have $19,925.65 in your calculator, which means that with compound interest you will double your $10,000 in 8 years if the interest rate is 9% per year.

Isn’t that right? Imagine that the rate of return of your investment id 12% per year, so it will take you only 6 years. What if it is 15%, 20%, etc…..

But to use the formula, you have to be patient. You should keep the money in your investment accounts and let time and compound interest work for you, just work with the formula and you will have double your money with time.

As a matter of fact, *You can use this formula to plan your retirement.* After you have calculated how much money you need in your retirement days and how many years before you retire, the next thing you need to do is choose the right investment. Of course you still need to monitor your investment if it is growing as you plan or you need to switch to another investment that gives you the return you want.

There are many investments out there and they are still evolving, so keep up to date with financial (investment) issues.

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